MONEY: Personal financial tips

Saving money is easier than you think…

Here are some personal finance tips which might help you save more:

  1. Save 50% of your income. If you can’t do this, save more than you spend.
  2. Invest the difference in stocks or a stock index fund. Get a financial advisor if you need help.
  3. Track your net worth and spending habits. Use free apps available for smart phones.
  4. Minimize your investment management fees as the erode gains you make.
  5. Don’t waste money. For example, rarely eat out. This is one of the biggest expenses you can easily control.
  6. Start a side business doing offering things that you enjoy. If a little bit of money each month from doing outside work, invest it. You will accumulate significant money in a short while.
  7. Don’t overspend on a house. Your home is your biggest expense. Keep your mortgage (or rent) expense under 20% of your total income.
  8. Buy a used car and pay cash.
  9. Shop around on your big monthly expenses every year. Home insurance, car insurance, internet service, phone service. These are the easies to saving a bit each month.
  10. Pay off your credit card every month. Don’t carry a balance.
  11. Keep reading, taking courses, learning new skills. Investing in your knowledge and learning. Your ROI on this investment will be greater than anything else.
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