Tuesday, July 30, 2019 / by Angie Hsieh
Many of us are starting to buy our first homes, while some are working on building wealth through real estate. So everyone should be thinking ahead about saving money. Recently a valuable client of mine asked me how they should go about doing this, and I thought about it and looked into notes I had taken throughout the year.
Here are some easy things I feel like anyone can do to start saving:
1. Know your finances
2. Have a budget and control your expenses
3. Save 10% of all your income
4. Don't over stretch your credit or do risky investments
5. Build up equity of your home
6. Establish a retirement fund
7. Fully fund your retirement
8. Pay down consumer debt
9. Have one month's reserves in cash and don't ever touch it
10. Invest in yourself
You really can't improve what you can't measure, so if you don't look at your finances, there's no way you can improve it.
Before you think about investment homes, make sure all your stability requirements have been met. I would suggest you talk to a financial adviser, CPA, as well as a lender to make sure you know everything before making a decision.
Here are a few books I read when I first started thinking about investments:
- The Richest man in Babylon
- The Millionaire next door
These are good books to give you an idea about starting your saving and investing.
I'm not saying it's going to be easy, but it can be implemented in your daily life and improved through out your life. If you would like to know more, call me anytime! :)