What’s the one thing you can do to drastically reshape your long-term financial landscape and set yourself up for financial freedom? No, not investing in Bitcoin. It’s this: live below your means.
With your turkey hangover slept off and Mariah Carey on the airwaves, the holiday season has officially kicked off. The holidays are the perfect time to evaluate your giving and consider whether you can give more to those in need—and with automated online giving it’s never been easier, right?
Becoming a parent is perhaps the biggest of all life changes: the sacrifice of free time for tummy time, a sudden expertise in infant sleep cycles and bodily functions, and a host of financial considerations. Yes, babies can be expensive, but you can keep costs manageable.
Quick: what’s the number one thing you’ll spend money on, no questions asked? When discussing spending habits with clients, I often hear “Oh, that’s my thing.” That’s code for: “That’s an untouchable expense. Don’t ask me to change.” Be wary of building a sacred fence around a particular area of spending, which can lead to debt or conflict with one’s partner over expenses.
Fall provides an opportunity to refocus your goals and reset your habits. Money touches most of our life goals, even goals that aren’t explicitly financial (such as spending more time with your significant other, which may require money for dates or vacation). Healthy money habits can facilitate these goals as well as help you progress toward financial freedom.
In response to Equifax’s news of a massive security breach affecting 143 million people (which is nearly half the U.S. population), I’ve prepared a brief action plan to help protect your identity and personal information.