About the Video
The Hard (& 100%) Way to Get Rich!
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⬇️ Timestamps:
0:00 → Intro
0:39 → How I started
3:07 → Net Worth
14:36 → Emergency Fund
17:27 → Budgeting
21:16 → Investing
23:41→ Conclusion
4 main components for personal finance:
- Net Worth (i.e. Measuring your wealth)
- Emergency Funds (i.e. Minimising your risk)
- Budgeting (Cash flow control)
- Investing (Growing your money)
Net Worth
The formula for increasing net worth is simple yet effective: increase your income and reduce your spending. One way to do it is by engaging in freelance work and continuously learning new skills to boost your income. At the same time, be mindful of your spending habits as well!
Emergency Funds
You should have a backup plan for unexpected financial emergencies! Are you prepared for unforeseen circumstances that might require immediate financial resources? If you don’t, start building an emergency funds, like right now! And while the insurance agents may seem like they’re trying to earn your money, having a solid medical insurance is very crucial and everyone should get one.
Budgeting
You should aim to save or invest 20% of your income. For beginners, you’re recommends following the 50/30/20 budgeting rule, which divides your income into essentials, wants, and savings. This will definitely help in managing your finances effectively, making sure you have your future in shield while also living your life to the fullest!
Investing
Bottom line is, investing is different from gambling. To invest it correctly, you should explore various asset classes and understand the importance of diversifying your investments! It helps to mitigate risk while maximizing potential returns, stay tune for my coming video about invesitng!
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Disclaimer: This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.
None of the information contained herein constitutes a recommendation, promotion, offer, or solicitation of an offer by Interactive Brokers to buy, sell or hold any security, financial product or instrument or to engage in any specific investment strategy. Investment involves risks. Investors should obtain their own independent financial advice and understand the risks associated with investment products and services before making investment decisions. Risk disclosure statements can be found on the Interactive Brokers website.
