There are so many other tips and guidelines to follow to save money, but most importantly, don’t just save to save, save to invest! Check out my 7 rules for saving money.
00:47 Save Money & Be Frugal
02:22 Track Your Expenses
03:36 Follow Your Budget
04:35 Lifestyle Foundation
05:31 Invest Your Money
7:04 Sensory Adaptation
Given that I’ve gone to extremes to save money like cutting my own hair and not having a car and that I was able to save 71% of my income last year, I believe I have really gotten down most concepts of personal finance and saving money. I believe that if you can save 65% of your income and invest it, I can retire in less than 10 years and I am currently 1 year in and ahead of schedule. On this journey, I have stuck to some foundational rules for saving money and I’d like to share some of them that I’ve followed.
Some Rules For Saving Successfully:
- Be frugal & save as much as possible.
- Track everything you spend, create a budget, then optimize that budget regularly.
- Stick to your budget.
- Lifestyle foundation instead of lifestyle inflation - Don't increase your expenses.
- Invest everything you save - You’ll see the benefits and it’s better that your money is out of sight and out of mind growing your wealth.
- Understand that you are wired to want to consume.
- Understand sensory adaptation and how that affects lifestyle expenses - The Secret To Saving: https://lbry.tv/@ScottCBusiness:4/Secret-To-Saving:4
Personal finance has become a passion of mine and saving money goes hand in hand with investing and growing my wealth. I know that for every dollar I save, I could make 10x with investing in say something like Bitcoin which has increased more than 10x in value over the past two years. I really enjoy this journey and love sharing my findings and insights with you. I hope this inspires you to save and invest to grow your wealth and improve your future.
I’ve previously written about lifestyle inflation & lifestyle foundation here: https://read.cash/@scottcbusiness/lifestyle-inflation-or-lifestyle-foundation-41121595
*Disclaimer: This is not financial advice.*
Budget Template & Explainer Video:
Template – http://www.filedropper.com/budgetingtemplate
How are you saving money? Share any good frugal tips or finance hacks with us down below. Am I missing anything? Let me know what you think about this in the comments below and don’t forget to subscribe!
This is a LBRY first video meaning it shows up on LBRY before it gets published anywhere else. If you’re not on LBRY, sign up and get started here: https://lbry.tv/$/invite/@ScottCBusiness:4
Check this video out on LBRY to support me with monetization and no ads: https://lbry.tv/@ScottCBusiness:4/Rules-For-Saving:a