7 Smartest Financial Decisions I Made

October 7, 2019 MonkWealth Personal Finance

The road to financial independence is conceptually pretty simple. There are proven vehicles to facilitate our road to success, we just need to put in the time. Now, there are people who got lucky and there are people who worked hard. What I’ll cover in this post is parallel to that spectrum.

These are a few things that helped me budget better, save more, and put me years ahead compared to where I could have been without them. More importantly, they are a strong base for both creating opportunities to get lucky, and also to support working hard towards our goals.

Sometimes it even feels like a real-life cheat code.

And lastly, I said that these things helped me, but they can also help anyone who adopts them. No matter how you earn your money, certain decisions and habits can put you way ahead in life.

1. Not overspending

This is where it all begins.

And of course, for us, personal finance & FIRE obsessed individuals, this item might seem obvious or even redundant. But think about it – this is exactly what separates us from the general public.

Basically, people resisting consumer indulgences are rare. But even rarer are people not even having to resist consumer indulgences because we saw they’re meaningless. And when I witness how much money is spent on liabilities and expensive consumables because of insecurities and the need to impress other consumers, I see the major advantage we have by simply spending less than we earn.

This item alone is the cheat code, all the others are extras!

I’d have even go as far as putting minimalism as the first item, but I don’t think conscious spending should be frowned upon. And I’m not promoting being cheap either. What I am saying is that buying a big house with a mortgage of $500k under succubus pressure just so you can catch up with your dumb friends is a trap.

So yes, this is the first pillar of my financial success so far. It all starts with saving money.

Let’s see what else I’ve built on top of this habit.

To continue reading, please go to the original article here:

https://monkwealth.com/7-smartest-financial-decisions-i-made/