1. Maintain an emergency fund
Life is full of unexpected surprises
Sadly, most some with some sort of a cost
This is why you need money set aside
However, few people do - big mistake!
Here’s why you need an emergency fund and how to build one…
Having a fund helps:
- Reduce stress
- Avoid debt
- Build financial confidence
As such, allocate 10% of each pay towards your fund
Fund it to where you have at minimum 6 months of living expenses
That way when more expenses come, you’ll be ready!
2. Build non-employment income streams
Having employment income is good but it’s not enough
There are two reasons for this:
1. Most jobs don’t pay enough
2. Jobs aren’t 100% secure
As such, you need to insulate yourself with others forms of income
Here’s what I suggest…
Most people should consider:
- Freelancing
- Starting a business
- Building an audience
The internet is ripe full of money making opportunities
Stop watching cat videos and start making more money…
Next is how I first started making $1,000s extra per month
Here’s how I generated an extra $3-5k/mo outside my 9-5 job…
1. Learned a monetizable skill
2. Signed up on freelance websites
3. Applied to projects
4. Profit
I explain my EXACT process here: (50% off while this tweet is up):
https://t.co/mWGwnMZQJI
3. Contribute to your golden years
For most people, getting old is certain
However, what’s not certain is having the money to support yourself later on
As such, you need to have a plan and fund it as much as you can
Here’s what you need to do…
First, calculate your retirement target
This is usually 25 times your current expenses
Then, calculate how long you have to invest
Finally, determine your monthly investment needs
The combination of the three plus patience will be your ticket to freedom
4. Assessing your job longevity
Most people rely on a 9-5 to get by and this is fine
However, how long will your job be around?
Many jobs these days are being automated or eliminated
Here’s an easy way to tell if your job is on the chopping block…
Your job may be in jeopardy if…
- It has a low barrier to entry
- Is manual in nature
- Requires little human judgment
Assess your job today and act accordingly…
5. Investing in your financial IQ
Your financial IQ determines your net worth
It’s that simple…
The more you know the more you:
- Make
- Save
- Invest
Here’s how to raise your financial IQ…
Financial education can be accessed through:
- Books
- Podcasts
- YouTube videos
- Mentors etc.
Aim to learn something new daily
The more you learn, the more you earn…
If you enjoyed this thread, I'd appreciate a RT of the first tweet.
I write a daily thread on building wealth with online income
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@Adam_DelDuca