If you find value in these articles, please share them with your inner circle and encourage them to Sign Up for my Rich Habits Daily Tips/Articles. No one succeeds on their own. Thank You!
In order to get a better understanding of your finances, there are a number of questions you need to be asking yourself:
- What’s my monthly nut? How much does it cost me every month to maintain my current standard of living?
- What percentage of my monthly net paycheck do I spend on:
- Servicing credit card debt?
- Mortgage or rent?
- Car loans or car lease?
- Restaurants?
- Bars?
- Lunch?
- How much of my monthly net paycheck do I spend on Amazon every month?
- What percentage of my gross paycheck do I contribute to my 401(k) or other retirement plan?
- How much money does my employer contribute to my 401(k) plan?
- Do I regularly make emotional purchases?
- How much of my monthly net paycheck do I consistently save?
- Do I have a financial plan?
- Am I engaging in lifestyle creep – do I increase my spending to match increases in my income?
- How many streams of income do I have? FYI, 84% of the self-made millionaires in Rich Habits Study had three streams of income.
- Are my inner circle of friends savers or spenders?
Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.
Comments