money and finances are probably wrecking your peace of mind they are a leading driver of health problems family issues and overall dissatisfaction with life today I'm uncovering the hidden practices that promise peace of mind with your finances and are the steps to establish your foundation for wealth and don't miss the last point which wraps everything together let's dive in number one create a monthly budget a budget is telling your money what to do instead of wondering where it went this is the foundation of your financial peace of mind it's putting all of the bits and
pieces of your financial life onto a digital sheet so your mind doesn't have to juggle at all open a Google sheet have each column represent each month cover enough months to forecast out from today to multiple years out this is going to be a living document so you'll be expanding as needed for the rows write down every source of income expense and and savings or investment write them down as they come up you can change the level of detail later it's just important to write everything down examples of income can be your salary from your
job rental income from Real Estate Etc examples of expenses can be a line per credit card that you have which makes it easier versus writing down every single purchase which is way too granular some of expenses can be mortgage payments car payments electricity bills recurring vacation trips Etc examples of Investments and savings can be automatic deposits to your stock brokerage savings account business checking account Etc don't try to make it perfect just start and you will improve it over time number two automate as much as you can those who automate their finances can essentially automatically
become millionaires it's important we touch on this point before we get any further anything you implement from this video you need to automate as much as possible set it and forget it this way it saves you time and it removes the human error out of the system if you have credit cards a mortgage or utilities to pay then set them up as automatic payments if you decide to put away some money into an emergency fund each month do so with a recurring automatic payment you get the gist automate as much as possible seriously minimize the
choices you make so the system can work its magic number three emergency fund you can call it a savings account or an emergency fund whichever you like it doesn't matter just open a high yield savings account that is FDIC insured and aim to acrw at least 6 months worth of your total cost of living this way if something bad happens to your income streams or there is a large unplanned expense that shows up you should generally be covered and your life is not turned upside down it's okay if you don't have the 6 months of
savings to put away immediately just make it a goal and put away what you can each month build towards it per the previous Point automate the contribution into this emergency fund this is not a sponsored suggestion just purely from my own research and experience but I prefer using wealth front they offer a 5% annual return on the amount you have with them and they are FDIC insured to the millions of dollars and taking money out is simple and fast I have a link in the description if you want to try amount with a bonus of
an increased savings rate for a few months always think about how hard your money is working for you the return rate is a good measure of that 5% is great for an emergency fund number four open a brokerage account now let's talk about the growth aspect of your finances you need some of your money working harder for you to really give you peace of mind that's where a brokerage account comes in open a brokerage account with a strong platform that also gives you good Returns on your cash that sits there also so not sponsored but
from comparing all of the options out there I recommend using a recently upgraded Robin Hood gold brokerage account this option gets you 5% on your sitting cash and a 1% match on all cash deposited into an IRA when you sign up for their gold account which is only a few dollars a month and a user interface that is modern and simple there's also a referral link below in the description for you to try them out set up a recurring deposit each month and buy stocks in companies that you personally know well and enjoy the products
of Do You Love Costco okay then buy a few shares of Costco do you love Lululemon okay buy a few shares of Lululemon don't get into things you don't know about that's just throwing your money into a casino and Index Fund should always be a part of your mix of stocks Vanguard has very good index ETFs to choose from such as vo and vgt we'll get into more about Stock Investing and the principles to follow in other videos so subscribe so you can be sure to get those tips number five monitor long-term trends the stock
market is designed to transfer money from the active to the patient and this point is relevant for more than just the stock market but spend your research understanding the long-term trends the macro behaviors more than the micro play the long game and don't worry about the short-term fluctuations Peace of Mind comes from avoiding the short-term bets which is close to gambling and riding the macrow waves and cycles that ignore the noise spend time reading about macro statistics and cycles that the local and Global economies go through learn about technological shifts and changes in user behaviors
and needs zoom out when looking at charts so you see the momentum across multiple years another non-supported tool I recommend using is trading view this tool has a great user interface to view stock charts and you can easily view the charts over multiple years and write down your comments for easy tracking Link in the description as well and while we're on long-term trends let's crowdsource some thoughts what long-term trends do you think are present today that we should consider when investing our time and money WR in the comments below number six pay off high interest
debt first you've heard this before I'm sure paying the high interest rate debt first will save you the most money paying high interest is basically letting those credit companies win big at your expense it should disgust you whenever you have to do it so let's pay down those highin debts as quickly as we can and get to a state where where you are winning and not them low interest debt can be strategic so not all debt is bad if you borrow $10,000 at 1% interest some may say you shouldn't borrow money that's for suckers pay
it off and fast well if you followed the advice I gave you and opened up a wealth front savings account you could put that $10,000 into that account and be making 5% back 1% annual paid an interest to get 5% annual back you net 4% oversimplified but point is it's a numbers game and it's all about how you are going to use that money how will you make it work for you sometimes you need to buy something with that money whether it's a car solar panels a home then it's up to you to determine how
important that item is for you how productive will it be in getting you to your goals number seven maximize credit card points maximizing points is about finding value in the Myriad ways to earn and spend them you are going to spend money anyways might as well get stuff from it right credit card companies are pushing all types of offers to try and win you as a customer some credit cards are good for General use and some are good for specific use just figure out what you mostly spend money on and see which credit card makes
sense the points you accumulate can either pay off the credit card balances or be transferred over to Airline points or hotel points it's realistic to be able to pay for an entire vacation with points at the very least the airfare and hotel stay the non-sponsor credit card I would recommend here for General use is the Robin Hood gold credit card this provides 3% back on all purchases with zero annual fee you just need to have a Robin Hood gold brokerage account which I recommended earlier link for the referral is down in the description and if
enough of you guys sign up through my referral I will make a video showing you guys an unboxing of an actual gold credit card that they are giving to those that refer 10 people something fun and iconic just for our community to enjoy and for all of your credit cards remember to set an automatic payment of the statement balance each month this way you pay no interest control what you spend so that you can pay the entire statement balance the budget spreadsheet you created will help you know what you can spend each month without exceeding
what you can pay number eight pulse audit your finances after doing all of the mentioned tips for peace of mind with your money make sure to reserve some time each week or every every other week to review your budget Google sheet and your credit card charges schedule a working session at a cafe you by yourself or you and your partner your laptop and a cup of coffee while you go through your numbers and see what needs to be tweaked after every month goes by see how far your forecast was to your actual numbers how much
did you keep to your credit card spend limit how different is your forecasted checking account balance to what it actually ended at balancing out your budget with actuals will help refine your understanding of your life with money and incrementally get your budget to be more and more accurate and helpful the more accurate your budget becomes the less you will worry about your finances the easier you will close that browser window and not be stressed with money so you can live your life work on your projects and just feel real good and if you'd like to
get some Pro tips for leveling up your mind in general check out this video here
