Table of Contents
- 1. Invest in Life Insurance while you’re young
- 2. Start saving your money ASAP
- 3. Increase your credit score
- 4. Invest to build wealth
- 5. Spend your money on experiences not on material things
- 6. Look for a job to earn a decent income
- 8. Do not stick on a single source of income
- 9. Always budget your money to keep track of your money
- 10. Live a happy and simple life
Looking for some life changing financial tips?
I know that all of us wants to succeed in life and we all want to achieve all our goals for us to have a better life and even prove to everyone that we can be successful even we didn’t go to school.
So, are you now excited to learn these best of the best financial tips? Let’s get started.
1. Invest in Life Insurance while you’re young
Did you know that the Philippines with a whopping population of over 109 million has only 38.9 million covered by life insurance?
Did you know that in the United States, 54% of the adults have already life insurance?
But how useful life insurance really is?
Life insurance is pretty useful most especially when you encounter some serious events in life. In case of some emergencies, your life insurance is always there beside you to help you pay those big numbers.
For example: You’re driving your brand new Lamborghini car you just purchased yesterday and while on your way, you met a horrible car accident.
So since you have a life insurance, you will not be paying the full amount. You’re life insurance provider will be the one to cover your hospital bills. That’s how good life insurance is!
Take note that there are different types of life insurance so you have to be very mindful in choosing your insurance and at the same time be very intelligent in choosing your life insurance provider.
Top Life Insurance Providers
✓New York Life
✓Sun Life of Canada Inc.
✓Pru Life U.K.
✓AIA Group Ltd.
Why should you get Life Insurance?
1. Life insurance covers some costs of your bills so you won’t be paying the full amount.
Based on the example above, instead of paying the full hospital bill, your insurance provider will be the one to handle your hospital bills helping you not to worry anymore.
2. Life insurance protects you from unexpected events.
In case of unexpected events like job loss, medical emergencies, death of a family member, and etc., your life insurance will be there to help you. They will provide you an amount helping you to pay your expenses or bills.
3. Life insurance helps you achieve a brighter future.
If you already have a life insurance, you don’t have to worry anymore since you’re already insured. Your future will be more better compared to those with no life insurance.
So if you want your life to be peaceful and more brighter, you should probably purchase a life insurance now. Take note of this financial tip and I assure you your life will improve a lot!
Like what I always say to everyone, you better start now than to regret later.
2. Start saving your money ASAP
No matter your financial situation right now, you have to save money no matter your monthly salary and age.
Every small amount of money matters so you have to always be mindful most especially yourwhen it comes to your personal expenses. Try not spend money and always be thrifty. Be frugal when it comes to money!
The best tip I can give to you is that open a bank account now and start depositing small amounts. It doesn’t matter how much you deposit. The important thing is that you save money for the benefit of your future goals.
Save! Save! Save! Don’t be mad to save! Save now so that you will be able to secure your future!
Every month, deposit at least 25% of your net salary and the rest will be allocated for your personal and household expenses. Never forget to create a budget too!
Loved this financial tip? Let’s get to know the next one!
3. Increase your credit score
You’re credit score is very important you should focus on while you’re still young. Why?
First of all, I know that debts are bad but you should take it seriously. Debts actually plays a huge role on your life so you should go and try it out.
However, it wasn’t about being in debt. It’s simply about playing the system to your benefit by showing lenders that you could pay your bills on time and in full.
And if you could go and do that successfully, then lenders will see that you could properly handle money. And because of that, they’re more likely to lend you money to then go and invest with.
So what happens when you increase your credit score?
If your credit score is higher, there’s a higher chance that the bank or lender will lend you some money in the future. If ever you want some money to finance your dream house or dream car, the chance of your loan to be approved it higher compared with those low credit score.
Now what? Go out and apply for a credit card while you’re still young so that you increase your credit score but always remember to pay your loan on time to avoid any unexpected fees.
How can you say with this financial tip? Disappointing? I hope it’s not!
4. Invest to build wealth
Did you know that almost all the billionaires and millionaires in the world became successful because of so-called investments?
Think of Jeff Bezos. We all know that he is the richest man in the world with a whopping net worth of $171.6 billion. He doesn’t only have one investment. Instead, he has so many investments which resulted to billions of money.
Some of his popular investments are Airbnb, Uber, Twitter, ZocDoc Inc., Nextdoor, Unity Biotechnology, Blue Origin, and so many more. So, as you can see, the more investments you have, the more profits you will get.
Do invest only on a single investment. Try to diversify your investments to maximize growth and at the same time profits.
Investing can be hard but that is for the beginning only. As days go by, you will become more knowledgeable when you always practice them.
First, read lots of reading materials. These can be books, magazines, newspapers or other sources of reliable information like business and finance websites (NerdWallet, Business Insider, Investopedia, Forbes, etc.). After that, you have to apply what you just read. That’s it! You just need patience, hard work and determination.
In investing alone, don’t just think of instant profits. You must take note that you can also lose your money (capital) but that can be minimized if you know where you are investing. If you don’t know your investment and lack knowledge about it, I’m totally sure that you can lose your capital.
