I understand that It takes a relatively modest amount of money to create the freedom to live a passion-driven life. My final lesson for now : Start. Choose one action, however small, that you can do today. Great victories are the result of marginal gains accumulating over time.
So start now. Love this post? Want more? Great post. He showed us how you could save up and pay cash for your cars and never take on auto loan debt. I wish I had listened….. I love these! Each one tackles a different important concept within personal finance and can help bring you closer to reaching financial freedom! Everything you do shows what you truly value even if your lips say otherwise. I love that you hit on the hustle and earning more aspects with your posts.
And this year I am the closest to it I have ever been. This list freakin hit the nail on the head. I resonate so much with the 12 principles you have laid out here. One of the reasons we get along is because we have similar views and a lot of these lessons are on point, especially the one about money buying time. And choices. So simple, so obvious and I know from experience that it works. Ask: How can I? I already have automatic transfers set up for my retirement and plans, so the system just keeps chugging along.
Saves a lot of time too. Right there with you on the anti-budget. And I think all of this is Spot On. How much longer?? Girl I love this article! I have been telling people this principle for 2 years! My fiance and I decided totally combine assets and liabilities no matter how much or whose it is and attack it with zeal! I work 3 jobs and he is picking up a 2nd job Uber or Lyft and we are using the cash flow from the properties we both own to buy our freedom. Great news is we only have 1 small student loan and the rest is mortgages! I did an excel spreadsheet to show 1, 5 and 10 year rate of freedom growth to get him excited.
How to Get Paid to Travel and Make Money Travel Blogging
Again great article! I really enjoyed this 12 essential lessons and have shared with my daughter whom although is working, is struggling with student loans. I pray that she can learn from your thoughts and live debt free and not paycheck to paycheck. I am retired and living on a fixed income and would like to create extra income to help her with those student loans that just keep accumulating interest. Any how, just wanted to say thanks for your desire to help others learn to live a better life. Just keep learning, trying and doing and you will be successful. Lots of great advice on this list.
Out of curiosity, did you start listing the principles and see that you had 12, or did you decide you wanted a dozen and then do the choosing? Either way, thanks for the excellent info in condensed form. Great article Paula. I anti-budget, too. Many years ago I came up with a long term savings plan for what I call capital expenditures: college tuition for my children, car purchases, major home repairs or renovations and when those amounts would be needed. Then I spent the rest! You choose when you retire by setting the amount and moving it around and seeing what it takes to get there.
My wife and I often talk about how your generation is so much better at finance than us old people we are 50 and We are still working on that self-perpetuating gap and it gets closer every day. If only we could have read this article 20 or 30 years ago our lives would be drastically different and undoubtedly better, but a late awakening is better than continuing to slumber in darkness. Nicely done, Paula. Of course, spending operates under the very same principles.
I love this. Agree with absolutely everything on the list but especially number 7 and Earning more is so important, but earning more when you know how to spend little is the secret to building that gap. Earning a large combined income before we started a family but spending like minimum wage earners was the whole reason we could build a rental property portfolio and then become a one income family like it was nothing.
Giving your brain the time to percolate an idea is one of the most unexpected benefits of mini retirements. Love this post, thank you for sharing it. My fiance is taking steps to FI too by maximizing his k and IRA contributions Hope to read more articles from you soon. Wow, killer post! I especially love your advice to sprinkle mini-retirements throughout your life. Totally agree! Paula, Love your latest piece…. I would like to hear your opinion. You recommend to save first and live on the rest.
I have a hard time accepting this and understanding how to accomplish. Although I earn a decent living around 80k.. We are NOT big spenders; no cable, eat out maybe once a month, buy what we need- on sale, no car payments, prepaid cell plans, etc. But the homeowners insurance 6k , car insurance and regular living expenses, do not seem to leave much for more. Your thoughts or advice? MC — Can you send me your detailed budget? Email it to erin at affordanything.
Hey Paula, just started reading your site and have really been enjoying it! I joke with my wife that we took fourteen years worth of two week vacations. Such a great read and many amazing suggestions. Going to get mys son to teach me about investing!! Never thought of it before and it sound fun, risky and possibly lucrative. Paula, I wish I could time travel and have read your stuff or met you when I was travelling in my 20s!
My husband is Nepali and looks at finances very much like you do. This is a great list. I would add to the list that everyone should be sure to invest for the long-term, rather than short-term trading. Buy and hold is the way to go, especially if the company has a history of growing dividends. Hustling for a few extra bucks is HUGE! Frequenting bars and expensive stores. While I admire the extreme frugal types, there ARE other ways to do it while enjoying life in the process — as you always seem to point out! I give you the benefit of the doubt that it is not you copying her but the her copying you!
