5 Quick Financial Tips You Should Consider

"I wish I had more money." "I would totally pursue that if I had enough saved up." "My debt is causing me to not go anywhere in life." Does this sound like you? If so, it's time to change how you think. In order to do that, you'll have to change the approaches that you're taking. In this post, I break down five simple tips that you should consider when hoping to have more money overtime. Each tip that you read before the next one is where you should begin. For instance, if you already paid off your debt, skip to tip number two.

1. Pay Off Your Debt Right Now!

No matter how much you have in debt, you need to be picking away at it as soon as possible. Debt does not care if you're sick, if you're sad, if you had a long week of work; it will get what it wants in any situation. Don't let debt control your life - Start doing what you can now to conquer this enemy! A good method you can start with is the snowball effect. In this situation, you tackle your smallest loans first with larger monthly increments, and pay off the minimum amount on your largest loans at the same time. Overtime, you'll be paying less in interest, thus tackling your loans much faster. This technique also enables you to become confident in paying off debt, as you begin to see your loans drift away.

* On a side note, don't be like the majority and believe that attending school is a scam. The people who wanted to go for a program where starting salaries are not that promising and are thousands of dollars in debt should have been aware of what they were getting themselves into. College is a smart investment if you play your cards right. Without getting to far down the rabbit hole, this topic will be addressed further in our other posts here on Gen-Achievers.

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2. Pick Up a Second Job, Side Hustle, etc.

If you are still paying off debt, but your current job is only doing so much, it's time to think about picking up some shifts elsewhere. You'll have the abilities to pay off more than you currently distribute, thus cutting down the time and interest on your loans. Once you are finished with your debt, you're then able to use that side hustle money in other areas including - saving, investing in stocks/bonds, or using it for a potential startup company. If you look at this tip and go, "psssh, I make enough where I don't need a second job", well good for you. However, there is no reason for you to not want to make more money if you have the availability or opportunity to do so now. Stephen Graham is a multi-millionaire who sells million-dollar homes. If you think that isn't enough, he's also creating YouTube videos each week, sells E-books, and takes on other side gigs to make some extra income. Why? So he doesn't have to worry about anything happening to him in the future.

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3. Save an Emergency Fund for Yourself

It's tough to admit, but we all have the risk of being out of work for sometime. Or worse, losing our jobs! With this in mind, you need to be thinking about an emergency fund. You should attempt to save as much as 3-6 months, depending on your current living expenses. For instance, someone living in the city will need much more than those who still live at home with their parents. Create an expense report for yourself, and write down everything that you (typically) need in order to "survive". A large frappe sounds delicious, but it won't sound as appetizing when you won't be able to pay for your heating bill.

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4. Diversify Your Portfolio

If you're finished paying off debt and have an emergency fund built up, then it's time to start doing more with your money. There are hundreds of avenues that you can take with this, but find those the best suit your desires, status, etc. For me, I prefer dividend investing - this is where you invest in companies that give you some income back monthly or quarterly since you own stock in them. I also look for savings accounts with better than average APY (Betterment currently offers their savings account with an APY greater than 2.05%). There are other opportunities I keep my eye out for as well including bonds (i.e. Citadel), 401(k)/403(b), and ETFs (exchange traded funds). If you want to learn more, head on over to our other posts talking about investing here on Gen-Achievers.

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5. Educate Yourself

Education is the most powerful weapon (shout out to Nelson Mandela) - it's true when you think about it. You may argue and claim that the greatest minds in the world never went to college, but I'm not generalizing education with school. Read, attend seminars (i.e. TED Talks), find a mentor, download E-books, or find other opportunities for you to explore & challenge yourself. Personally, pursuing graduate and doctorate degrees are some of the best options for those hoping to grow their careers in particular areas such as law, medical practices, higher education leadership, engineering, psychology, and so on. However, if you're hoping to become vested in an area like real estate, then something along the lines of reading books and having a mentor will be the better options for you.