It's unprecedented times. It calls for taking bold financial actions. Some of that may mean breaking some personal finance advice to get you into solid ground.
Remember, personal finance is personal. There are many personal variables to consider which also means tweaking advice that can help you succeed.
These are some of the most repeated financial advice. They are pretty solid advice too. But, you may need to reconsider them to face the challenges of the pandemic and economic crisis we're in. When in doubt it's better to save money, invest for your retirement, use all your employer benefits and build assets.
The truth of the matter is there are many general personal finance rules shared by many well-known money experts. And many will say follow these rules no matter what. But sometimes, you have to tweak general rules and do what’s best for your pocket.
With that said, here are five personal finance rules you might have to break, depending on your situation. When you’re progressing on the road to financial wellness, there are some basic rules you might have to reconsider following to achieve your goals.
• Save at least 10% of Your Income. It’s an excellent goal; but if you can’t hit this mark, this is one personal finance rule that you might need to break.
• Max Out Your 401(k) Contributions. It makes good financial sense to max out 401(k) contributions. But there may be other pressing reasons to consider.
• Pay Off Debt Before Saving Money. With nothing in savings, one emergency can put you back into debt and undo all your hard work.
• Avoid Credit Card Debt. Setting limits, exercising self-control, and paying off balances in full each month, a credit card can be a very useful tool.
• Buying is Better Than Renting. Homeownership is costly and after assessing your needs, renting might be a better option.
Following basic rules of personal finance helps improve your money, but these rules aren’t written in stone. Everyone’s situation is unique, and what works for one doesn’t always work for another. So the answer to your financial questions from me will always start with “it depends.”
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1 57 minutes ago
HERE IT IS: the NUMBER 1 question I get ALL the time (and an answer you may not have guessed). 👇🏾
People always ask me how can we fix their credit in 6-12 months because they're looking to make a large purchase.
The fact of the matter is, there are so many external factors that are outside of our direct control [ i.e. removing late marks from your credit report is up to the sole discretion of the credit institution and they have no obligation whatsoever to comply with our request to remove a negative mark].
For this reason, persistence over an extended period of time usually does the trick. However, things take time, and without your patience, nothing will change. The road to the debt free community is not a short one. So strap on your hiking boots ladies and gentlemen...
Comment your biggest pet peeve about fixing your credit 👇🏾
. @bbgroupnyc 👈🏾FOLLOW us for DIY credit repair tips and ingestible tidbits about how to manage and build your credit.
Today is hump day!!!
I hope you all are doing well today
This morning I listened to an amazing sermon that really inspired me to write something deep for y’all tomorrow on my blog post! Stay tuned for some money motivation tomorrow.
Comment below what you’re thankful for this beautiful Wednesday 💚
DAILY HABITS FOR SUCCESS:
Plan your day - write yourself a to-do list of everything you’re needing/ wanting to do and factor everything in. Be sure to give yourself enough time to do the tasks!
Create a morning routine - Have a plan of attack for every morning. Get up an hour early and fit in one or two things that you value. This could be journaling and having your cup of coffee or a bit of yoga etc!
Move your body - exercise is super important for your mental state! Let those endorphins flow and clear your mind. Ready for success!
Take some quiet time - try and take at least 15-20 minutes at some stage in your day of quiet time. This doesn’t have to be boring. It could be a little walk around your work on your lunch break or reading a book just before bed.
Get enough rest - the most important! It is very hard to be productive when you’re tired. Getting enough sleep is key for having energy and being able to achieve all your tasks for the day. You need to be well rested! 😍💓
IM GONNA TELL YOU A SECRET...
I look to the side in all my pictures to hide my double MOM chin 😂😂😂
IN ALL SERIOUSNESS...
I’m gonna go deep on something no one seems to ask me about... but I think it’s time I shed light on this. WHAT’S MY STORY?
TALKING ABOUT FINANCES IS DIFFICULT. I should know... we went from making a ton of money while my husband was playing football to being on EBT.
