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What’s The #1 Thing Stopping You From Becoming Rich Right Now?

What’s The #1 Thing Stopping You From Becoming Rich Right Now?

A lot of people talk about getting rich, and yet there are only a small percentage of people who actually achieve it. So what’s stopping people from becoming rich?

Well it isn’t knowledge. Thanks to the internet and libraries, there is a ton of knowledge available on how to build your wealth. Whether you’re interested in business, real estate, or the stock market, there is a ton of advice from experienced experts to guide you along the way.

The Biggest Reason Most People Never Become Rich

No matter which route you take to build your wealth, there is one important factor that will determine your success or failure…

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Your financial control

This is basically your ability to spend less than you earn, while using the difference to grow your wealth.

How Most People “Control” Their Finances

I have a friend who’s a financial planner, and she finds that most people are suffering from money troubles. No matter if her client’s income is $30,000 or $500,000 a year, they’ve grown their lifestyle to match their income (or exceed it).

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She tells the story of a woman that was earning $10,000 a month and estimated her spending at “about $3,000 per month.” The woman suddenly got quite embarrassed when my friend inquired about the bank account that held her extra $7,000 a month she was saving. Of course there was no bank account, and she was really spending $10,000 a month.

And that’s the reality for most of us… we spend everything we earn. The question is whether we’re spending it on things that will really get us what we want in life.

How To Build Your Wealth

There is an age old – yet often ignored – principle in personal finance called Pay Yourself First. The idea is to put at least 10% of your income away as soon as you receive it. This money goes into your financial freedom account, and you simply live off the difference as you build your wealth.

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Now before you scream at the computer, “I can’t afford to put aside 10% of my income,” hear me out. There was a time when you were in college or had a low paying job and you managed to live on that income. Then, as your income has increased over the years, so has your spending.

Forming Your Financial Freedom Habit

Paying Yourself First is simply a new habit and once you get started it becomes quite natural. You’ll actually be amazed that you don’t miss the 10% at all after a while. You’ll also be amazed by how quickly your financial freedom account grows.

The amount isn’t as important as the habit you are forming. If you think 10% is a stretch then start with 1% and increase it from there. I have heard of people starting with just a few dollars a week, yet the habit they built allowed them to grow their financial freedom account significantly.

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How To Sabotage Your Progress And Never Be Wealthy

The worst thing you can do is say you’ll start building this habit when you make some extra money. If you can’t look after the amount of money you have now, then you won’t be able to look after a bigger amount later. It all starts with the habit and the money will follow.

As the amount grows, you need to be disciplined and keep it locked away in your financial freedom account. No dipping into it for emergency bills or must-have purchases. Especially don’t touch it if you believe you really need a vacation (start another account for that).

You’re Making A Decision Either Way Right Now

You can decide to be wealthy or you can decide to be like most people that struggle financially. Whatever you decide is fine, and it’s completely up to you.

However, if you want to be wealthy, then you need to start your financial freedom account right now. It’s the easiest and simplest way to guarantee you’ll be wealthy in your lifetime.

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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