RE: Ask me anything [AMA] - Or don't

[outwars]

Do you have any general financial advice you can share that worked for you, are doing now, or plan to do in the future? Don't worry, I'll still do my own research.

Comments

[galenkp]

Yep.

1. Have a budget on Excel of outgoings that auto-sums all your expenses (including savings listed as an expense) so you know where you're at at a glance and what remains from your income.
2. Look at the above four times a year and adjust as needed.
3. Have a need over want ethos (buy when you need to and make things last longer)
4. Have a savings plan and stick to it.
5. Avoid credit at all costs where possible, even if it means going without something.
6. Find interests that make your heart sing but don't cost a lot of money.
7. release ego and hubris and the need to impress others with things (it's a slippery slope).
8. Invest but research carefully and diversify rather than putting everything into one stream.
9. Find the right advisers and influences to surround yourself with.
10. Always seek ways to cost-cut through purchases and other efficiencies.
11. Put money away for future expenses you know will come.
12. Reward yourself for hitting goals in appropriate ways (simple ways that make your heart sing - they'll motivate you more.

That's not an exhaustive list but are some of the things I've done throughout my life.

[outwars]

Wow, I really appreciate the detailed answer. Thank you for this, and I'll look on how I can incorporate it to what I am already doing.

[galenkp]

All of what I say on that list is achievable for people to a greater or lesser degree I think. I have done, and still do, those things and while I'd not call myself a rich person I have a nice life. Hard work pays off and when it doesn't that's the moment to work harder.

[outwars]

Hard work pays off and when it doesn't that's the moment to work harder.

I really like this line. I think I've seen/heard similar sentiments before. Something along the lines of, if it isn't working, then one isn't working hard enough. I do agree that hard work pays off. People just usually stop before they can see the fruits of their labor.

[galenkp]

Hard work needs to be accompanied by other things because working hard in the wrong directions is wasteful. But, if the right things are being done enough of the time a person has a great chance to find growth, gain and development and those things have a way of compounding.

[meesterboom]

Point 1 and 2, spot on! I started this years ago and it's so helpful. Especially with the good lady who unfortunately is not quite the best with cash!

[galenkp]

Sometimes it's the simple things that are the most effective if done consistently.