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Are You Saving Enough Money? Experts Provide Answers

Are You Saving Enough Money? Experts Provide Answers

If you are one of the thousands of people who wish they knew more about money (especially saving it), then you will appreciate this information. Debt is a big deal right now. Many individuals are swamped with student loans, credit cards, and other obligations that cause financial worry. In fact, according to a survey by Wells Fargo, 47 percent of the millennial generation spends at least half of their paycheck paying off debt.

How can you expect to save enough money under those circumstances? You can start by trying to employ some of these helpful money-saving tips. From saving cash on transportation to making leisure activities more affordable, you might find some financial shortcuts that could pay off (literally).

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The information presented below comes from expert financial planners and will help get you started on saving the right way. For example, did you know that an ideal number to save is 20 percent of every dollar you earn? But the reality is that most households only save less than 6 percent.

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    Featured photo credit: Philip Brewer via flickr.com

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    Last Updated on June 25, 2019

    5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

    5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

    Millionaires and billionaires read more than you think. In fact, the likes of Warren Buffet are said to read 1.000 pages a day. As the old saying goes “There’s no smoke without fire”; so, start off with these 5 incredible books!

    1. The 48 Laws of Power

    48-laws-of-power

      “If you are unsure of a course of action, do not attempt it. Your doubts and hesitations will infect your execution. Timidity is dangerous: Better to enter with boldness. Any mistakes you commit through audacity are easily corrected with more audacity. Everyone admires the bold; no one honors the timid.”

      On your journey to becoming a millionaire in your 20’s, there will be many people trying to manipulate you into doing what they want. This international bestseller by Robert Greene is the widely read by those in the entertainment industry because of its dog-eat-dog environment. This book is a must-read for anybody who wants to claim power and keep it. it’s a fun read that tells the story of some of the most powerful people in history.

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      An example of a law of power is: Always say less than necessary.

      • When trying to impress, the more you say the more common you look and less in control.
      • Be vague.
      • Powerful people impress and intimidate by saying less.

      2. Influence: The Psychology of Persuasion

      influence-the-psychology-of-persuasion

        “Often we don’t realize that our attitude toward something has been influenced by the number of times we have been exposed to it in the past.”

        This book explains the core strategies people use to influence others using real world examples. Robert Cialdini’s book goes over human quirks like the need to be consistent, and how you can use that in your marketing strategy to make more money. “People’s ability to understand the factors that affect their behaviour is surprisingly poor,” Cialdini says, “which leads to people making poor decisions without realising why.”

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        Cialdini includes real world examples of why people join cults, buy certain jewellery, or give to charity.

        3. Blue Ocean Strategy

        blue-ocean-strategy

          “Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space. Value innovation places equal emphasis on value.”

          This book argues that leading companies don’t succeed by battling competitors in “Red Oceans”, but by creating “Blue Oceans” where they have uncontested market space to grow. It goes over case studies like “Cirque Du Soleil” who created a blue ocean by creating a circus platform that didn’t include animals or more than one act on at once but instead, decided to focus on talented performers and music who created a mystical storyline.

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          4. The Fountainhead

          the-fountainhead

            “A man’s spirit is himself. That entity which is his consciousness. To think, to feel, to judge, to act are functions of the ego.”

            The Fountainhead takes place in the United States, mostly in New York City, during the 1920s and 1930s. Billionaire Mark Cuban named his yacht “Fountainhead” after this book. This classic novel is about the struggles of an innovative architect named Howard Roark and his effort to achieve success on his own terms. Many entrepreneurs are inspired by this book because it depicts how you should be uncompromising when it comes to your vision and your goals. If you follow this way of life, you develop the ability to change the world and creating something unique.

            5. The Compound Effect

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              “Do you know how the casinos make so much money in Vegas? Because they track every table, every winner, every hour. Why do Olympic trainers get paid top dollar? Because they track every workout, every calorie, and every micronutrient for their athletes. All winners are trackers.”

              This book is by Darren Hardy the CEO of Success Magazine, he goes over how it’s the small, seemingly insignificant choices that compound to create success or failure over time. No one has a plan to be broke and fat but that’s what happens when you don’t have a plan and go along the path of least resistance. Hardy argues that you cannot improve something until you measure it and to always take 100 percent responsibility for everything that happens to you.

              So, those are five books you must read if you want to give it a try to become a millionaire in your 20’s. What are the best books you have ever read? Leave a comment and share these life-changing books with your friends to help them become successful like you.

              Featured photo credit: Bill Gates Foundation via businessinsider.com

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