14 facts about money you should know by age 30
There are definitely certain things
you can do that would lead to prosperity.
But there are others that would bring you to financial disaster.
If you wanna sleep soundly at 50
because you practiced good money habits at 30,
then you’ve come to the right place.
And here’s a challenge for you,
if you manage to spot four light bulbs in this video,
you could end up among our next videos.
In order to become Bright Side famous,
just comment down below the time stamp of each light bulb.
We’ll pick the first attentive viewer.
14. Kids are expensive.
Whether it’s coming from societal expectations,
your overzealous parents,
or somewhere deep within yourself,
where this nagging pressure to have kids
by the time you’re nearly twenties or early thirties.
But frankly speaking,
raising children is really costly.
No. Really costly doesn’t quite get the message across.
How about this?
Raising just one kid can drain your funds
up to as much as a quarter of a million dollars!
The department of agriculture has published a report,
revealing that a married couple with a middle-size income
will spend approximately 233,610 dollars
to raise just one child.
That’s about 13,000 dollars a year per kid.
And this figure only covers expenditure from birth
and until they finish school.
So, this doesn’t even include paying for a college education.
If you want your young one to
have a shot at good future,
plan on spending a whole lot more on a degree.
That’s why it’s much better to have kids
not only when you’re emotional ready,
but also when you’re financially ready.
So don’t give in to pressure from other people.
And don’t rush into it.
Preparing financial cushion with your partner
before you decide to start a family.
This way your kid would have a happy, healthy life,
instead of one full of financial struggle,
instability and unpredictability.
No.13 It’s not embarrassing to ask for a promotion.
If you’ve been working in the same position
for more than three years,
the time has come to make your way up the career ladder.
Asking for a promotion is the right step
to improve your financial situation.
That’s why you shouldn’t be shy
or humiliated about asking for promotion
or even just a raise.
Just remember if you ask for a promotion,
expect more responsibilities and increase the workload.
If you’ve been refused the promotion several times,
it’s time to start thinking about changing your job
or improving your professional skills.
By the way, here are some mistakes people make
when they ask for a promotion.
You don’t wanna hurt your chances
making these blunders, do you?
Don’t ask for too much all at once.
You might think that you’ve waited long enough
and now you’re entitled to everything.
Too many or too high demands
will most likely just annoy your boss
and get you nowhere.
Don’t assume that a promotion is a magic pill
that’ll immediately fix everything.
This type of thinking only leads to big disappointments.
One step of the career ladder won’t equal
instant happiness or tons of wealth.
Don’t “overshoot” your target.
If you try to prove yourself to your boss
by taking on their responsibilities,
they can get offended
or see you as a threat to their position.
If you want to avoid this,
try to make your boss see that
there are some personal benefits for them
in your promotion.
They could look like a win-win situation.
当然 最常见 同时也是
And of course one of the most common mistakes
you can easily avoid
is choosing the wrong time
and the wrong place to ask for a promotion.
Schedule the meeting in advance
and make sure that there’s enough time
for you to explain your request.
Avoid end-of-the-day meetings
or ones right before lunch.
Otherwise you’ll have to deal with a hungry or tired person and the decision more hard.
12. It’s more profitable to rent than own.
We like to think that
investing in real estate is a great decision
and the ultimate stamp of official adulthood.
But real estate itself is getting cheaper
while mortgage rate is going up.
Is that sound very profitable to you?
Here’s an illustrative example for you.
Let’s suppose that a house costs 100,000 dollars.
Renting it would be around 550 dollars a month,
which is 6,600 dollars a year.
Let’s subtract that 6,600 dollars
from the general cost of the house.
We would put the remaining amount
into a savings account with 7％ interest.
That alone will bring 6,752 dollars a year.
Just accumulated interest,
that’s more than enough to pay for another year of renting.
If you invest your money more wisely,
let’s say in funding,
You’ll get 9,764 dollars
at the end of the year.
That’s actually a reasonable profit.
Plus, when you rent,
you don’t have to spend money on
maintenance, taxis, and sometimes not even on furniture.
That’s why before making a decision
whether to rent or own,
count on all the expenses
and choose the more profitable option.
