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10 Money Lessons We wish we Learned When we Were Young

 

If you're young and want to learn a little bit more about finances, listen. 

The first financial lesson I wish I had known as soon as possible was to understand inflation. Thus, an increase is a decrease in the value or purchasing power of an asset over time. This means that, in most cases, the cost of everything goes up and the value of the money or profit you hold decreases over time. I know, at least in the case of the US government, that the government is aiming for 2-3% inflation per year. This means that inflation is predicted to occur. They want a good level of inflation. We only know that when the macroeconomics and the government try to control the level of healthy growth of the economy, we have to make inflation. It will happen. It's important to know that cash depreciates over time. Because it means you can't just put your money in the bank. I want to know right away that I'm going to lose money because putting it in the bank is going to cost me dearly. So at best, you should work to increase your income at an interest rate equal to or greater than inflation so that its value can increase with inflation. So, once you maintain a good bank balance, you will find that the bank balance decreases over time. So if you have more money, you can use that money to invest and grow in other ways. A good rule of thumb for knowing how much money you need to have in your bank account at one time is to calculate your average monthly expenses. Then, depending on your level of risk, the bank may charge you for up to three months, depending on whether you are a risk taker or a very safe person. If you are very secure, you can spend many years in the bank before you even have more money to invest. 

Distinguish between good and bad debts. So I think a lot of people have reported bad debt. We are “in debt to people” because we have seen so many horrible stories that people owe money and they owe more and they will not be able to pay it back. But there is a difference between good debt and bad debt. So, good debt is when you borrow money to increase your debt or make a profit in the future. For example, getting a mortgage or a student loan. Using leverage to your advantage is really smart business in the financial world. Even if a business has enough money to pay, it is more profitable to borrow that money from the bank and donate the extra money for something else. So people do this all the time. This is called the leverage effect. Plus, you don't know if it really helps boost your credit score. If you have good credit for something and you pay the full amount each month, It's because you prove to people that you owe money, like student loans, and who gets credit when you pay in full, trust, and pay. If you have no debt or no credit, you are not indicating that you have taken out a loan and are paying it back because you do not have a high credit rating. Bad debt, on the other hand, occurs when you borrow money to buy something for nothing. Anything that is reduced in price immediately or over time, such as daily necessities, such as groceries, clothing, and daily necessities. Usually when you buy it you can't sell it for the same price or more used. finished. And that means more people are facing credit card debt. Credit card debt is the worst form of debt. We want you to know that using a debit card makes it very easy to pay the minimum price and keep your debit card. But what they do is make money from the interest they pay you every month. And the interest rates on credit cards are very high. The average is around 16 percent. So, in essence, you've paid the bank on top of what you already owe on your debit card. And if you don't pay it all, the next month you'll continue to grow and develop, from your first balance to having to pay more interest than you need to. . So it's just a reminder to pay off your debit card in full each month to avoid bank overdrafts. To be honest, the bank wants you to pay a small fee. They make it very easy for you to pay the lowest price because they want you to owe them more and more. This is how they make more money. But if you want to be smart, pay the full amount every month.

You may have heard of cryptocurrencies. It has become important and more and more people know it. More and more people are learning it. But how deep is your cryptocurrency experience really? Do you understand what the many cryptocurrencies are, what they are trying to accomplish, what a blockchain is and how it works? These are things I learned on the surface when I first heard about cryptocurrency in 2018, but didn't fully understand it until I thought about it earlier this year. We started to dig deep into cryptocurrencies and got passionate about it because we believe that in moving towards the future of technology, the future of our money is the future. And that's huge because one day everyone will use it. It will work and you won't want to give up. You don't want to be the last. So when there is a difference like this huge world, change, take the time to learn it and understand it. And if you want, you can start investing. If you want to get started in cryptocurrency, you should check out Coinbase. Coinbase is the premier platform for buying, selling, earning, and learning about cryptocurrencies. I have been using Coinbase since 2018. After my brother introduced the app. I love the user-friendliness of the platform and it encourages people to learn about cryptocurrency by rewarding them by watching news videos. It's an interesting video that made me want to learn more about the different cryptocurrencies. And we are very happy to hear about the new platform that we are developing. I like to learn what is happening in the future. I now use Coinbase to track, buy and sell my favorite cryptocurrencies and to learn more about most cryptocurrencies. To get started, check out Coinbase to learn more about what you can do with cryptocurrencies, like buying, selling, and earning cryptocurrencies. # 4 Early investment

Here are a few of the ones I wish I had learned in high school. Since I can understand blended interest rates, I think I can start investing even a bit like a high school student. I can understand that investing can help you make your money grow. When I found out I was like, wow, it's magic. I wish I had known earlier. So when I was in high school, there was no TikTok. We know that many young people are just starting to invest. I think it is very good. So learn what interest means and understand how the market works. Don't be afraid of the market. Don't be intimidated by all of the investment options. It doesn't matter how old you are. I don't think it's too early to learn. It's not too early to learn how to invest in real estate, contracts, finance, and real estate. Learn it the way you want to know. Google is there because it can help you in the long run. Investing and earning interest is all about making the most of your time. And no one has more time than a young man. So if you are young, know that time is on your side. Start now and your money will grow and do something big and important. Even if you start off with a small amount, we have made a few videos on past investments. So I'm going to link here and below so you can get a full guide on how, why, and when to start investing. 

