Blog post, lifestyle

Money Lessons You Need To Learn Right Now

Always Have An Emergency Fund

We all have to accept that sometimes life happens. You lose your job, get in an accident that insurance isn’t fully covering, car needs new tires. And if you don’t have the money saved for these type of emergencies, you’re going to be totally screwed. The rule of thumb is to have at least 3 months of your income saved, but if you can you should have about 6 months.

Don’t Stop Searching

Even if you love your job to death, always keep at least one eye out for other job opportunities that may come your way. Even go on some interviews to get a sense of what positions are open in your field and how qualified you are for them. It helps you to know your worth.

Take A Risk

If you’re in your 20s or 30s, this is the perfect time to take career risks. You’re still at such a young age that if you take a risk and it doesn’t pay off, your life won’t be ruined. But if it does pay off, then you just helped your future. Go back to school, change your major, take that new job that you are unsure about. These things can really open up some doors for you in the future.

Invest In Yourself

Just because you finished your four years in school and got a bachelors degree doesn’t mean you should stop learning. Continue to take classes to further yourself, there are plenty of online classes as well that will teach you new things. Then you can add these to your resume and look even more impressive.

Live Within Your Means

This is one of the most important lessons of all. The majority of people spend more money than they can and ultimately get into debt that they can barely get out of. If you can’t afford that Louis Vuitton wallet, don’t get it! If you’re making sixty thousands dollars a year but spending seventy, you’re in big trouble. I cannot stress this enough.

Start Thinking About Retirement

The sooner you start putting money away for retirement, the better off you will be when you do retire. Because of compound interest, a little chunk of change can grow into a mound of cash if you start retiring in your 20s. You don’t want to be in your 60s and have to start stressing about money, you should be relaxing on the beach wondering what your next drink should be.

Treat Yourself

Don’t spend your life stressing about money all the time, remember to take some time to spend on yourself because you deserve it. Go get a beer with your friends or buy that shirt you’ve been eyeing for a while, you are allowed to treat yourself every once in a while.

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