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7 Money Habits Sabotaging Your Wealth
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7 Money Habits Sabotaging Your Wealth?
Description: If you have any of these bad money habits, you probably have no idea of the negative effect they're having on your financial wellbeing and long-term wealth creation. In this video, we uncover seven common money habits that could be sabotaging your financial success and provide actionable tips to break free from them.
Chapters:
1. 0:35 Paying Yourself Last: Prioritise saving by paying yourself first, just like paying a bill. Allocate at least 10% of your income to savings immediately.
2. 1:35 Getting Comfortable with Bad Debt: Avoid unnecessary debt for minor purchases. Only buy what you can afford to pay for in cash to avoid high interest rates. Avoid running up large credit card balances.
3. 2:37 Not Knowing Your Income and Expenses: Track your finances meticulously to understand your starting point and avoid lifestyle inflation. Set clear financial goals and plans.
4. 3:32 Having Expensive Hobbies or an Expensive Car: Balance saving and income generation. Develop additional income streams while saving a larger percentage of your income.
5. 4:15 Focusing Solely on Saving: Recognise that while saving is limited, income generation is not. Combine saving with strategies to increase your income through investments or side hustles.
6. 4:49 Paying Too Much in Taxes: Learn to minimise taxes legally through knowledgeable use of tax-advantaged accounts and corporate structures.
7. 5:42 Waiting Too Long to Invest: Start investing as soon as you have a savings buffer. Diversify your investments to mitigate risks and avoid losing money to inflation by keeping it idle in a bank account.
Stick around till the end for a sneak peek into our next video: "Transform Your Life: Six Simple Steps to Become a Millionaire."
Call to Action: If you found this video helpful, please give it a thumbs up and subscribe to our channel for more insights on managing money, building wealth, and securing your financial future. Hit the notification bell so you never miss an update. Thanks for watching, and see you in the next video! 🚀💰
Keywords: Bad money habits, financial wellbeing, wealth creation, saving tips, avoiding debt, income and expenses, financial goals, expensive hobbies, income generation, saving strategies, tax minimization, investing tips, wealth building, financial success, personal finance.
If you liked this video make sure that you subscribe to my Youtube Channel right now. That way you won't miss out on more actionable videos like this one. Just click on the subscribe button on this page now.
❤ QUESTION: Which of the actionable strategies in this video are you going to implement first. Share this with us by leaving a comment below.
❤ WHAT TO WATCH NEXT
You may enjoy these videos from the same course:
❤ SHOP MY PRODUCTS
❤ Are you ready for my Business Strategy Courses?
❤ DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
❤ DISCLAIMER:This content is for education and entertainment purposes only. John does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
❤ COME AND SAY HELLO!
Description: If you have any of these bad money habits, you probably have no idea of the negative effect they're having on your financial wellbeing and long-term wealth creation. In this video, we uncover seven common money habits that could be sabotaging your financial success and provide actionable tips to break free from them.
Chapters:
1. 0:35 Paying Yourself Last: Prioritise saving by paying yourself first, just like paying a bill. Allocate at least 10% of your income to savings immediately.
2. 1:35 Getting Comfortable with Bad Debt: Avoid unnecessary debt for minor purchases. Only buy what you can afford to pay for in cash to avoid high interest rates. Avoid running up large credit card balances.
3. 2:37 Not Knowing Your Income and Expenses: Track your finances meticulously to understand your starting point and avoid lifestyle inflation. Set clear financial goals and plans.
4. 3:32 Having Expensive Hobbies or an Expensive Car: Balance saving and income generation. Develop additional income streams while saving a larger percentage of your income.
5. 4:15 Focusing Solely on Saving: Recognise that while saving is limited, income generation is not. Combine saving with strategies to increase your income through investments or side hustles.
6. 4:49 Paying Too Much in Taxes: Learn to minimise taxes legally through knowledgeable use of tax-advantaged accounts and corporate structures.
7. 5:42 Waiting Too Long to Invest: Start investing as soon as you have a savings buffer. Diversify your investments to mitigate risks and avoid losing money to inflation by keeping it idle in a bank account.
Stick around till the end for a sneak peek into our next video: "Transform Your Life: Six Simple Steps to Become a Millionaire."
Call to Action: If you found this video helpful, please give it a thumbs up and subscribe to our channel for more insights on managing money, building wealth, and securing your financial future. Hit the notification bell so you never miss an update. Thanks for watching, and see you in the next video! 🚀💰
Keywords: Bad money habits, financial wellbeing, wealth creation, saving tips, avoiding debt, income and expenses, financial goals, expensive hobbies, income generation, saving strategies, tax minimization, investing tips, wealth building, financial success, personal finance.
If you liked this video make sure that you subscribe to my Youtube Channel right now. That way you won't miss out on more actionable videos like this one. Just click on the subscribe button on this page now.
❤ QUESTION: Which of the actionable strategies in this video are you going to implement first. Share this with us by leaving a comment below.
❤ WHAT TO WATCH NEXT
You may enjoy these videos from the same course:
❤ SHOP MY PRODUCTS
❤ Are you ready for my Business Strategy Courses?
❤ DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
❤ DISCLAIMER:This content is for education and entertainment purposes only. John does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
❤ COME AND SAY HELLO!
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