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Money
Level Two: 25 Extreme Personal Finance Tips
Elevate Your Money X 2
Spend less than you invest.
Tip 2
Invest 5–10% in cryptocurrency.
Tip 3
Allocate 25–40% of your investment portfolio to real estate. If you can’t afford to buy physical real estate on your own or don’t want to, buy REITs.
Tip 4
Avoid giving out family loans; if you help a family member, let them have the money clean and clear.
Tip 5
Live without debt – even if you have a positive net worth.
Tip 6
Remember, recessions and bear markets will consistently happen. Don’t be unprepared. Stay prepared by having multiple sources of income and not relying on one traditional employer like most people.
Tip 7
Never get comfortable getting one paycheck from an employer. You can get let go at any point – even if they consider you family.
Tip 8
Don’t be a day-trader. Warren Buffet recommends buying, holding, and never selling. Day trading is like gambling; the house always wins when you play that game.
Tip 9
Give at least 10% of your income to people in need. If you start early when your income is smaller, you will never have a problem giving as your income increases.
Tip 10
Ask for a raise at your job. Most likely, you’re being underpaid. Companies hire employees at the lowest cost possible, which means they have room to negotiate – even when they claim they don’t have the budget.
Tip 11
If your company consistently doesn’t grant you a raise, find a new job and quit your old one. Scarcity is opinion, not fact; there is always another company that will pay you what you believe you’re worth. If you have a fully-stocked emergency fund, you can quit your job without a backup – even better.
Tip 12
Never miss a payment (e.g., bills, credit cards, rent, mortgage, etc.) by automating your bills.
Tip 13
Never miss an investment and savings opportunity by implementing automatic payments.
Tip 14
Experiment: Reduce your spending by 50% for one month. Notice what you miss and don’t miss. For the subsequent months, make adjustments to your budgets based on your learnings. You’ll probably have a lot more money to invest after this experiment.
Tip 15
Don’t co-sign loans. The reason people require co-signers is because they have issues paying their debts on time or at all. Don’t bet on a losing horse.
Tip 16
Keep your credit in the excellent range.
Tip 17
Get your annual physicals, bi-annual dental exams, and other annual exams required at your age. When you catch stuff earlier, you decrease your future healthcare costs.
Tip 18
Eat healthier and consistently work out. When you live a healthy lifestyle, you prevent a lot of future health issues that rack up $$$.
Tip 19
Invest in routine maintenance for everything related to you: car, house, body, etc. The better you take care of your stuff, the less you’ll likely have to pay in the future.
Tip 20
Join a credit union; they usually offer better rates and lower feeds on everything. The longer you’re with a credit union, the better. If you treat them well, they’ll treat you well.
Tip 21
Practice gratitude. Appreciate the things you have
Tip 22
Ponder 3–10 days before purchasing big-ticket items. Either one of three things will happen, 1. you will move forward with the purchase, 2. you will forget about making the purchase, or 3. you will decide you no longer want that item after all.
Tip 23
If you can’t afford something, tell yourself or the person asking: no. No is one of the most powerful ways to elevate your finances. Setting boundaries with your money will save you much debt, heartache, anxiety, and stress.
Tip 24
Spend money frugally regarding personal items (e.g., cars and houses). Spend money aggressively when it comes to business (e.g., investing). Realize the difference between appreciating assets versus liabilities.
Tip 25
Own your own business to mitigate your tax burden. There are many tax advantages and things you can write off when you own your own business. Use your side hustles to make you more money by decreasing your tax liabilities.
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Read – Level 1: 25 Extreme Personal Finance Tips
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.