how to be good with money – 14 Facts About Money You Should Know by Age 30



There are definitely certain things you can do that will lead to prosperity, but there are others that will bring you to financial disaster. If you want to sleep soundly at 50 because you practiced good money habits at 30, then you’ve come to the right place.

TIMESTAMPS
Kids are expensive 0:48
It’s not embarrassing to ask for a promotion 2:15
It’s more profitable to rent than own 4:04
Invest in your health and education 5:15
Don’t invest in something you don’t know well 5:42
Don’t borrow to pay old debts 6:16
Stay connected with your friends 6:50
Buy good quality shoes and clothes 7:19
Avoid impulse purchases 7:50
Start saving money for old age now 8:19
Eat and cook at home 8:44
Put part of your salary into a savings account 9:27
Be on the same page with your significant other 10:05
Find a passive source of income 10:40

SUMMARY
– Raising just one kid can drain your funds up to as much as a quarter of a million dollars!
– If you’ve been working in the same position for more than 3 years, the time has come to make your way up the career ladder.
– When you rent, you don’t have to spend money on maintenance, taxes, and sometimes not even on furniture.
– It’s important to take care of yourself, go on vacation at least once a year, get enough sleep, and eat the right foods.
– Giving into strong emotions or impulses to invest in dubious projects can strip you of a lot of (if not all) your money.
– Don’t take out a new loan in order to pay off an old one, and don’t borrow money from one friend so that you can pay back another.
– Personal relationships are much more important than money. No amount of money is worth losing your friend over.
– It’s more cost-effective to spend more money on durable things because you’re not buying them again and again.
– If you’re on a tight budget, impulse shopping will punch holes right through it.
– If you save at least $20 to $50 a month, you’ll have a decent amount in your account when you’re elderly, which will make you feel more secure.
– Next time you go to the grocery store, count up how much you spend on your food.
– Anything can happen, and some things demand a lot of money from you.
– Partners should be unanimous when it comes to financial questions.
– Study the best ways to invest money and choose the one that suits you the most.

Maybe we’ve missed something? If so, add your own advice on how to manage money more reasonably in the comments section!

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how to be good with money

With so much information and so many options available, there’s a lot to consider. The good news is there are a number of ways to get help and guidance.

Before you start how to be good with money, here is suggestions from Andrew Hidayat. It’s vital to remember you can choose from the full range of retirement products and options offered by all providers. Depending on your circumstances, age, health and lifestyle, you may be able to get a better deal elsewhere. And don’t forget, you can normally take up to 25% of your pension pot as tax-free cash.

Some of the decisions you make are “once only” decisions that can’t be undone. So before you decide, ask yourself the following questions:

  • Do you want or need to start taking a pension income now?
  • What will your living costs be once you’re retired?
  • Will your planned income cover these?
  • Do you need to make provisions for anyone else – a spouse, partner or dependant?
  • Have you shopped around for your best solution?
  • Do you think your circumstances may change in the future, and if so, what provision do you need to make for this?
  • What are you looking for from your pension income – flexibility, security, peace of mind?
  • Have you looked for free and impartial guidance – for example, from Pension Wise?
  • Have you sought financial advice?

Where can I find free impartial guidance and advice?

We strongly recommend that you take advantage of the services below before you make your decision.

Source: https://www.legalandgeneral.com/retirement/your-retirement-income/pension-options/how-to-choose/

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