Kenny | Accent Investing

Kenny | Accent Investing

07-09-2022

11:52

By age 30, you need to master these money skills if you want to be 10 years ahead financially.

• Network with people Your ability to succeed and find opportunities can depend on the people that you know. Spend time with ambitious people who have a desire to grow. You'll gain a lot of knowledge and always strive to improve yourself.

• Avoid lifestyle creep With social media, people want to be seen as affluent. The reality is that many are in huge debt and cannot repay it. Focus on important things, live below your means, and invest your money. Financial freedom is more important than possessions.

• Become marketable The pay you receive is proportional to the talent you provide. Acquiring new skills increases your earning potential. More skills mean more money and more assets to invest. Developing a competitive advantage in life is necessary.

• Pay yourself first Save or invest money before splurging on wants. Investing is a way to pay for your freedom with money earned today. To make investing simple and easy, set up automatic investments. Start out modestly and build up as you see fit.

• You can't save your way to wealth Saving money is a good idea since it provides a safety net and gives you access to cash if needed. But money loses its value with inflation. The best use of money is by buying appreciating assets that make more money for you.

• Budget It is a tool that gives your hard-earned dollars a job description before your feelings do. When you prioritize your spending, it is difficult to buy unnecessary items. A need is a necessity to live and function. A want is a nice thing to have but not necessary.

• Build your credit score The modern economy runs on credit. A good credit score is required for any loan, including mortgages, auto loans, and student loans. Having good credit has advantages: - Great loan terms - Low interest - Great odds of approval

• Save for retirement Your 401(k) is one of the best options to invest in. Some companies offer a free match if you contribute up to a certain percentage. Don't let that free money pass you by. Every single dollar matters in the long run.

• Become financially literate Many people are poor, not because they lack money, but rather because they lack financial literacy. Understanding money will transform your life and save you from making costly mistakes.

• Earn more and spend less You can only eliminate or minimize a certain number of expenses. However, there is no cap on the amount of money you can earn. Whether it is a side hustle, a raise, or a new business, find ways to always increase your earnings.

• Know your saving rate Knowing how much you save can be a game changer. It spearheads the journey and pushes you to save even more. Your saving rate is the saving (income - expenses ) / income. Example : Income: $3,500 Expenses: $1,500 Savings: $2,000 Savings rate: 57%.

• Understanding investment account types Knowing about different types of accounts helps plan for the future. Tax-deferred accounts: no taxes until a future date. Ex: IRAS, 401(k). Tax-exempt accounts: you have already paid taxes on them. Ex: Roth IRA, Roth 401(k).


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