8 Financial Goals for 2021 to create REAL WEALTH!
Best Financial Advice for 20s & 30s+
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Money Stacks Method spreadsheet
This time around Jennifer conveys eight methods to create Real Wealth:-
1) Use money as a tool to drive your time freedom
Have the excitement of being your own boss for optimum financial independence and put your ideas into action with a Goal Based Budget on the goals that matter to you.
2) Spend Less Than You Earn
Live within your means to avoid always getting into debt with a credit card that’s unpaid before the deadline by not replying on your bank and credit card to live.
Start with a Zero Based Budget from the Money Stacks Method spreadsheet.
Have your bills and everything you spend noted on your spreadsheet for your financial goals and freedom including investing your Pension and Investment ISA, plus paying off your debt, Emergency fund and Sinking funds.
Also have a Zero Based Budget.
3) Match Your Pension Contribution With Your Employer
This also applies, even if you’re in debt.
Take advantage of Employer contributions for this reason which comes out of your Pre-Tax money.
If you’re working for someone else, or you’re self-employed, this is the money you take home before you then get taxed deductions, eg National Insurance (if in the UK).
With your Pension contribution, you get to put money straight into your future.
4) Apply Jennifer’s 10% Rule on all your debts
Whenever you have any form of debt — card payments, credit cards, loans or a mortgage, make the minimum payments plus committing to 10% extra of the monthly amount every month.
This leads to reducing your debt further and will put You in control of your finances, as by paying extra, you’ll have less Interest to pay off your debt.
5) Knowing The Financial Numbers That Make A Difference
Your Financial Independence Number
* How much money you have invested or saved including in the Stock Market or more complex if you have an Individual Savings Account, as most are not above 2%
* The 25 x Rule
* The Coast Financial Independence Number
This is your Financial Independence Number divided by (1 + the expected growth of your portfolio) to the power of the number of years you then expect to retire
6) Get Comfortable and Know What’s In Your Budget
Focus on your Daily Spending Habits to analyze your Budget
* Use the Starling Bank app
* You Need A Budget app
Write down everything you spend from your own money.
7) Setting The Habit Of Giving
If your finances permit, give money to your favourite charities, causes or religious organizations, as an example, 10%.
8) Deciding To Create Multiple Income Sources
Whether or not working in person, various options to increase our expenditure include:-
* Side Hustles
* Investing
* Pensions
* Books
* Courses
* YouTube
* Blog
Set At Least One Extra Income Source
Having multiple incomes is invaluable to not only increase the total amount of money you earn, but also if a single income source no longer exists, you have others to turn to instead, or in addition if the single income source is complimented by others.
Create a Life Changing Financial Plan — From $20k debt to Wealthy in 5 years and beyond
How to Pay Off Debt Fast — STAY Debt Free FOREVER even on low incomes
Should I Pay Off Debt or Invest?
How to Pay Off Debt FAST — Even on a Low income
How To Start A Money Stacks Method Budget
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