6 Money Habits That Will Change Your Life Forever

In this video, I’m going to go through the 6 habits of financially successful people.

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Spending money responsibly is a critical aspect of building better personal finance habits. It involves making informed decisions about how to allocate financial resources effectively and efficiently to meet one’s needs and goals while avoiding excessive debt or financial strain. Responsible spending requires careful planning, budgeting, and prioritization of expenses, as well as tracking and monitoring spending habits to avoid overspending or unnecessary expenditures. By practicing responsible spending habits, individuals can achieve financial stability, reduce stress, and achieve their financial goals over time.

Another habit of financially successful people is projecting your future income because it can provide several benefits in terms of financial planning and decision-making. By estimating your future income, you can create a budget that aligns with your expected earnings, helping you to manage your expenses and save money. This allows you to plan for any upcoming financial obligations and to adjust your spending accordingly. Projecting your future income can also help you set achievable financial goals and measure your progress towards them over time.

The next habit of people who are successful with their finances is not letting other people influence how you spend your money. It can provide several benefits, both in terms of personal finance and overall well-being. When you make financial decisions based solely on the opinions or actions of others, you may end up overspending, buying things you don’t need, or making purchases that don’t align with your personal values or financial goals. On the other hand, when you prioritize your own financial needs and goals, you are better able to make decisions that align with your personal values and priorities. This allows you to make better financial decisions and to avoid overspending or accumulating unnecessary debt. By prioritizing your own financial goals and values, you can create a more sustainable financial future.

The next habit of financially successful people is understanding how you spend your money. It can provide several benefits in terms of personal finance and overall well-being. By monitoring your spending habits, you can gain insight into your financial behavior and identify areas where you may be overspending or not allocating your resources effectively. This allows you to create a budget that aligns with your financial goals and priorities, helping you to save money and better manage your expenses. When you have a clear understanding of your financial situation, you are less likely to feel overwhelmed or anxious about your finances.

Knowing your net worth is a habit you should get into to become better with your finances. By calculating your net worth, you can gain insight into your overall financial health and track your progress toward your financial goals over time. Knowing your net worth can also help you make informed financial decisions. For example, if your net worth is negative or lower than you would like it to be, you may want to focus on paying down debt or increasing your income. If your net worth is positive, you may want to consider investing in opportunities that can help you grow your wealth over time.

00:00 Start
00:39 Money Habit 1
02:14 Money Habit 2
05:00 Money Habit 3
06:32 Money Habit 4
07:39 Money Habit 5
08:45 Money Habit 6

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Disclaimer: This video is for entertainment purposes only. Everyone’s situation is different so do your own research before making any decisions with your money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio.

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