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Discussion in 'Self Improvement' started by hashalot, Jun 13, 2018.
Im using excell.
Thanks for resurrecting this thread, very inspiring stuff.
I absolutely agree. Excel is the best program to store the necessary documents. I've always had trouble managing money. Sometimes I spent too much on food and we were in debt because of it. So I searched the Internet for articles on how to do this correctly. I also wondered how do I add money to my cash app? I read an article where it was mentioned and was able to find something that suited me. Of course, at first, I still made mistakes with money management, but then I decided to put them in the app just by coming to the store. I was embarrassed at first, but then I just got used to it.
I highly recommend the Richest Man in Babylon as an entry self-help personal finance book.
Came here to reflect what @gordie just said; Clason's book is a classic, very easy to read (they are parables and stories FWIW, very simple to follow along) and you can find it used for something like $4. (Looked it up, sure enough you can get a copy for $4.50.)
Living below your income is very hard to do, but if you are able to do that as income (hopefully quickly) increases so do the savings and investments etc.
The only other thing this old-timer would contribute would be to sacrifice to put money away in a retirement fund. I remember as a student socking away a precious $2K when I was in my mid-20's, and how much that hurt. Decades later that account has grown - a lot - and would not be where it is today unless it started early.
It reminds me of the saying, "When is the best time to plant a tree? 20 years ago. When is the next-best time to plant a tree? Today."
I want to add to this that living below your means teaches you so many wise things in general. Tucking my money away has shown me that things don’t make me happy, that the happiness from money is usually from security (once you have an income that can afford a well-running car, a home, food, and you’re educated to your own standard). It’s easy to intellectualize how “things” don’t make you happy but when you live without the next videogame, the newest clothes, or meaningless toys you’re sold on crappy streaming apps, you start to find ways to make yourself substantially happy.
People, friends, and women think about your new sports car or sneakers for probably no more than a day. But when you’re money savvy, you’re able to draw a lot more positive friendships and attention to yourself.
Living below your means is actually kind of dope once you get in the habit. And what’s funny is that eventually you see some of the least happy people you know are people who can’t manage/ accomplish that.
There used to be a forum in the 2000's on fool.com called LBYM, wow those were great times. (I see it is still 'alive', but only a shell of what it used to be.) Not sure where those community members are today, perhaps a mix of /r/frugal and bogleheads.org/forum, but I digress.
From the novel David Copperfield, which I enjoyed reading decades ago, said this: "Annual income 20 pounds, annual expenditure 19 [pounds] 19 [shillings] and six [pence], result happiness. Annual income 20 pounds, annual expenditure 20 pounds ought and six, result misery."
Thanks for the book recommendation. I just ordered it online.
Planning ahead gives some kind of closure. People naturally look into the future, and managing your money gives you a lot of awareness about that future.
OP are you the Dave Ramsey of Nofap?
For those who want to know what the financial priorities should be if (and when) you start living below your means and actually have choices to make with money that starts to accumulate, here's a handy flowchart that sums up the priorities nicely.
Step 0: Reduce expenses, set realistic goals
Step 1: Build an emergency fund
Step 2: Participate in employer-sponsored matching funds
Step 3: Pay down high interest debt
Step 4: Save for retirement
Step 5: Save 15% of income for retirement, higher education if applicable
Step 6: Advanced goals
Using Notion, you can find a template by searching "Finance Tracker Notion Template" on google.
Which part-time job would you recommend to an 18yo guy, who is studying economics at the moment?
I thought about going to work in some restaurants as a waiter when this situation permits it.
It will increase my discipline and will make me more mature, along with wealthier.
I will give up on some nights with friends, but I think it's the best thing to do to stop feeling dependent on your parents.
Everything I saved till now, 1k and more, came from pocket money and gifts.
Even If I managed to save a lot as a teenager, I would like to earn some more money, maybe from working (considering I also have to study for uni).
My wife and I struggle mightily with keeping our financial affairs in order, so we're researching options. We'd need something that has web access and sync across our devices, ideally. What do you - especially those who were one financially incompetent - to facilitate your money management? Mint? Clear Checkbook? Another? All suggestions greatly appreciated!
I use Notion, here's the template!
I have recently found it very difficult to manage money, so I use the offer for a smartphone.
I've found it very difficult to manage my money lately. I don't know what it's sacred about, but I can feel the problem. Faced with such a situation, I was at a loss. My desire to open small coffee kiosks bothered me, and I decided to act because I knew people would like my ideas. After studying a lot of information, I found a credit firm https://www.yhdistalaina.com/lainojen-yhdistaminen-santander/ and they helped me find the perfect loan that was perfect for me. Now I am the director of my small chain of coffee shops and I do what brings me pleasure. The only advice, do not hesitate and act!
Thank you for the information! It was good for me!
a piece of advice from my father that has withstood the test of time "every time you get paid, save something, no exceptions"
My strategy is much more complicated right now(investments, stocks, 401k, etc.) but it really stems down from that little nugget of always find a way to save money.
Finally got around to reading the book. Absolutely great. It kickstarted a lot of thoughts in my mind. The potential it unravels, and in such a simple and pragmatic manner. Thank you both so much for the recommendation.