Building basic money habits is a great start to a better future but to reach your highest potential you need to move beyond the basic financial skills and build next level money habits. These next level habits are not difficult to implement and yet many people don’t pursue these strategies to improve their financial situation.
What is one of the easiest next level habits to start?
Reading at least one financial article per week to expand your knowledge of all types of financial matters. Follow multiple sources on social media and pick one storyline each week to read a deeper article on a topic. As you understand more about money you can make better decisions and making better decisions will improve your financial situation.
What is an important move as your income increases?
Fighting lifestyle inflation because if you don’t, as you earn more you are going to keep increasing your spending. So even though you are earning more, your increased spending keeps you from improving your financial situation.
What is a good way to fight lifestyle inflation?
For every raise or increase income you receive, automatically save at least 50% of the increase in a saving account. If you save 50% of each raise in this way, over the course of 5 – 10 years your monthly savings amount is going to be quite significant.
What is another next level habit to start?
Finding ways to earn extra income that include starting side gigs to building some type of passive income. There are variety of ways to make this happen but finding multiple sources of income allows you to withstand many economic conditions and can provide extra funds to build your wealth.
What might be the most difficult next level money move?
Teaching your children to be money smart so they can build a strong future and avoid money problems that might impact you. Each child will be different so you will need to find the method that speaks to them but the effort will be worth. An added benefit is that they will be better prepared to start building next level habits early in life.