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These are the top 12 finance goals for your money in 2020. When it comes to personal finance, these are goals that are great to keep in mind when saving for retirement, budgeting, being debt free, saving money, paying off debt, investing, and beyond.
When it comes to money, these are the essentials of financial minimalism and success. If you follow these money saving tips like I did, you'll be able to manage finances in a way that will build your wealth and net worth really fast. I was able to save $100,000 and when invested, that money has grown close to $200,000 in just 5 short years using the dividend investing strategy. Let's set some goals, and make it happen! Here are the top 12 goals to setting ourselves up to create more passive income and become financially free.
1. Pay off at LEAST one credit card, more if you can.
2. Start keeping track of your money and expenses. You can use an app like Personal Capital, or Mint, which tracks your expenses, budget, income, and your credit score.
3. Make a budget by limiting the amount you can spend per category, this way, you don't go over budget. There are two ways of accomplishing this described in the video.
4. Try to go 100% cash for one month and see what happens. Cash is a finite resource, in contrast to credit cards which are harder to conceptualize a limit.
5. Donate $100 to charity. It doesn't have to be money, it can be used clothing, or anything else that you no longer use.
6. Start an IRA, this can be a Roth IRA or a Traditional IRA. If you already have one, the goal will be to max it out. If you've done that too, convince one other friend to do the same
7. Learn self control when shopping using the simple money trick shown in the video
8. Set your bills on autopay
9. Start a sidehustle or earn $1000 from your side business
10. Learn to cook 3 frugal meals that cost between $1-$2 each
11. Start investing in the stock market. Open up a brokerage account like Robinhood, WeBull, or M1 Finance, fund your account $100 and start as early as possible
12. Save 50% of your income. You most likely have to earn between $40k-$50k salary to be able to do this, and live well below your means. It's possible, and that's exactly what I did. Enjoy!
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