How to become financially stable

[Annegieee]

Hi everyone! i just want to hear your thoughts and ways on how to become financially stable. i am working for 10 years but I still don't know the right way to save money. Do you know someone who is financial expert? Lemme know so I can check them out. Thanks

[Consept]

I wouldnt give myself the expert title but you can check out my podcast in my signature i go through a lot of ways to become financially independent 

[Charlotte]

@Annegieee maybe first look at why you can't save money?

[Good-boy]

Have rich parents ?

[ExodiaGearCEO]

There is no easy answer for this. The only way to really make money is to find your life purpose. Right now I am still searching and finishing up the course. But, learn business and marketing. It will  be a great learning experience. I’ve started selling on amazon few years ago and learned so much about making passive income.

[smd]

You have to run your life like a corporation.  How do they do it?

- They cut costs everywhere.

- Remove all debt.

- Tighten your belt on what you spend your money on.

- When you have extra cash, you need to be investing it with online brokerage companies.

- If you have a day job, put the maximum you can into your ROTH 401.

- When you switch jobs, dump the old ROTH 401k into a ROTH IRA with the same online brokerage company.

- Try to find better jobs with higher salary every 1-2 years.

- Live in the cheapest, but closest location to your job as you can.

- Try to get a work from home job to avoid wasting time with commuting, car maintenance & using up gas.

- Put off buying a house for as long as possible, rent instead.  Houses are money pits for ... just about everything.

- Don't have kids or marry a spender.

I've done the above for the past 25 years & so I now have more money than I need.  The thing is that once you develop this lifelong habit, it's difficult to break later.  For example, there are things I can afford easily, but my Internal Infernal Scrutinizer (IIS) will fuss all day about whether I should buy it.  And heaven forbid there is a massive sale, like this past Lunar New Year weekend!  I ended up buying a few more games on Steam, a few gonzo fantasy RPG books from Drivethru, some music building tools & training videos for my life purpose endeavor.  I think I spent $170 over the weekend & made a real fuss about it with my IIS.  And yet the total amount spent was just a drop in the bucket...lol.

Also, I had heard of this program & saw it at only $30...but dangit if I forgot about it & now it's $200. :-(  I'll have to wait & see if he offers it for a lower price later.  Check it out:  https://getrichslow.net  It looks like a way to use Python to pick stocks as Warren Buffett would do it...it appears to be very, very interesting.  I hope he has a sale again & that it wasn't an introductory price (never to be seen again).   If there is one thing I seriously hate is missing out on a sale for something very, very useful!!

 

[7thLetter]

Something you can learn to implement today is to learn how to live frugally.

Live below your means. Save 30-70%+ of your income.

Just some ideas:

- Downgrade your phone bill, switch to a new provider.

- Cook at home if you eat out all the time

- Move back in with your parents if you're still young and have moved out already

- Skip out on the fun and hanging out with friends and spending money and stay home.

- Cut down on any other unnecessary expenses

- Don't buy and drive a car if its not completely necessary. Bike if you can. If not, then downgrade your car, 2006 models are still good

- Downgrade your phone. An iPhone 5 or 6 is still good enough honestly

All of this is pretty much the ability to delay gratification. How does one learn to develop this mentality? That is something I'm not sure of and honestly questioned myself.

[Pharion]

I agree with the other posts about frugality, but I will add that to me, it's all about math. If you can, get a job where working harder will earn you more money, and then work hard and effiently. Run the numbers on your rent, food expenses, and other expenses, and see where you are cutting corners. I would wager that 50% of the money one spends is ussualy due to bad planning or convience, and if you planned ahead and did some research and math you could save a lot without skimping much on value. BUT, while in the short term this Is a good challenge and tool for growth to adapt to your environemt, in the long term I would reccomend planning to not have to worry about money. You want it so eventually you can live comfortably and make a good income without too much variability or effort, but you will need to put in the work and savings early to get to that point

[Pharion]

@Pharion Just wanted to update on this post. When I made it I was still living with parents and not financially independant so everything I said there was theory. Now I live on my own and I can say the theory is true! Most people make WAY more money than they need, and also happen to work way more than they need to at thier grindy job. Buy vegetables produce, canned beans, quinoa, etc. get yourself a modest place, and eleminate all of your stupid vices (smoking, coffee, fast food, even time wasters like phone games, youtube / tv show binging etc.) and you can absolutely live within your means on a low amount of income. I am working part time on a low wage, and spending most of time working on my life purpose now and things are working out. I would recommend the same path to anyone. Also depending on where you live, ask yourself if you really need to buy a car? Some people do, and that sucks, but chances are you can get away with biking and walking, and that is not only way cheaper but also free exercise and healthier than driving, as well as safer.

[CreamCat]

Becoming financially stable is not good enough as a motivation.

Aim for becoming a mythic superhero. Unless you live an insanely inspired life, you are likely to end up as an uninspired corporate drone.

Upgrade your motivation. Find ways to inspire yourself to insane levels.

Edited June 21, 2019 by CreamCat

[d0ornokey]

If you've been working 10 to save and havent been able to, it's probably an inner thing 

Ask yourself this:

If I were to be honest, what has been happening? 

Edited June 21, 2019 by d0ornokey

[Advocate]

I agree with all of you who suggested to live frugally, and I have always tended to live that way. However, how do you balance that with investing in yourself and not being cheap (as Leo rightly proposes)? Still haven't figured that out for myself totally.