#BETTER MONEY HABITS HOW TO#
#BETTER MONEY HABITS LICENSE#

It goes on and gets updated over time, of course! But I wanted to leave you with some better money habits that can potentially make a difference for you.įorbes Coaches Council is an invitation-only community for leading business and career coaches.Bank of America supports communities in becoming more financially resilient by connecting people to the tools, resources, and education they need to help them achieve their financial goals. The list of good monetary habits doesn’t end here.

#BETTER MONEY HABITS LICENSE#

I, for instance, eventually did buy myself a luxury car, but rather than simply purchasing the vehicle and having it be a liability for me, I put my branding on it and changed my license plate to the word “CREDIT.” Doing this, alongside adding some minimal decals with my Instagram user name and a license plate frame that has my website and the words 'Improve Your' on it, allowed me to take what normally would have been a liability and transform it into a marketing tool for my business.

#BETTER MONEY HABITS HOW TO#

Utilize all the resources you have to learn how to build assets so that your money works for you rather than you working for it. Last but not least, buying expensive houses, cars and other luxuries always seems appealing and exciting at first, but they are not going to generate wealth for you on a consistent basis. You can learn more about some of the high-paying side hustles that match your interests and how you can start with your available resources in my book titled Learn: Drop the “L” and Earn. But if you treat it like just another hobby, it will pay you like one. It is your paying hobby that excites you to pursue it and fills your pocket with extra cash.

I like to say if you treat it like a job, it’ll pay you like a job. Your side hustle should be based on your aptitude, skills and interests - what you like to do in your leisure time. Starting a side hustle is always a good idea to add an extra layer of cash to your main income stream. With all of these meme stocks and different crypto coins popping up every day, it is advisable that you seek expert advice before choosing investment plans or options. Investing early and starting small is better than jumping into a big, risky move that seems monetarily attractive but can cause a big loss. It is about how much money you are able to retain.Īlthough there are various ways to invest, successful investing depends on learning and staying up to date with changing trends. It is no secret that financial stability is not about how much money you make. The glamorous social media world, modern amenities and high-end accessories presented as necessities are some main factors among many others that prompt people to impulse buy. It might seem obvious, but it is the hardest to implement - cutting one’s unnecessary expenses and discretionary purchases can be difficult. One thing I do in particular is designate a particular percentage of all of my earnings into different goal-based accounts. Ideally, it should be an automatic process so that a good amount of your income can be directly added to your investment and long-term savings goals.

Obviously, you need to pay your bills, but if you save a portion for particular goals, you’ll be more likely to reach them. Every financial coach or guru has always said that saving a good portion of every paycheck before spending it on daily living expenses is crucial to making big moves.

Better money habits