The Millennial Money WomanDec 18, 2024
I studied personal finance for 11,923 hours so you don’t have to.

These are the 19 most important lessons I learned:
Show threadThe Millennial Money WomanDec 18, 2024
1. Invest in Yourself

The best investment you can make is in yourself.

How to level up right now:

- Read more
- Take a course
- Exercise regularly
- Listen more, talk less
- Learn from past mistakes

The highest ROI is when you invest in yourself.
Show threadThe Millennial Money WomanDec 18, 2024
2. Pay Yourself First

Society tells you to:

- Spend
- Consume

Instead, use your paycheck to:

- Pay off credit debt
- Add to your emergency fund
- Add to your investment portfolio

Never live bigger than your paycheck.

That's financial suicide.
Show threadThe Millennial Money WomanDec 18, 2024
3. Avoid Lifestyle Creep

Don't allow lifestyle creep to eat away at your wealth.

When you earn more, save more.

You may be tempted to spend more money because you can, but don't let your mind trick you.

Control your expenses before they control you.
Show threadThe Millennial Money Woman
4. Build Your Network

79% of millionaires spend 5+ hours monthly building their networks.

The No. 1 success predictor is the quality of your network.

Take a few minutes daily to reconnect with your network and maintain your relationships.

Your network is your net worth.
Dec 18, 2024 at 2:31pmWeb
Show threadThe Millennial Money WomanDec 18, 2024
5. Create Multiple Income Streams

The biggest risk is living on 1 income stream.

Multiple income stream ideas:

- Rental income
- Earned income
- Interest income
- Business income
- Dividend income

Never rely on just 1 income stream.
Show threadThe Millennial Money WomanDec 18, 2024
6. Invest 20%+ of Your Income

Use the power of compound interest to build your wealth.

How to invest:

- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options

The best time to invest is today.
Show threadThe Millennial Money WomanDec 18, 2024
Free investing guide:

Multiply your wealth without risking everything: A pro's guide to millionaire investing

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https://themillennialmoneywoman.com/free-investing-guide/
Free Investing Guide

Former Wealth Advisor to 453 Millionaires Reveals...

The Millennial Money Woman
Show threadThe Millennial Money WomanDec 18, 2024
7. Learn Basic Financial Literacy

Lack of financial literacy cost Americans $436 billion in 2022.

Financial literacy teaches you how to:

- Earn
- Save
- Invest
- Spend
- Borrow
- Protect

Improve your financial literacy today.

Save money tomorrow.
Show threadThe Millennial Money WomanDec 18, 2024
8. Don't Buy New Luxury Cars

Most new luxury cars lose up to 60% of their value 5 years after you first purchase them.

Millionaires buy used cars because:

- They are cheaper
- They've already depreciated
- They can invest the "saved" money

Don't invest in negative returns.
Show threadThe Millennial Money WomanDec 18, 2024
9. Eliminate Credit Card Debt

"If you use a credit card, you don't want to be rich" - Mark Cuban

Credit card debt can drain:

- Your budget
- Your savings
- Your future portfolio

You rob your future self with credit card debt.
Show threadThe Millennial Money WomanDec 18, 2024
10. Build a Solid Credit Score

Benefits:

- Better chance for loan approvals
- Better insurance rates
- Lower interest rates

How to boost your credit score:

- Pay on time
- Pay off your debt
- Keep a low credit utilization ratio

Good credit score = more money in your wallet.
Show threadThe Millennial Money WomanDec 18, 2024
11. Develop & Stick to a Budget

To build a budget, start by:

- Tracking your income
- Tracking your expenses

Figure out where your money is:

- Coming from
- Going to (and how much)

Manage your money before it manages you.
Show threadThe Millennial Money WomanDec 18, 2024
This budget spreadsheet will help you track where your money is coming from and where it is going so you can:

• Stop bleeding cash
• Significantly increase your savings
• Gain complete control over your finances

Get it for free here: https://themillennialmoneywoman.com/free-budget-spreadsheet/
Free Budget Spreadsheet

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The Millennial Money Woman
Show threadThe Millennial Money WomanDec 18, 2024
12. Build an Emergency Fund

Prepare for unexpected expenses.

Surprise expenses could include:

- A vet bill
- A new roof
- Medical bills

Don't use your credit cards to pay for emergencies.

Use your emergency fund.
Show threadThe Millennial Money WomanDec 18, 2024
13. Find High-Quality Mentors

93% of millionaires attribute their success to a mentor.

Mentors offer you guidance in:

- Your financial life
- Your personal life
- Your professional life

Mentors are the ultimate shortcut to success.
Show threadThe Millennial Money WomanDec 18, 2024
14. Start a Business

66% of millionaires built a business.

If you want to be wealthy, play the odds in your favor and become an entrepreneur.

It will require:

- Sacrifice
- Hard work
- Long nights

The reward could be:

- Money
- Freedom
- Fulfillment

Start your journey today.
Show threadThe Millennial Money WomanDec 18, 2024
15. Don't Spend More Than You Make

Income does not equal wealth.

As you earn more money, save more money.

You will be tempted to spend more money because you can, but don't allow your mind to trick you.

Control your expenses before they control you.
Show threadThe Millennial Money WomanDec 18, 2024
16. Prioritize Your Health

Don’t take your health for granted.

Improve your health by:

- Meditating daily
- Exercising regularly
- Drinking enough water
- Sticking to healthy foods
- Blocking negativity/toxicity

You can't enjoy wealth if you have bad health.
Show threadThe Millennial Money WomanDec 18, 2024
17. Adopt Healthy Habits

Successful habits could include:

- Frugality
- Positivity
- Networking
- Setting goals
- Taking action
- Reading books
- Waking up early

It takes around 66 days for a new behavior to become a habit.

Take the steps today to make a better tomorrow.
Show threadThe Millennial Money WomanDec 18, 2024
18. Read Daily

People who read 7+ books per year are 122% more likely to become millionaires.

Warren Buffett reads 80% of his day and Bill Gates reads 50 books per year.

Read books on:

- History
- Biographies
- Personal development

If you want to succeed, you have to read.
Show threadThe Millennial Money WomanDec 18, 2024
19. Choose Your Partner Carefully

86% of millionaires are married - and 65% are still in their first marriage.

Marry someone who is:

- Frugal
- Mindful about money
- Supportive of your money habits

Marry someone with a winning financial mindset.
Show threadThe Millennial Money WomanDec 18, 2024
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