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Shaq Gives Simple Financial Advice To NBA Players - YouTube
HALF of your take home pay = spend it
The other half = save it and invest it; don't even touch it

And if you're really smart (the billionaires of the world) you save/invest 75% and only spend 25%
money  personal-finance  wealth 
yesterday by lwhlihu
Millennial became a millionaire in 5 years following these 5 steps
"If your goal to build wealth you need to master the side hustle and make money other ways than just your full-time job," Grant writes. "This can really be anything, including driving for Uber, consulting, or building websites on the side."

Once you start making money from your side gig, invest 100% of the profits, says Grant: "Once you find a great side gig, you will be tempted to spend that money in your everyday life as your bank account grows — but I strongly recommend you think of your side hustle as a key to building wealth (over the long term) instead of just being rich today."

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"I look at my net worth every day when I wake up in the morning and have my morning coffee," Grant writes. "There are few greater motivations than seeing this number rise over time. No matter where you start from. I have been tracking my net worth for the past five years and my first balance was $2.26."

He monitors his net worth using Mint.com, which allows you to link all of your financial accounts and displays your assets and liabilities. (Personal Capital does something similar.) Plus, it tracks your spending. "At the end of the each year I take a deeper dive into this data and track what I have spent the past year on everything so I can work to improve my spending," he writes.

If bad habits are holding you back, don't fret. Even the Millennial Millionaire is human: "In 2012 I discovered that I had spent over $3,000 on Mexican take-out food in one year, which is insane and taught me a lesson," Grant writes.
side-hustle  wealth  money  personal-finance 
yesterday by lwhlihu
A Millennial Saved $100,000 With This Simple Habit | Money Talks News
The business journalist achieved his goal of saving $100,000 in about four years — despite carrying student loan debt and working in a field “not known for lucrative salaries,” he explained on his blog.

Accomplishing that goal involved multiple wealth-building methods — paying off his debts, teaching himself the basics of investing and overhauling his spending, for example. But Meadows traces his success back to starting a single simple habit: tracking his wealth.

As he told CNBC last year, “If you’re not measuring something, then you don’t have that feedback loop. You don’t know whether you’re heading in the right direction.”

He also started tracking his net worth monthly, which helped keep him motivated along the way to his $100,000 goal:

“Things really started humming along after I customized a spreadsheet to track my net worth. Every month I got a little buzz out of seeing the number climb higher and higher. I could also tell if progress was slowing, and give myself a metaphorical kick in the butt as required.”

“Sorry to disappoint, but there is no magical way of getting rich. … The true ‘secret’ is simple: Live on less than you earn. Save and invest the difference, and let compound interest do its thing.”
small-wins  personal-finance  money  wealth 
yesterday by lwhlihu
The Recovery Threw the Middle-Class Dream Under a Benz - The New York Times
“Ten years after the financial crisis, getting ahead by going to work every day seems quaint…” Isn't late capitalism awesome?
Economy  Wealth  Inequality  Bailout  Taxes 
10 days ago by Membranophonist

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