Your truth is YOUR truth, but not necessarily a universal truth, especially when it comes to finances.
A 🧵
ALT Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.' - Morgan Housel
But here's the thing: What works for ME won’t work for everyone. I would not recommend that to someone who feels they cannot trust themselves not to overspend on a CC, even though MY experience has been positive.
We're all wired differently, especially when it comes to finances
Your truth is YOUR truth, but not necessarily a universal truth, especially when it comes to finances.
A 🧵
ALT Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.' - Morgan Housel
For instance, I personally don’t have an issue about using credit cards for daily expenses.
I've budgeted each charge & pay it off monthly, and have the cash back rewards deposited directly into my emergency fund.
Creating a budget and sticking to it is crucial for managing debt.
This requires you to:
• Track your spending
• Track your income & expenses
• Identify areas where you can cut spending
Start with the basics.
It doesn't have to be perfect.
Back-to-School shopping is in full swing.
One of my future #RichLife goals is being able to be the people who buy a bunch of backpacks and fill them with a ton of back-to-school supplies and put them all in the donation bin.
Stock day!
We get the roast chickens from Costco as a cheap protein, and save the bones in the freezer until we have enough to make stock.
4 sets usually gives us ~8L of delicious stock to use!
Freelancers!
What tools do you use these days for tracking projects/clients. Invoicing? Proposals?
For the Canadians specifically: how about cross-border payments/USD?
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Understanding financial strategies is key to effective money management.
Sinking Funds are a very powerful tool.
Follow along to learn what they are and how they can bolster your financial plan. #SinkingFunds 🧵
Successful financial planning involves both short-term and long-term strategies.
Sinking Funds are an excellent tool to manage large, expected expenses in a disciplined way.