How to make (and keep) yourself broke:
- Not having an emergency fund 💰
- Not tracking your finances/spending 📝
- Spending money on stuff you don’t need🎀
- Trying to impress others with status 🚘
- Not saving anything for retirement 😭
We all have areas to improve! #makeithappen
The average American millennial’s debt is:
- $16K Credit card 😧
- $30K Auto loan 😥
- $51K Student loan 😭
The lesson? Don’t be an average millennial.
The 5 worst investments you can make:
- Time shares ⏲️
- Penny stocks 📉
- Online surveys 📝
- Bank CDs 🔒
- Worthless degrees 🍎
These might seem like good investments at first, but if they are taking time/money away from you with little to no return, its not good. 💸
How well do you know your financial terms?
Lets see:
- income = money coming in
- salary = money coming in that you work for
- debt = borrowed money
- good debt = borrowed money that generates more income
- bad debt = borrowed money that takes money away (credit cards/student loans)
- expenses = money going out (on things you need)
- liabilities = money taken out (on luxuries/stupid purchases/kids/emergencies)
- investments = money set aside today for a bigger return/profit in the future
- assets = an investment that generates money
- passive income = money generated by your assets without you working
- cash flow = total income, minus total expenses