Helping Ordinary People Be Extraordinary With Their Money
11 Ways to Be Different With Money
When it comes to managing your money, you should strive to be a bit different than most people. According to www.debt.org the average American under age 35 is $67,400 in debt, and the average American from ages 45-54 is $134,000 in debt. You don't want that to be you. And if it is you, there is hope!
Here are 11 things you can do to be different with your money:
1. Payoff your debt. Pay off your bills and any extra money, throw it towards your debt. Put together a plan and get it done. You can do it. You just have to be intentional and focused.
2. Pay yourself first by investing a percentage, or chunk, of your money in stocks, index funds, or mutual funds. Or increase the percentage of your earnings to your jobs 401(k) or 403(b). Pay for your essentials like food, water, electricity, tithing or giving, and then pay YOU by investing your money.
3. Use cash, not credit. Drop the credit cards. Perhaps keep one with a zero balance if you have the discipline not to use it, and start living your life by cash or debit card. This takes consistent discipline to only spend what you actually have in cash or in the bank.
4. Buy a piece, or two, or three pieces of real estate. You want resources, capital, and assets that are going up in value (appreciating). Whether it’s your own home, a duplex, or just a rental house.
5. Start a business. Take whatever you do well and sell it. If you fix cars do it for a small fee. If you make jewelry, make it and sell it. You don't have to make it elaborate to start, just start.
6. Learn a new skill around technology or use the internet to make money. The wave of the future is apps, social media, artificial intelligence, web development, and building software. Perhaps you can use social media to build a brand and start that business online?
7. Spend time on social media sparingly and wisely. If you need it for your business, by all means use it, and use it consistently. Just use the time efficiently and be mindful of senseless scrolling. Maybe your business and focusing on building your wealth, means less time on social media. That can be a good thing.
8. Focus on your money. Spend ZERO time worrying about, and judging, other people and what other people are doing. In other words, get so focused on what you are doing that you don’t have time to criticize other people. I'm not saying worship money. I'm saying be laser focused on it. Most people aren't, and that keeps a lot of people just doing what everyone else does with their money.
9. Calculate your net worth once a quarter, and focus on growing your net worth. Most people never even calculate their net worth, let alone focus on building it. Try it, and you will be surprised.
10. Read a good non-fiction book a month about money. Whether it's Dave Ramsey, Chris Hogan, Eric Bowie, Tony Robbins, David Bach, or Grant Cardone, just read something on the topic. Shameless plug there, but you get the point. Just do whatever you can to expand your knowledge on the topic.
11. Join a local organization and expand your circle. Start getting to know people that are successfully doing what you want to do. Part of the reason we stay stuck doing what we do with money is because we don't have friends or family that do anything different than we do. Try getting to know people that are in a position that you want to be in sometime in the future. It's a great way to change your perspective!