I worked for Playboy for a long time and then retired. I am now 75 years old. Las Vegas was in my territory and I was there often. They never thought about keeping a bus ticket in their shoe for such a situation. Keep it going, you are a doll for doing what you do, and a damn smart one at that. I will have to make out a detailed list for her before I bite the big one that turns out the lights. Hi Frank — Can you please email me a copy of the article that sounded plagiarized? Please send it to erin at affordanything. Thanks for the heads-up! Hey Paula! I looove your concept and look forward to your blogs.
This one in particular provides concrI looove your concept and look forward to your blogs. This one in particular provides concrete advice—thank you!
Where It All Began
One assumption that is listed that I think is off and that is the take home of a k income. I think take home is much more realistic than These are fantastic. The big one for me has been increasing income. So glad I eventually did! Awesome post! At this point, I just quit my six-figure job a week ago getting really burnt out from the corporate world and the cubicle farm and am focusing on taking a mini-retirement and hustling to build a small business to create study aids for some credentialing exams in my industry.
These are some solid, solid credos to live by!! This is so true.
These days, there is absolutely no shortage of opportunities. But, because we are kind of in the wild wild wet stage of a whole new economy, the spoils exist for those willing to bear down and go after it. I love reading your articles. I wish I was better at all this money stuff.
I know you are right in everything you say but im still struggling with decisions. I know what i should do but then I think maybe I should buy expensive one! Just what I needed to find in my Inbox today! Thanks so much for the words of wisdom. The 12 lessons provided me with just the kickstart I needed.
Life is what you make it!
Excellent post, Paula. I wanted you to know that your material has been a direct inspiration for me. Love what you are doing here. This is one my favorite posts you have ever done. Great list! Have you written another post on this concept, or could you write a post on this one? It is making me stop to reflect on what really is important. I like your ideas of mini-retirements and we plan to experience that very soon.
Brilliant and on point as usual. My whole life shifted when I focused on abundance and hustling. Love this post! This is a great post. It sounds however as if you are promoting the real estate investment method of earning extra income. My spouse is extremely risk averse and would plotz at the idea of buying an investment property. Are there other ways of making that extra income to the point of self-sustainability? Remember that risk-averse thing?
Wonderful post. These are all very good life lessons. Lesson 5 keeps ringing in my head. Your London subway Mind the gap reference is very pertinent and will be remembered for a long time.. I think so…. Love this! We use the same anti-budgeting method that you do, and we love it for its simplicity. Simple but very effective at helping us maintain a high savings rate! Good… good. I believe everything on your list. I too shall be wealthy one day. Very nice list, thanks! These are all great tips. I just returned to work from an extended maternity leave 4 months. While definitely not the same as a vacation, I did come back to work with a renewed energy and clear head.
But there are still a few I need to work on. Since most of the others are checked off I am ready financially for This is the hurdle I need to jump. This is the fear I need to conquer. Always incredible stuff on this site. Thanks for still doing so much writing, Paula! Paying down your mortgage principal can save a lot of money.
Thanks for these 12 great tips! The one that makes me think is about spending your money buy back your time. We tend to waste time just to save some money instead of spending more quality time with our family. Excellent post! I love it so much. These are great rules to live by — I just wish more people knew about them. This list is amazingly put together! Very inspiring. Great post! I love the part about money buying time. I would rather add to it that is also responsible to waste of lot of that too.
For example, when we go out for shopping we have money, we have time, and we waste both if we search for a thing for hours which we can avoid buying for the time being. True as you said we seriously need to mind the gap before things get wrong sided. I especially like 2. This applies to more than just money. I think people look at successful folks and think they were born that way. Some might have special gifts i. You think tall, lanky Larry Bird was born to play basketball and shoot 2 out of 3 from the half court line? No way, he learned that from spending his youth refining his abilities, including shooting a thousand shots a day when growing up.
If others were as determined and focused on achieving their goals, they too could surprise themselves. Warren Buffet was born with investing prowess, but he loved what he did and also spent his youth working hard on saving money and learning about investing. Thanks again for the post!
Sometimes, that can be hard to remember though, especially if you are young and think you have all of eternity to save… later. This year when my husband brought up the idea of buying a rental property, I said sure! Bloggers like you have shown me that when it comes to building real wealth, you have to do something beyond saving in an IRA. This is great. I totally agree with 3 and is my motivation for building wealth. It is great to have choices.
Love this article! I already adhere to some of these ideas but it is a great refresher of prioritizing when it comes to money, time, investments, etc. I especially love the budget thing. I am such a numbers person, but my wife is not. She keeps things simple, which is why we are better off, and I make things more complicated.
I know she hates when I talk about our budget and yours give us both what we want. Simplicity for my wife and savings for me. One other thing if I could ask, do you use click to tweet for all your quotes that we can click on to tweet? I want to start doing that in our blog and that is a phenomenal idea. Thanks for everything!
