Money is a taboo topic for many people and in many cultures. We shouldn't talk about how much we make, how much we spend, and even what we think about money. Acively creating and buying assets that generate passive income or income with minimal investment of time and energy.
Uderstanding opportunity costs which basically means you can't have everything at the same time. For example: if you want to become a digital nomad don't get a 30-year mortgage loan.
•Self-improvement.
start by investing in your health, skills, and personal growth. You can lose all the money you make but not the wisdom, knowledge, and skills you gained. And these are the intrinsic values that provide you with security, not your employers or investment portfolio.
• Lifestyle upgrade.
Living on the minimum viable income sucks. I don't recommend you to stick to that. With the extra money at hand, you get to upgrade your lifestyle but never overspend on luxuries.
•Network.
Your network is your net worth. Allocate your income to building meaning relationships. Just like the investment in self-improvement, true friendships stay with you forever.
•Business and investment.
Set aside money to fund your own business ideas. If you don't invest in your own business, how can you convince customers or investors to invest in it?
•Retirement
put aside some money for your retirement. You can also split this amount and invest it in the market at different risk levels.
Remember to save from emergency during this stage, start aiming for an amount that is equivalent to your expenses for three months, and slowly increase this to six months and even twelve months.
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