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The Secret To Financial Success: Do The Opposite Of The Masses
The best lessons I’ve learned in life have come via others. It’s my ultimate way to learn what to do and what not to do, or else, you have to go through it yourself, which I don’t prefer.
The eight categories we will review today include:
Lifestyle
Credit Cards
Debt
Student Loans
Income
Investing & Saving
Education
Self-Sufficiency
Lifestyle
Live above their means.
Buy more car than they can afford.
Buy more house than they can afford.
Invest more in their lifestyle than their investment portfolio.
Concern themselves with what others think of how they travel.
Concern themselves with what others think about the car they drive.
Concern themselves with what others think about the house they live in.
Credit Cards
Max out their credit cards.
Try to manage too many credit cards.
Don’t prioritize paying off credit card debt.
Don’t track their spending on their credit cards.
Carry balances lead to high-interest charges.
Don’t set up automatic payments on their credit cards.
Misuse zero-interest credit cards and rack up considerable debt.
Debt
Only pay minimum payments.
Don’t have a debt repayment plan.
Aren’t prioritizing paying off bad debt.
Don’t know how much debt they’re carrying.
Maintain debt for decades resulting in large interest totals.
Refuse to educate themselves about how to manage and leverage debt.
Student Loans
They take out more student loans than they need.
They don’t pay their student loans while in school.
They don’t actively seek free funding, so they can avoid student loans.
They only pay minimum payments, keeping them in debt for decades.
They don’t take advantage of the forbearance, which offers zero interest.
They take out student loans but don’t finish their programs, which can be wasteful.
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Income
Their income is fixed
They only rely on one income source.
They don’t consistently increase their income.
They are always on the lookout for that next paycheck; they can’t go without it.
Investing & Saving
Don’t prioritize investing.
Don’t save a minimum of 10% of their income.
Since they don’t know how to invest, they never get started.
Pay bills and expenses, and spend money before paying themselves.
Don’t have an emergency fund, which means they can’t cover unexpected expenses.
Education
They have little interest in financial education.
They don’t talk about money openly or honestly.
They don’t educate or expose their kids about personal finance.
They don’t apply the lessons they see others around them experience.
They don’t read books or articles or watch informative documentaries about money.
Self-Sufficiency
They rely on others to help fund their lifestyle.
They are unable to stand on their own two feet.
They become financially codependent on others.
They never live by themselves because they can’t afford to.
They require a relationship or family to help them financially survive.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.