Think And Grow

11 Basic Financial Principles They Should Teach At School 1. Budgeting Keep track of your expenses every month Pay yourself first and then spend what is left after saving for emergencies and investing Make sure you know where your money is going instead of wondering where it went Assign a job to your money and let it work for you 2. Accounting Assets are bringing money to your account • Stocks • Real estate • Personal business Liabilities are taking money from your account • Expensive clothes • Brand new cars • Status items Focus on buying assets instead of liabilities 3. Taxes As Benjamin Franklin said taxes and death are inevitable Educate yourself on • Non-taxable investment accounts • Corporate structures for side projects • Tax deductions for your personal and business expenses Learn how to take advantage of the tax code like the 1%. 4. The 4% Rule Calculate your FIRE number, i.e. how much you need in assets and cashflows to retire early and become financially free Multiply your d...

1. Track Your Spending Knowing how much you spend and on what keeps your spending in check. 2. Live Within Your Means Keep your standard of living below what your earnings can accommodate. 3. Don't Borrow to Finance a Lifestyle Borrowed money should be used when your gain will outrun your borrowing costs. 4. Set Short-Term Goals Life holds many uncertainties, such as an economic crisis or the loss of a job, and much can change between now and 30 years from now. 5. Become Financially Literate Making money is one thing, but saving it and making it grow is another.  6. Save What You Can for Retirement When you're in your 20s, retirement likely seems a lifetime away, and planning for it may be the last thing on your mind. 7 . Don't Leave Money on the Table If you work for a company that offers a 401(k), make sure to contribute at least up to the maximum of what your employer will match, otherwise you are leaving money on the table. 8. Take Calculated Risks 9. Invest in Yourself...