'Knowledge and habits are passed down from generation to generation. Whether they are good or bad, that’s up to you to determine'
Most of us don’t learn about personal finance in school. And many of us aren’t taught significant or positive money lessons from our parents.
I turned 40 last year and for those of you who don’t know, I retired just over seven months ago. I did this by following three general principles ‘Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.’ -Otto von Bismarck 1. Start Investing It’s easy to say that you’ll start investing when you earn more money. But in reality, the principles of budgeting and saving can be learned on the smallest salary.
2. Build an emergency fund Saving anything at the minute may be tough, but going into debt because you are in an emergency can set you back decades. Consider this your top priority, before anything else.Immediately set up an emergency fund of 3-6 months of your essential expenses. Put this into a savings account that you can access in an instant.
4. Stop trying to be the Joneses A Kardashian lifestyle takes a Kardashian budget . Rarely do the things we buy give us long-term happiness and the cost of these items can be felt for a lifetime.
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