Quote from: Rockstarguy on August 16, 2023, 09:47:58 PM

Quote from: DeathAngel on August 02, 2023, 07:39:57 PM

I dunno if I would class them as secrets but some things I find useful which I guess I could pass off as advice are -

Automating savings, you can set up monthly transfers to your savings account. You can Use cash back credit cards, earn while you spend. Maybe invest in low cost index funds, they often outperform actively managed funds.

Utilise tax advantaged accounts. Maximise 401(k), IRA, & HSA contributions. Always try to pay off high interest debt quickly. It reduces total interest paid. Regularly review your expenses, try to cut unnecessary costs.

Savings is one of the most important thing when it comes to trying to be financially stable, but saving alone is not enough. Not spending Wisely on things that are not necessarily important and spending uncontrollable can make all the time use in saving money to be effortless. To become rich or financially stable lot of work to be discipline must be done, spending money on getting too much flashy things can be a limitation of becoming financially stable.

Saving will indeed make us wiser in terms of managing our finances, but this cannot be done by those who have a habit of using their finances uncontrollably so that they choose to use their money only for momentary pleasure by not thinking about investing to make more money, so they can have financial freedom. I totally agree that in the process of becoming rich, it certainly takes discipline to make it easy to become financially stable.