10 money lessons I know at 35, I wish I knew at 25 (if you want to be better with money, read this):

1) Surround yourself with the right network: I used to think making $1 million in a year was impossible until I started hanging out with people making $10 million a year. Once you change the way you see things, the things you see will start to change. Wealth is a mindset.

2) Avoid lifestyle inflation: Lifestyle inflation is when you increase your spending as your income increases. By avoiding it, you ensure you're investing enough of your income over time, which is crucial for building wealth. Making more money won't fix bad spending habits.

3) Learn to negotiate: Negotiating is the most important skill when it comes to building wealth. Whether you're negotiating a raise at work, the price of a car, or the interest rate on a loan, learning to negotiate can help you save money and increase your wealth over time.

4) Invest in yourself: Your biggest asset is yourself, so it's important to invest in your own education, skills, and career. By investing in yourself, you'll be able to increase your earning potential, which can help you achieve your financial goals more quickly.

5) Invest as early as possible: Investing early will help you take advantage of compound interest. The longer you invest your money, the more time it has to grow. By reinvesting your returns, your money grows at an exponential rate, rather than just a linear rate.

6) The power of passive income: Passive income is income you earn without actively working for it. This includes rental income, dividends from stocks, or sales from courses or ebooks. Use your salary to invest in passive income, so that passive income replaces your salary.

7) Create a budget: This is the most important step in taking control of your finances. A budget helps you track your income & expenses and identify areas where you can cut back & save. A budget ensures that you are living within your means & investing enough for retirement.

8) Have a financial plan: Financial planning is the process of setting financial goals, creating a plan to achieve them, and managing your money to meet those goals. If you fail to plan you are planning to fail. The plan should be time freedom & financial freedom.

9) Live below your means: One of the most important keys to building wealth is living below your means. This means spending less than you earn & investing the difference. Many millionaires are wealthy because they invest their money & not spend it on unnecessary things.

10) Develop multiple income streams: In today's economy, job security is an illusion, and 1 stream of income is 1 away from 0. Those who create significant wealth have multiple streams of income, such as investments in real estate, stocks, or businesses.

11) Have an emergency fund: Unexpected expenses come up at any time and having an emergency fund can provide you with the financial cushion you need to survive those unexpected expenses. Your parents are NOT an emergency fund.

You'll be working for money your whole life unless you start making money work for you. These threads take time to write so you found it helpful: • RT the FIRST tweet to share🔁 • Follow me @FluentInFinance • Sign-up for my newsletter to learn more: !TheMoneyNewsletter.com

10 Money Lessons I Wish I Knew When I Was 25

Too Long; Didn't Read

@techtweeter

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