Having enough personal Finance to finally retire financially free is not about working too hard or working extra hours or getting hefty salaries, is not also about working several jobs in a roll.
It’s about personal finance management!
No one is born with a first class personal finance skills, it’s all about learning and we all learn everyday.
To be perfect with managing your money, you have to follow great money rules from rich and successful people who have gotten it right with their finances.
Here are some personal finance hacks and tips from very successful millionaires who are masters in the money game.
7 Personal Finance Hacks $ Tips Guaranteed to Make You Wealthy
1, Believe In a Budget
Budgeting is the only fast track method to build your personal finance.
Though most people refuse to believe in a budget, it does have a positive and lingering effects on how you spend money.
You won’t be rich until you learn to monitor and analyse your spending habits!
A budget will help you position your expenses base on types, help you keep track of your money and teach you the necessary discipline you need to make your money grow.
You may have very little influence over some fix expenses which are necessary in your budget like; insurance, mortgage, transportation, but you definitely can influence your variable expenses “big time” like; groceries, cable subscription, data, food, partying, shopping and travel.
When you learn to put your variable expenses in check and live below your means, then, you’ll be well on your way to financial independence.
- How to Budget Your Money Sensibly In 7 Steps
- How To Budget Your Money The 50-20-30 Rule Like a Pro!
- 9 Reasons Why Budgeting Is Important No Matter Your Income.
- How To Budget On a Low Income And Finally Be Debt-Free In 7 Steps
2, Start Investing Now
As the saying goes-
It’s better late than never!
It’s never too late to start investing money!
If you are reading this now, then start now!
Investing money is one of the best financial planning tips and personal finance hacks that will help you build and grow your personal finance.
Saving money is not enough to make you Rich but investing money definitely will make you Rich.
Investing money for a triple return is now harder than those classic days- that is why it is advisable to be prudent with any investment plan you intend to venture into.
When you understand how compound interest works then you will value investing even more!
The richest man on Earth “Jeff Bezos” worth over $100 billion invested in lots of company like Google, Airbnb, Twitter and Uber several years back.
These investment grew and tripled his finances like no-man’s business!
Investing money is not hard at all now, these days, so many small but profitable platforms help you invest very little money for the benefits of a compounded interest.
With as little as $50, you can start investing right away with companies like Ascorn, Swell and Lending clubs.
3, Create Multiple Streams of Income
Creating multiple streams of income is one of the personal finance hacks that will definitely make you rich if done right.
A report by inc.com stated that;
65% of self made millionaires had at least three streams of income.
45% of self made millionaires had at least four streams of income.
29% had five or more streams of income.
how to create multiple streams of income immediately
a) keep a day job
Don’t also forget to be in a day job that is less demanding in terms of time.
Your day job should allow you close earlier so you can practice one or more income streams later in the day.
b) You can start a less demanding startup or hobby that will fetch you extra dollars in the later part of the day or night.
Side hustles you can start;
You can start an online shop where you sell apparels, skincare, home decor or a DIY crafts that you enjoy making.
- Other side hustles you can start includes:
- Social media management for businesses
- Affiliate marketing
- YouTube channel
- OR become an influencer and promote products on your personal social Media platforms.
4, Have an Emergency Funds In Place
Having an emergency fund in place, is a smart way of insuring yourself against financial catastrophes.
So many financial eventualities comes up at one time in our lives.
You might lose your job, become sick, lose a property or wish to invest in one of more business of your choice, and this is where emergency funds comes to play.
You won’t need to run halter-skeeter or start digging into debts before You cover up for any of this eventualities.
An emergency funds in place can take care of all this for you!
You can start saving one today, by using a small piggy bank in your house to save your emergency funds and then transfer it to a savings account, when you have saved up a tangible amount.
Or use a monthly saving challenge to push yourself to save more.
5, Embrace Minimalism
Embracing minimalism will change the way you look at money and help you to build some quickly.
Minimalism teaches us to be comfortable living below our means and spending our money in what matters the most.
No need to chase big cars, buy big houses, fill your home with unnecessary clutters.
No need to drive the latest car that will soon turn into a liability or buy the latest mobile phones that is just ruining your health.
Minimalism Is all you need to free yourself from these bondage of debts and liabilities!
Modern millennial minimalists are the most contented, happy and mentally balanced people in the world today.
Join them and breathe fresh air, as it help you declutter your mind, body and environment!
6, Never Get Into Debts If You Can ( 7 Personal Finance Hacks $ Tips Guaranteed to Make You Wealthy)
Debts are the one thing that will prevent you from attaining financial freedom.
It is best to avoid them if you can!
There is no success in a place looming in debts.
There are so many reasons why people get into debts, people get into debt because of;
- and careers.
What if I tell you, that there’s no needs to get into debt because of accommodation?
If you must buy a house or rent a bigger place, save up the money for it using a monthly or yearly saving challenge.
No need to buy that big car just yet, you can still drive your first grade Camry and it will be just fine, until you can afford to buy a bigger one without getting into debts.
It is better to have an emergency funds in place to cater for any business idea or any other unfortunate eventualities.
7, Have an Insurance In Place.
Having a life insurance in place is the best way to manage your personal finance.
As an insurance policy can take care of any incidents of loss to your life or your properties that remained insured.
A life insurance policy can pay off any debts that you leave behind that would be a burden to your family.
Debts such as a a mortgage, credit cards, car loans and even your funeral expenses can be taken care of by your insurance company without burdening your family.
There are different type of life insurance which includes; life or personal insurance, property insurance, social insurance, guaranty insurance, marine insurance, liability insurance and fire insurance.
Choose one that best suits you or your business and get it insured.
You can read more about insurance types here.
Getting an insurance for your life or properties is one of the best personal finance hacks.
Without doubt, the 7 Personal Finance Hacks $ Tips Guaranteed to Make You Wealthy are;
- Budget your money
- Start Investing now
- Create multiple streams of income
- Have an emergency funds in place
- Embrace minimalism (less-is-more)
- Never get into debt if you can
- Have an insurance policy in place
Let’s start a conversation below!
What are the best financial tips and hacks you have followed through to become successful today?
Add some to my list in the comments section below!