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10 Books To Change Your Mindset About Money Forever

10 Books To Change Your Mindset About Money Forever

Reading books on finance could help you get rich and structure your financial life appropriately. Here are some books that will be ideal for helping you invest and manage your money.

1. Your Money or Your Life by Vicky Robin and Joe Dominguez

“If you live for having it all, what you have is never enough.”

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    Many people do not set priorities on how they run their expenses. However Your money or Your Life puts the concept of time is money on a literal sense where you have to set priorities, seek passive income and pursue financial independence.

    2. I Will Teach You to be Rich by Ramit Sethi

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      “There is a limit to how much you can cut but there is no limit to how much you can earn.”

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      This book tutors people who are under 30 and making a decent living how to become masters of their money with the least amount of effort. Spending recklessly seems to be common among youths but following Sethi’s serious six-week personal finance program can put you in the right direction.

      3. The Random Walk Guide to Investing by Burton Malkiel

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        “Trust in time, rather than timing.”

        This book is not complex or filled with investing jargon. If you are a beginner and need sound financial principles on how to invest your money, this book is great for you.

        4. Financially Fearless: The LearnVest Program For Taking Control Of Your Money by Alexa Von Tobel

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          “Clearly, having money doesn’t mean you’re immune to money stress. Not for nothing did Notorious B.I.G. coin “Mo Money Mo Problems.”

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          This book is great for young people. Alexa Von Tobel, founder and CEO of Learnvest shares her experience on how she helps her clients make more meticulous planning with their finances. If you are the analytic type, “Financially Fearless” has worksheets in the book, and LearnVest’s online offerings and app.

          5. The Automatic Millionaire by David Bach

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            “Please trust me on this. Nothing will help you achieve wealth until you decide to Pay Yourself First. Nothing.”

            The system David Bach’s recommends in this book offers you an automated approach to managing your personal finances. He provides a strategic solution that makes handling your finances less cumbersome.

            6. The Paradox of Choice by Barry Schwartz

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              “Focus on what makes you happy, and do what gives meaning to your life”

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              What makes us less happy is that we are presented with so many choices. According to Barry Shwartz we are better of making a decision when we have two choices for a product rather than twenty.

              7. Why Smart People Make Big Money Mistakes (and How to Correct Them) by Gary Belsky and Thomas Gilovich

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                “Would I buy this today, at this price?” If not, you may not want to own it any longer.”

                The use of anecdotes in this book looks at the mental mistakes that cause people to spend more than they are supposed to. Reading this book will help you understand the psychological obstacles on wealth and how you can avoid them.

                8. Work Less, Live More: The Way to Semi-Retirement by Bob Clyatt

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                  Bob Clyatt in this book helps you uncover how you can retire from your job before the traditional retirement age of 65. He suggests techniques such as living on less, putting your investment on autopilot, and more.

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                  9. How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis

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                    “Do what you can, with what you have.”

                    The book centers on the principles of Debtors Anonymous. Real stories from real people are contained in this book on how you can win against the horror of being in compulsive debt.

                    10. You’re So Money: Live Rich, Even When You’re Not by Farnoosh Torabi

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                      “Splurge when it makes sense.”

                      Farnoosh explains how you can spend money without going into debt or draining the bank. She suggests how you can make extra income or find ways to balance your account even you have spent more money than you should have done.

                      Featured photo credit: www.giveagradago.com via projectrenaissance.com

                      More by this author

                      Casey Imafidon

                      Specialized in motivation and personal growth, providing advice to make readers fulfilled and spurred on to achieve all that they desire in life.

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                      Published on January 8, 2021

                      How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                      How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                      Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

                      The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

                      Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

                      What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

                      Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

                      1. Pay More Than the Minimum Credit Card Payments

                      Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

                      Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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                      You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

                      The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

                      2. Start With High-Interest Credit Card Debt

                      If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

                      First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

                      At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

                      3. Revisit Your Budget

                      Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

                      You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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                      Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

                      If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

                      4. Avoid Using Your Credit Cards

                      Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

                      The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

                      It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

                      5. Start a Side Hustle to Boost Your Income

                      You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

                      If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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                      Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

                      It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

                      6. Sell Your Used Items for Extra Cash

                      Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

                      A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

                      Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

                      When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

                      7. Know When to Seek Help With Your Debt

                      Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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                      There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

                      In extreme cases, the debt solution can be:

                      • Debt relief – where your debt is partially or wholly forgiven
                      • Debt consolidation – taking out one loan to repay others
                      • Debt settlement – the creditor forgives a significant portion of your debt
                      • Bankruptcy – legal process for seeking relief from some or all your debts

                      It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

                      Wrapping It Up

                      Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

                      So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

                      More Tips on How to Pay Off Debt

                      Featured photo credit: rupixen.com via unsplash.com

                      Reference

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