Yup I said it!
Here’s the thing...
I DID NOT KNOW HOW TO MANAGE MONEY! But I was afraid to admit it 🤦🏽♀️
Yup I said it again.
I was a hot mess wife trying to be MISS PERFECT WIFEY (managing the house, the kids, and the finances) while my hardworking husband went out and worked.
It was a struggle! Why am I sharing this?
Because I want you to know that I am not “perfect, I’m not the credit queen, I’m not the budget expert”...
I am the woman who struggled through the early years of my marriage trying to understand how to manage money and make it work for a growing family. GREAT INCOME, but lacking the education on how to manage it. AND I WAS TOO SHAME TO ADMIT I WAS STRUGGLING. PERIODT! ✊🏽
I’m not doing this for likes, comments, or recognition. I’m doing this to keep it super transparent with everyone who follows me.
I want you to know that I too know the struggles! I’ve been there! I want to help you not make the same mistakes I did. It will happen my dear IG FAM... but knowing you have options & support... that will make all the difference. That’s what got me through it! I had someone to help me understand my options 😍
When you come into class... know this...
I will not let you down. Because like I said before... I’ve been there. But I’m also not going back there! I’m looking ahead and I want you to run with me 👏🏽 I’m here to help you learn a better way!
CHOO CHOO....COME JUMP ON THE MONEY TRAIN💰💸💵 🚂 🚊 🚞 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Are you ready to: ⠀⠀⠀⠀⠀⠀⠀⠀⠀
✅ Learn how money interacts with your business?⠀⠀⠀⠀⠀⠀⠀⠀⠀
✅ Set your money goals and predict your potential profit?⠀⠀⠀⠀⠀⠀⠀⠀⠀
✅ Consistently know how to pay yourself regardless of sales made?⠀⠀⠀⠀⠀⠀⠀⠀⠀
✅ Know what to do with your money AFTER you’ve made it?⠀⠀⠀⠀⠀⠀⠀⠀⠀
✅ Base your decision making on facts vs guesswork?⠀⠀⠀⠀⠀⠀⠀⠀⠀
If you said yes to any of those questions, join the free Conquer Your Coins Challenge.⠀⠀⠀⠀⠀⠀⠀⠀⠀
The challenge starts August 17 and includes: ⠀⠀⠀⠀⠀⠀⠀⠀⠀
🖐🏾 video trainings - one for each day⠀⠀⠀⠀⠀⠀⠀⠀⠀
🖐🏾 corresponding workbooks - one for each video⠀⠀⠀⠀⠀⠀⠀⠀⠀
☝🏾 pop-up Facebook community⠀⠀⠀⠀⠀⠀⠀⠀⠀
🖐🏾 live Q&A sessions⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Click the link in my bio to join 💚
By: John C. Maxwell(@johncmaxwell )
In his book, "25 Ways to win with people", he describes the ways to improve the communication skills and how to make others feel like million-dollar-bucks.
Furthermore, he tells that communication is all about others not yourself.
If you want to inculcate soft skills, we can say this book could be an asset for you.
By: Dr. David Schwartz.
He is an author of many books written on personal development.
Among them is his best selling book,"The magic of thinking big". In this book, he has written about the underrated power of thinking big.
Ben from @highstriketrading is producing some of the BEST trading content on Instagram 🔥🔥
He was able to replace his mentally straining 9-5 by becoming one of the best stocks & options
traders out there. Follow @highstriketrading 🔥🔥
238 2,93510 August, 2020
A brief Introduction post:
My name is Raji Kaippallil. I am from Kerala, India but was raised in Dubai. I am currently working as a Transport Planner(it’s a discipline in Civil Engineering) in the UK.
I started to post on finance and long term investing out of personal interest and passion. I believe there are so many misconceptions and fear related to budgeting and investing. I would like to use my page to break them down and make it easier.
But I wouldn’t be able to do it by myself. I will need your help! Expecting your love and support! ❤️ Would you join? 😄