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PersonalFinance

Created by @chris

3618 members • 61 posts

Share your learnings on budgeting, saving, getting out of debt, credit, investing, and retirement planning.

How to Stay Poor

3min

AI Key Takeaways

The best way to stay poor is to start tomorrow.
To be successful, you need to be willing to fail.
It's important to surround yourself with people who will support your dreams, even if they don't agree with you.

@amirazimi

#principles

How I Grew from 0 to 500k Followers In Under 2 Years - Sahil Bloom

The Importance of Living Well Within Your Means

5min

AI Key Takeaways

It is important to live within one's means in normal times, in order to have a level of peace of mind.
When someone brags or boasts about their wealth or success, they are usually exaggerating.
It is important to be able to enjoy life, without being stressed about money.

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@imran

#success

Why You Should Stay Poor to Succeed | Ep 503

How to Stay Poor

3min

AI Key Takeaways

The best way to stay poor is to start tomorrow.
To be successful, you need to be willing to fail.
It's important to surround yourself with people who will support your dreams, even if they don't agree with you.

@chris

72. Answering questions about recessions, marrying the right person, and firing a financial advisor

How to Set Up a Joint Account to Save for a Future

3min

AI Key Takeaways

Both partners should contribute proportionally to a joint account that covers all of their fixed expenses, savings, and investments.
The money from each partner's paycheck should automatically go into their individual checking accounts, with no questions asked.
If one partner makes more than the other, the extra money can be divided between the accounts in a proportional manner.

@valeria

How I Grew from 0 to 500k Followers In Under 2 Years - Sahil Bloom

Living within your means for worry-free spending

3min

AI Key Takeaways

Living well within one's means in normal times enables worry-free spending in the future
Creating value for the world and living frugally can lead to financial stability
Prioritizing health and happiness over material possessions can lead to a fulfilling life

@JamesWahba

#advice #mindset #entrepreneur #wealth #personalfinance

UFOs, The State of Tech, and Guest Lakshmi Rengarajan

The Slow Road to Riches: Advice for Entrepreneurs. Save/Reinvest your $$$

4min

AI Key Takeaways

Younger people are often focused on getting rich quick, and this can be a big flaw in the species.
It is important for young people to focus on building longterm wealth, rather than chasing short-term gains.
It is also important to have a mindset of humility and to be realistic about what is possible.

@shantal

361 - Stressed About Money? Financial Advice for REAL Life

How to Start a Financial Transformation

3min

AI Key Takeaways

When starting a financial journey, it's important to avoid allowing others to dictate and define success and value for you
Maintain your financial confidence and define success for yourself

@michaeldinwiddie

#11: Codie Sanchez

Step 1 for How to Get Financial Freedom

37sec

AI Key Takeaways

Invest in yourself before investing in assets.
Spend at least an hour a day learning about investing for 90 days.
Avoid making little investments and do not rely solely on internet advice.

@elvo

#642 - Bill Perkins - Why You Should Spend All Of Your Money Before You Die

Taking Risks and Planning your Life in Seasons

1min

AI Key Takeaways

The fear of judgment could stop people from taking risks.
It's important to take risks, especially when you're young.
Plan your life in terms of seasons.
There are different seasons in life, such as being single or becoming a parent, which can impact your marketing strategy and business decisions.

@beezwaa

Never heard of this strategy with real estate before: house hacking 🏠

Ep. 217: Slow Productivity Advice

The Importance of Lifestyle Centric Career Planning

4min

AI Key Takeaways

House hacking is a concept where one buys a house as a primary residence, rents out part of it, and uses the rent to cover the mortgage payments and expenses.
House hacking allows for living for free and building up equity in the property.
Lifestyle-centric career planning involves starting with a vision of the desired medium-term future and working backwards to engineer it.
Working backwards from a desired lifestyle can lead to radical solutions and interesting configurations.
Bryce's approach of working from a lifestyle backwards can lead to unique and interesting places.

@shantal

Should You Pay For Financial Advice?

How to select a financial advisor

3min

@benni

#economy #finance #cre #realestate

E123: Trump indictment, de-dollarization, should VCs back Chinese AI? RIP Bob Lee

Decreasing commercial real estate prices accelerate the pension funding gap

2min

AI Key Takeaways

The debt of pension systems is impacted by what's about to happen.
Pension payments may be reduced if social security is allowed to go bankrupt.
The government has to set steps in to make up for any shortfall in social security payments.

@shantal

5. Where Do I Start? (aka the Financial Game Plan)

How to Start an Emergency Fund

3min

AI Key Takeaways

Emergency savings should be prioritized before paying off debt to avoid financial hardship during emergencies and allow for mental peace of mind.
Having an emergency fund before paying off large amounts of debt is recommended even if it seems counterintuitive.
Starter emergency funds should be established before proceeding with paying off large amounts of debt.

@shantal

Fall Money Tasks, and Saving Enough to Retire

Tips for Cutting Expenses and Saving Money

2min

AI Key Takeaways

Households could spend $11,500 more in 2022 for the same goods and services.
Finding places to cut back is essential to make ends meet.
Look for at least 5% of discretionary spending to trim, to account for inflation.
Start by looking at your credit card bill to understand expenses that have gone up.
Save receipts to notice what costs more than a few months ago.
Adopting a vegetarian diet can lower the grocery bill.
The cook book 'Cool Beans' is a great way to get protein and save money.

@shantal

438 | Dollars and Sense | Clint Murphy & Ginger

Understanding Opportunity Cost and Its Value in Everyday Life

2min

AI Key Takeaways

Opportunity cost is the idea of taking money out of the equation and realizing the value of what you are sacrificing for a purchase.
Money can be hard to understand its value, so taking it out can help put the sacrifice in perspective.
Thinking in terms of opportunity cost can help make more thoughtful purchasing decisions.

@chris

Develop a better way to estimate home renovation costs to avoid budget overruns.

How BIG Things Get Done, with Dr. Bent Flyvberg

The Psychology of Estimating Kitchen Remodel Costs

4min

AI Key Takeaways

One way to overcome some of those biases and tendencies is to look at what other projects of a similar nature have cost.
The conventional way of estimating things is done from the inside out, and this leads to inaccurate estimates.
The alternative way, which is to look at what other projects have cost, is more accurate and unbiased.

@shantal

Why Your Side Hustle May Actually Be Good for Your Main Job

The Benefits of Having a Side Hustle

2min

AI Key Takeaways

The stigma around side gigs has shifted, and it's almost expected to have a side hustle
Despite concerns about distraction, research shows that having a side hustle can actually make workers better at their day jobs
Side hustles give workers a sense of empowerment and can lead to positive emotions

@shantal