7 money lessons in 7 minutes

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It’s an unfortunate fact of life that many people are terrible with money.

Sometimes it’s not really our “fault” because we’ve just learned bad money lessons from our parents, which we’ve unhelpfully carried through into adulthood. 0000

Other times, it’s because we simply spend more than we earn and have never been within 100 metres of a budget.

In fact, most people have no idea how much they spend every month because a lot of it is on credit, which they don’t pay back in its entirety.

But there are plenty of ways that you can improve your financial situation and work towards building long-term wealth.

Being honest about your finances is a good start, of course, as is education – even if it only takes a few minutes in the beginning.

So to kick-start your learning, here are seven money lessons you can learn in just seven minutes!

1. Where does your money go?

Keeping tabs on how you spend your money, whether through fixed expenses like rent or mortgage repayments or discretionary spending like dining out and travel, is crucial to understanding where your money is going each month.

Sitting down with a professional is a good place to begin, but you can also create your own budget using a spreadsheet to list all of your monthly expenses.

Now, if you’re going to the effort of preparing a budget, make sure you update it with everything – even your daily coffee, because it all adds up over a month!

2. Your money mindset matters

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About

Andrew is a leading finance specialist who holds a Diploma of Financial Planning (Financial Services). With over 32 years of experience in finance, Andrew has been acknowledged by the mortgage industry with multiple awards. Visit IntuitiveFinance.Com.Au


'7 money lessons in 7 minutes' have 2 comments

    Avatar for Andrew Mirams

    September 24, 2019 Nick P

    Hi Michael, great post. Just had one question, non-deductible mortgage debt against your principal place of residence is generally considered “bad debt”, are you saying that the strategy should be to pay off this debt as well as credit cards/personal loans etc etc before saving/investing?

    Reply

      September 24, 2019 Michael Yardney

      Nick – home loans are NOT bad debt – they are necessary debt as your home is an appreciating asset – so it is usually better not to pay down your home loan but instead use the money to buy an income producing property

      Reply


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