Some people manage to buy their own house, car and start their own business by the age of 30. The peers of such people, on the other hand, think that although they are the same age as them, they still do not understand the concept of money correctly. Every day they continue to ponder how they can earn better. On the one hand, there are financial disasters in a row, and on the other, there is prosperity. What makes the difference between these two is the valuable details about money that should be known. Believe me, this information can be very useful while you are still young.
Here are the most valuable of those information!
1) Children are expensive.
There are such ridiculous clichés like “You have to have children 20, 25 or 30 at the latest”. Seriously speaking, raising children is quite expensive. So having them when you are fully prepared is the best case scenario. Do not rush. In this way, you will enjoy wonderful moments instead of thinking about money every minute.
If you have been working in the same position for more than 3-4 years, it is time to climb the career ladder. Seeking a promotion is the right step to improve your financial situation. That’s why promoted and wage
Do not hesitate to ask for a raise. At the same time, do not be afraid of greater responsibilities and increased workload. In order for something serious to change in your life, you have to be seriously challenged. Because change takes patience!
3) Renting a house is more profitable than buying it.
We generally think investing in real estate is a great decision. But real estate is getting cheaper while you have to pay much more for a mortgage. So is it actually profitable?
Here is an illustrative example for you. Suppose a house is $200,000. Its rental is around 1,100 TL per month and its annual rent is 13,200 TL.
Let’s subtract this 13,200 TL from the general cost of the house. Let’s put the remaining amount into a savings account with 8% interest. Thus, subtracting the withholding on our annual income with it, the net income will be 13,150 TL, which is enough to rent the house for almost one more year.
Other than that, you don’t need to spend money on maintenance, taxes and furniture. So, before making a decision about renting or buying, count all the costs and choose the more profitable one.
4) Invest in your health and education.
It is very difficult to achieve success without health. Therefore, it is important to take care of yourself, take a vacation at least once a year, sleep well and your healthy diet
is important. A good education can open many doors and break boundaries when the time comes.
5) Don’t invest in something you don’t know.
Even if you want to get rich as soon as possible, when it comes to financial questions, you need to have a cool, vigorous and calm mind. You can lose most (if not all) of your money by following your emotions and investing in dubious projects. It is always better to consult experts beforehand to meaningfully evaluate the project and its chances of success.
6) Do not borrow to pay off old debts.
Taking out a new loan to pay off the old one or taking out a loan to pay off the old one is often one of the biggest mistakes made. This is a vicious circle. It is much better not to borrow at all. However, if you have debt, what you need to do is to save a lot, not buy something new to pay off that debt.
7) Keep in touch with your friends and meet new people.
Americans have a saying:
“A friend in court is better than a penny in the purse”
This is a statement with a lot of truth. Sometimes connections are much more important than money. Think about it, maybe you’ve come across situations that prove these words.
8) Buying quality shoes and quality clothes is more effective.
Quality clothes will serve you longer than cheap clothes. That’s why it’s more effective to spend money on durable things. Try to make a quality list of necessary items and buy them.
9) Avoid impulsive buying.
The things you buy as a result of a number of impulses that you do not need, but that you cannot resist, cause happiness in the short term, but cause greater unhappiness in the long run. If you’re on a tight budget, this will punch a lot of holes in it. They only satisfy your current need to be happy. However, there are other ways to be happy.
10) Start saving now for the old age years.
You are 20 years old today and you will be 30 before you know it. Time flies fast and it’s cruel. You are young; At some point you have to pick up your grandchildren from kindergarten. Try to save a little money each month.
11) Cook and eat at home.
Many of us prefer to dine in cafes and restaurants, or so we say from the outside. Maybe we are too lazy to cook at home, or we misconstrue that it is not too expensive to order or eat out. Get out of the house and visit the markets. Take a look at how much you spent on your dinner. You will find that cooking at home is much cheaper.
12) Put part of your salary in a savings account.
Life is unpredictable. You can experience many things in a moment that will empty your pockets. But where will the money come from in such cases? If you save money each month and put it in a savings account, you won’t panic in an unusual situation. This gives you peace of mind.
13) When it comes to financial expenses, try to impose your sensitivities on your lover, spouse or roommate with whom you live.
Partners must move forward unanimously on everything, including financial issues. You’ll never be rich if you’re trying to save money and your spouse continues to splurge. Talk to your spouse, lover, roommate and unanimously strategize for expenses. Set common financial goals and achieve them. partner to have appropriate motivation aim
you can specify. For example, try saving money for a vacation.
14) Create a passive income source.
It’s great to have a job that makes enough money for you. But in our unstable world, it is always better to have different sources of income in volatile economies. make money online
This is an advantage at this point. You can take a look at the two content we’ve compiled before on this below.