Lesson 5 - financial thinking
Lesson Five: Know your financial outlook and your beliefs about finances. So you might not be aware of this, but there might be some preconceptions, thoughts, and beliefs about the amount of money, depending on the environment you developed or grew in. your wealth. Have you ever said to yourself, “Oh, I can't”? “Oh, I got this because they're rich” or “I'm too young to start investing”. All of this is just faith in your heart. And these are religions which, when held, think they are true. So you are on them. It is important to know that you have low beliefs and to start asking questions. And "Can I destroy this belief?" Because they don't help me. As you know, it doesn't help to control you. Many people believe in not giving as much money as they think they can afford because everyone in the family earns the same amount. They don't believe he can do more. They believe that everyone gets this money. So they limit themselves. They prevent them from reaching their full potential.

It's because the box and the ceiling in their hearts don't go any further. There is no cap. It's all in your heart. Stop thinking. Get rid of old beliefs, especially if that doesn't help. Many successes overcome brain problems.
Let yourself be more capable and have more opportunities in the world so that you can have a successful life. 

Don't be afraid to talk finances, talk, and ask questions. Only then can the data be compared and studied. A lot of people are afraid to talk about money. I also understand sometimes. I think in western culture we've been told that talking about money is taboo, but I've seen it especially when it comes to women. We don't like to talk about finances. Like my teens talk about money and business more than my peers. And it shouldn't be. Money shouldn't be taboo. Because it is only when we communicate, share information and share knowledge that we can all learn and grow together. Talking about finances and sharing information can be very helpful, because knowledge is power. So whether you're talking about investing with a friend or financing with the industry, this information can help you because you want to understand what's important, what people are paying, this or that. Know your value so as not to play the bet. 

Lesson Seven: Think Long Term, Not Short Term. So when you start making money you know there is a temptation to show off in a fancy restaurant or eat in an expensive restaurant and improve your lifestyle a bit. Yes, it is fun. But consider that some are short and fleeting and others are better long term investments. So instead of spending $ 100 on healthy food for yourself, where can you spend $ 100? Can you use the tools you really need for the job or in the budget to improve and empower yourself, think about the dollar, and use it the right way? in a way that will help you look at it longer. track, special? To compliment or chase with the Joneses. It's not necessary. This led me to the next class of investing my money in ways that help me grow taller. 

So I'm a big fan of investing in myself and I don't want to underestimate myself. In other words, if you take this course and it costs you, you will learn because you know you can graduate. I will be at a level of myself as I will acquire new knowledge and skills. And these things are very precious to me. I also don't consider the quality of my work and the things that are important to my development. For example, software and glass have a lot of free tools like graphic design or video editing. But I really believe in using it as a software expert. Because you have to be a pro working at the pro level to create positive results. You don't want to waste your time studying cheap or expensive programs because of the difference in quality you post. So there are some situations where you can get the money.
Get better value with cheaper prices. But you know, I only invest in what matters, and I invest in what helps me grow. This will allow me to spend a little more on things that are not important to me and my future. 

Lesson 9 - Buy used
the ninth lesson is to sell and buy second-hand. So this is an environmental guide and a warning that you don't have to buy anything new and you don't have to throw away any items because one person's trash is someone's treasure. one else. So first, if you have it and need some extra cash, be sure to use an app that lets you sell or donate. I like to give all I can. The other side is to be used. So if there is one luxury item that you can only see with your eyes rather than a new one like you get a lot of cameras, use that and get a second one perfectly.
Basically you can get a designer bag. There are a lot of things you can buy used. Overall, it's something that needs to be put on the radar because it's better for the environment. We don't have to be a throwaway race. We don't need to create a lot of waste. Keep it in mind. And you can see your products in a different light. Not only does this save money, it also benefits the environment.

And finally, Chapter 10 scholarship: If you haven't already, start planning for your retirement. So for most people that means getting a pension like Roth IRA. It's a good idea to look at different types of IRAs and understand what they mean and what's best for you. I'm not here to give financial advice, but planning ahead is important. Retirement can seem like forever if you are still young, but you want to take care of yourself and protect yourself for the future because you cannot rely on security. You cannot depend on the government to take care of you. In the meantime, you need to make sure you save enough money to live comfortably, retire, and count. Because when you retire, the price you have to live on today will change. If you are, or are looking to become, an entrepreneur, it is a good idea to start educating yourself about the types of investments that can hurt the health of your income. A popular example of this is investing in rental properties that can be rented out and pay monthly rent. If you have enough wealth, the income you earn will be enough to live on. And it can be a good retirement plan. So think now and plan for retirement in advance, wherever you are on your trip. Because everything matters. You don't want to live. So you, my God, it's too late. I don't have time to save enough money. So we have to work harder. It's not good. I have information. Knowledge will help you acquire and begin to acquire some of this knowledge so that you understand how to prepare, how to invest, and how to develop further in your life