This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Give yourself a powerful financial start
The 15 Financial Actions You Can Implement Today
Downgrade your residence: Live with family and friends, get a roommate, utilize Air BnB, or move to a smaller place so you can save extra money every month. Housing is the most significant expense for most people.
Get rid of the car note: 85% of Americans have a car note; this isn’t the worst thing in the world if you can afford it, but most people can’t and are digging themselves further into debt. Trade in your car for one paid off until you can afford to pay cash for your desired car.
Avoid holiday traps: Common holiday pitfalls include giving into sales, buying gifts you can’t afford for yourself and others, and emotional shopping. Set a limit for how much you can afford to spend on yourself and others this season without leading yourself further into debt, and respect the limit you put in place.
Fine-tune and review your investment goals: What are your investment goals? Do you know them off-hand? How far or close are you to reaching your goal? Most people have no clue what their investment goals are or how much progress they’ve made toward them. You will likely not reach your goals if you don’t have them documented and memorized. Review your investment goals frequently.
Amp up your investments: If you haven’t been investing this year, you’ve lost a year. The longer you delay investing, the fewer rewards you will obtain. Time is investing’s best friend because of compound interest. The more time you allow your money to work for you, the harder it works. Can you invest 50% or more of your income? Imagine how much financial progress you could make if you did.
Explore diverse investments: If you only invest in mutual funds and ETFs, dig deeper and expose yourself to other investment avenues such as real estate, crypto, private companies, etc. Risk is involved in all types of investing, but the more you educate yourself on different investment avenues, the safer your investment strategies and decisions will be.
Sign up for your company’s 401k: If you aren’t signed up for your company’s 401k or aren’t investing enough to receive the max match from your employer, get that done today. There is no reason for you to lose out on free money.
Cut up the credit cards: If the credit cards were your downfall this year and you don’t know how to control your spending, then get rid of the credit cards, so you can cease adding debt to your portfolio. Credit cards aren’t for everyone; if you don’t know how to manage them responsibly, stay away from them.
Create a budget: If you don’t follow a budget, sit down and create one today. Know precisely how much income and expenses are coming in and out.
List out your debts from least to greatest and formulate a payoff plan: How many debts do you have, and what are their balances, payoff dates, and monthly due dates? Ensure you have automatic payments set up accordingly so you never miss a payment. Once you pay off one debt, immediately apply laser focus to the next debt. Keep the momentum going until you reach the finish line.
Eradicate unnecessary expenses (subscriptions, dining out, entertainment, recreation, shopping, groceries, etc.): No matter how often I go through my budget, I always find something else I can eliminate. The things you think you need are often wants. If you’re behind on your savings and financial goals and drowning in debt, this is not the time to spend freely; instead, find ways to eliminate extra spending to propel yourself into financial freedom sooner than later.
Invest in financial education: Never stop investing in new financial knowledge. But remember, knowledge is useless without application. Be sure as you obtain knowledge, you’re applying it. Books and articles have been the easiest way for me to acquire new information about personal finance.
Increase your income: You can only decrease your expenses by so much, but there is no cap on your income. What skills, passions, and hobbies can you monetize?
Network with other entrepreneurs: The higher the quality of your network, the better outcomes you will experience in your business. Networking could be reading a book, attending a meetup group, chatting with a stranger about their business ventures, connecting with someone on social media with similar values, etc. The more extensive your network, the more access you have to knowledge you can apply to your business to boost your income and elevate your finances.
Surround yourself with others doing well financially: The people you’re around are either broke or not broke. Most people surround themselves with broke people. You’re likely to know some people who will always struggle financially, but it doesn’t mean you can’t make new friends with people who have money and know how to manage it properly.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.