Yes, I use the plugin from ClickToTweet. Q: You've been handing out advance copies to get input. What has been the response? A: I'll just read off some of the advance comments, letting them speak for themselves:. Q: In the book, you keep referring readers to your Web site for more information. Why didn't you just include everything in the book? A: Because few people would buy a page book that's about finances instead of Harry Potter! Even fewer would actually read it once they brought it home. Personal finance is a very broad subject. My copy of Benjamin Graham's classic, The Intelligent Investor, is over pages, and it just covers one slice of personal finances: investing in stocks.
The Web gives me unlimited space to cover topics that readers want to cover in more depth. I think many will especially find helpful the in depth summaries of other books related to personal finance. If you want to get a snapshot of the advice of several financial writers, or to get the scoop on a book before you buy it, I think you'll find my summaries valuable. Q: How much do the Web resources cost? A: They're free. You can find them at www. Q: Do you have some sample chapters of your book that people can read?
A: They can find them in the money section of the character site. People want to be financially successful because they think it will contribute to their happiness. What makes people happy? How should scientific studies of human happiness impact the way we use our money?
Order on Amazon. For orders in bulk or for resale, contact Wisdom Creek Press. Ideas, Etc. Lesson Plans. Intercom Insights. Money Skills. About Us. Money Skills Home. A Simple Plan:. Book Summaries. Money Book. Money Lesson Plans. Money Statistics. Money Links. Interview Q: Steve, what motivated you to write this book? According to recent surveys: Twenty-five percent of American adults live paycheck to paycheck.enter
How To Not Take Life Too Seriously (and Why Research Says It Matters)
They fear going under and desperately need to accumulate wealth. Ninety-eight percent of middle-aged people reported regret at how they spent their money in the light of how much they could have saved. Their first job out of college doesn't pay what they expected. They want to get out of debt and accumulate enough wealth to purchase a house.
Personal debt is reaching record highs as personal savings reach all time lows under zero percent average savings in How will people ever get ahead? So I wrote a book with these distinctives: Well researched and documented, ensuring that the advice is solid. Story form to grab and hold attention Multi-Cultural Afro-American, Hispanic, Oriental, White Anglo-Saxon Multi-Generational, including characters from eighteen to eighty Defies stereotypes Likeable characters Neither talks down to students nor ridicules teachers Encourages learning from one another and multiple sources Includes building knowledge, skills and character Fosters giving as well as getting Encourages those with learning disabilities Includes reviews, thought questions and assignments Practical Realistic Broad use of real people stories Q: The story line reminds me of the movie The Breakfast Club, where high school students from different parts of the school culture broke through the stereotypes to find that they weren't so different after all.
A: I'll just read off some of the advance comments, letting them speak for themselves: Robert Martin, Lecturer of Accounting in the prestigious Coles College of Business at Kennesaw State University called it: "A fast, fun read with practical and often remarkable insights. Should be required reading for every high school senior and every young adult who has landed his or her first full-time job.
I'm incorporating parts of the book into my lectures. Your second best investment will be the copies you buy for your children. Just when you think you've heard it all, something like this comes along. It's rare and refreshing to find a book so enjoyable, so accurate, and so life changing.
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So how did she accumulate over a quarter of a million dollars, when people making multiples of her salary can't seem to get by? But through saving and investing, he out-earned his teachers while he was in high school. How did investing multiply that money into billions? He shares his hard-earned lessons with wisdom from Warren Buffett, his mentor Benjamin Graham, and Money senior editor Jason Zweig, leading readers safely through the investing minefield.
Travis is a likeable "Dukes of Hazard" type who prefers muscle cars over golf and real estate over stocks. At twenty-eight years of age, his cars and comfortable home in the country are totally paid off.
How to enjoy life when you don’t have enough money
How did he do it? Since a dollar saved can equal two dollars earned hint: savings aren't taxed , cutting costs is the most underrated trick to building wealth. Why is one paying half what the other is paying? Mark Twain and coach Joe Gibbs lost fortunes in bad investments. How can we avoid their mistakes? How can we find jobs we're passionate about? Epilogue: Where Are They Now? Discover what happened to the main characters later in life.
Miller uses people stories to breathe life into financial concepts, making lessons both memorable and enjoyable. This book succeeds marvelously! Qualities such as diligence, intellectual curiosity, patience, integrity, service and thrift are woven seamlessly into the fabric of the book, so that readers are motivated to adopt these qualities in order to succeed with their finances.
This book attacks the problem in a common sense, refreshing manner that anyone can understand and apply to real life. It should be required reading for all young people, before they find themselves broke, deeply in debt and miserable. Lusk, Jr.