![]() ![]() It may seem like that doesn’t leave a whole lot of wiggle room for other expenses, but don’t worry-if you’re like me, you won’t even notice those missing six million dollars. You should also put twenty-five per cent of your income into an emergency fund, thirty per cent into the stock market, eighteen per cent into a college fund for your children, and five per cent toward financial self-help books. People forget this! I would actually recommend getting as much money as you can.Ĭommit the following to memory: you should be saving at least twenty per cent of your income for retirement. 1 prerequisite to being rich is having money. To those people, I say, “What are you doing being cash poor in the first place?” That reminds me of another lesson . . . I’ve taken some criticism throughout the years from naysayers who contend that the only way for a cash-poor person to secure an apartment is to have a good credit score. That’s why, since the publication of my first book, “The Millionaire Mind-Set: How You Can Become Rich Through a Lifetime of Severe Frugality (Although That’s Not How I Did It),” I’ve recommended that anyone who wants a stable financial future should stay the heck away from credit cards. Too many young people get lured into debt because they think they can spend money that they don’t have. (Although, by that time, the median home price will probably be closer to one or two quadrillion dollars-so you might want to skip two coffees a day.) That means that if you just skipped one coffee per day, you could save up enough cash to buy your dream house in just over three hundred years. Meanwhile, the median price of a home in the United States is around four hundred thousand dollars. Stop buying coffee and start saving for a house.Ī grande latte at Starbucks-which is absolutely an item that young people still purchase and the place at which they purchase it-costs $3.65. Here are a handful of the lessons that I share in my guide to guaranteed green: That’s why it’s so important that they break that habit by purchasing my book “How to Stop Making Idiotic Short-Term Financial Decisions That Hamper Long-Term Success” (M.S.R.P. Too many young people are making idiotic short-term financial decisions that hamper long-term success. Is this because wages have remained stagnant while expenses creep up? Could it be that health care costs more, while insurance covers less? Predatory lenders? Skyrocketing tuition? Unregulated capitalism and unfettered corporate greed? More Americans than ever are struggling to make ends meet. ![]()
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