If you want to build wealth while you’re young, try to invest whether in stocks, real estate, mutual funds, bonds, etc. The earlier you start, the better because I don’t want you to regret later in the future.
If you really want to achieve financial freedom, take note of this financial tip and start investing your money right now than to spend them!
5. Spend your money on experiences not on material things
Money can buy everything but not those memories you spend with your friends, families, and loved ones. Instead of purchasing material things, why not spend on some vacation, leisure, and some other activities?
You can travel to Maldives with your loved ones, go skydiving, meet new people of other cultures, try something new you never had before and other so much things to do.
Instead of buying branded clothes, gadgets, and etc., you should probably invest in experiences and other adventures because all those memories you have with your loved ones are worth billions and forever instead of those material things that can worth nothing for some time.
You have to discover the real meaning of your own life. Do things that you love and always be optimistic. Don’t stress yourself!
What can you say with this financial tip? Do you agree with it? I hope so!
6. Look for a job to earn a decent income
If you really want to have some money on your bank account, you have to get out from your comfort zone and look for a job. If you don’t have a job, I’m sure you won’t be able to buy things that you want like those plane tickets to your dream destinations.
That is why having a job has so many benefits to you. Right now, start looking for a job. Always remember that no person is willing to work for you. You have to do it for yourself!
I dare you to always take note of this financial tip. How can you achieve your financial goals if you don’t have a job? How can you become successful if you don’t have a job?
From now on, you have to change your mindset and start looking for a job. It doesn’t matter how much you earn per hour. The important thing is that you have have some money for yourself and you have something to pay all your personal expenses.
Look for a job now!
7. Set specific financial goals
Setting your financial goals first is the most important thing you have to do for you to become successful in life.
Once you start setting your financial goals, you are way closer to your dreams in life. You have to commit yourself to all your goals so that one day, your life will become a lot more better.
Before you start creating your financial goals, you have first to think on what things do you want to achieve in life. For me, my financial goals are as follows:
✓Travel to my dream destinations (Maldives, New Zealand, Iceland, Switzerland, Germany, Australia, etc.)
✓Buy a brand new car
✓Buy my own house
✓Own some properties
So those are just samples of my financial goals. When you already created your financial goals, you have to think of ways how you can achieve. You can have lots of investments (stocks, mutual funds, bonds, real estate, etc.) or you can start your own business. You have to think creatively!
After that, you have to commit yourself and start doing right actions. It’s okay if you committed some mistakes. Remember that no one is perfect and it’s part of the process.
Set your financial goals now and start building your future!
8. Do not stick on a single source of income
If you’re serious in creating a brighter and better future, well, then I highly recommend you to create lots of sources of income. Never focus on a single source of income ever!
For example: You invest in a single stock and in every single month, the stock pays you a dividend. After a year, the company went bankrupt so they stopped issuing dividends to investors. Stock price went horribly low until it reached the lowest price ever.
So what will then happen to your capital? Of course, you will lose your money! Can you imagine that after so many years of investing, you just lose your hard earned money?
That is why you shouldn’t focus on a single source of income. It’s 20x more better if you create lots of sources of income.
Best Sources of Income
-Creating Youtube videos then monetize with Google AdSense
-Sell your stuffs
-Do drop shipping business
-Rent your properties
-Invest in high yield savings accounts
-Start a business
You can also read this recent post if you’re serious in making money.
If you want to earn six or more digits every month, then start creating lots of sources of income as soon as possible. Take risks and it’s absolutely okay to make mistakes. They’re normal and it’s part of the process. The important thing is you keep going towards your goal!
9. Always budget your money to keep track of your money
Creating a budget is a must. If you want to keep track your money, then I highly suggest you to start creating a budget right now.
Your budget doesn’t need to be complex. Make it simple and understandable and make sure that every digit you write is correct.
Whatever your financial status right now, you have to start creating a budget. Take note that budget is not for the rich people only! Budgeting is for everyone!
If you don’t know how to create a budget yet, I highly suggest you to read this ultimate guide.
10. Live a happy and simple life
Overall of these mentioned financial tips is that you have to enjoy the life God has given to you. Life is short that is why you have to cherish every moment you spend with your friends, family and loved ones.
Spend more time with them instead of thinking about money because life is not always about money. Sometimes, you have to take time for yourself. Never forget to do things that you love. Travel the world or go outside to meet some friends.
Live your life simple. Forget about those people with luxurious houses, branded clothes, cars, gold, etc. Don’t feel jealous and don’t feel mad at yourself. Remember that your most valuable treasure are your friends and families so you have to take care of them.
Forget about those parties, bars, and alcoholic drinks. Instead, focus on learning new skills or improving yourself so that your life will become 10x more better. One thing I have to say is stop impressing other people. You’re not born to impress instead you are born to express who you really are. Be yourself and always be humble!
So these are the financial tips you have to follow if you want to be successful in life. Take note that if you commit yourself to these financial tips, I’m pretty sure your life will dramatically change overtime.
When’s the best time to start? The best time to start is right now! Yes! That’s correct! The earlier you start, the better!
What are your favorite financial tips mentioned above? Let me know in the comment box below!