Girl, It’s Time to Get Your Money Right: The Top 3 Must-Knows for Managing Your Personal Finances
My babe! Are you ready to get your finances in order and start living your best life? As a millennial on my own journey of building wealth, I’ve seen it all when it comes to personal finance. Trust me, it’s not as scary as it seems. Today, I’m sharing my top three things that you need to know to take control of your finances and start building wealth.
As a millennial woman, managing your personal finances can be overwhelming. No one taught us any of this isht! I mean my idea of saving was having a 32 day notice account (I know!). From student loans to rent, it can feel like you’re barely keeping your head above water. But fear not, my lovely! By understanding and implementing these three crucial aspects of personal finance, you’ll be on your way to financial freedom.
- Build an Emergency Fund
First things first: you need an emergency fund. Life is unpredictable, and having money set aside for unexpected expenses like car repairs, medical bills, or (heaven forbid) job loss can be a lifesaver. Start by saving one to three months’ worth of living expenses in a separate investment account. It may seem like a daunting task, but even setting aside a small amount each month can add up over time. Trust me, your future self will thank you.
2. Save for Retirement
Yes, retirement may seem light-years away, but the earlier you start saving, the better off you’ll be. Depending where in the world you’re reading this from, retirement savings take different forms. From a 401(k) to a Retirement Annuity to a RRSP, generally contributing to one of these comes with some tax relief. The key is to start saving as early as possible and automate it. The power of compound interest is wild!
3. Understand Your Negative Beliefs About Money
Last but not least, it’s vital to understand your negative beliefs around making money. Honestly, this is (in my humble opinion) the most crucial of the given tasks (and the most uncomfy). Unlearning all of the isht that we have been conditioned to believe about money being evil or that rich people are greedy. These BS beliefs often hold us back from achieving financial success. Take some time to examine your beliefs and challenge them. Start to see money as a tool that can help you achieve your goals and live the life you want.
So, there you have it my babes! The top three things you need to know to take control of your personal finances and start building wealth. Remember, managing your money doesn’t have to be scary or overwhelming. With a little bit of knowledge and a whole lot of determination, you can achieve financial freedom and live your best life.