11. Invest in your health and education.
It’s really hard to achieve success
when you’re not in your best shape healthwise.
That’s why it’s important to take care of yourself.
Go on vacation at least once a year,
get enough sleep and eat the right foods.
Good education in turn can open a lot of doors and eliminate borders.
You can start a course that would develop and improve your current professional skills
or master an absolutely new occupation.
Sky is the limit.
No.10 Don’t invest in something you don’t know well.
Even if you wanna get rich as soon as possible,
and don’t we all?
you need to be cool, calm and collective
when it comes to financial matters.
Giving in to strong emotions or impulses to invest a dubious projects
can strip you of a lot of if not all of your money.
It’s always better to consult the experts beforehand
to have a sensible assessment of the project
and it’s chances of becoming successful.
No.9 Don’t borrow to pay old debts.
There’s an old saying,
don’t rob Peter to pay Paul.
Well, that phrase is popular,
and it stuck around for centuries for a good reason.
It’s great advice.
Don’t take out a new loan in order to pay off an old one.
And don’t borrow money from one friend so that you can pay back another.
It’s a vicious cycle.
It’s much better to just be debt-free.
But if you happen to take out a loan,
it’s better to stop yourself from buying something
and save the money to repay the loan without more borrowing.
第8条 多交新朋友 勿忘老朋友
No.8 Stay connected with your friends and meet new people.
A friend in court is better than a penny in the purse.
There is another old saying with a lot of truth in it.
Personal relationships are much more important than money.
No amount of money is worth losing your friend over.
Have you ever had any situations involving friendship versus finance?
If so, tell us about it in the comments.
We love to know if you can relay.
No.7 It’s more efficient to buy good quality shoes and clothes.
Yes, that you cost more,
but nice quality clothes will serve you
much longer than cheap ones.
Therefore, it’s more cost-effective
to spend more money on durable things
because you’re not buying them again and again.
If you buy them during sales,
it’s twice as effective.
Try to make the list of things you need
and jump on them if they’re on sale.
Then you can save your money for an upcoming vacation
and take care of your health as we mentioned earlier.
No.6 Avoid impulse purchases.
As much joy and heart racing, excitements they bring,
impulse purchases are enemy number one.
If you are on a tight budget,
impulse shopping will punch holes right through it.
They are nothing but a need for happiness and instant gratification.
Find joy in something else, instead of buying yet another blue dress for just ten dollars.
No.5 Start saving money for old age now.
Today you are 20
and you’ll be 30 before you know it.
Time is fast and merciless.
One moment you’re young,
and the next thing you know you’re picking up grandkids from kindergarden.
If you save at least 20 to 50 dollars a month,
you’ll have a decent amount in your account when you’re elderly
which will make you feel more secure.
Please take care of your future, bingo, loving self.
No.4 Eat and cook at home.
So many people go out to eat
more often than they dine at home.
Maybe they’re too lazy to cook at home
or perhaps they mistakenly think that
eating out isn’t that expensive.
Yeah, sure, a hamburger for a dollar does sound really cheap at first.
But the next time you go to the grocery store,
counts on how much you spend on your food.
Also, don’t forget about
how many servings you get out of cooking
that fast food restaurant gives you
one hamburger for here and now.
If you buy a pound of ground beef,
how many hamburgers will you get out of that?
You’ll definitely be under a dollar each.
You will see in no time
that cooking at home is much cheaper.
No.3 Put part of your salary into a savings account for a rainy day.
Life is unpredictable.
Anything can happen,
and some things demand a lot of money from you,
your car broke down, your basement just flooded,
you got a cavity you’d been ignoring for months,
but hey, it just decided to start being really painful.
All of these things require large sums of money.
But where will it come from?
If you set aside some money every month in a savings account,
you won’t panic in an extreme situation.
Because you’ll have that financial cushion to fall on.
No.2 Be on the same page with your significant other
when it comes to finances.
It’s totally normal
在音乐 电影 书籍等方面
if you and your spouse have different tastes
in music, movies, books, whatever.
But a partner should be unanimous
when it comes to financial questions.
If you try to save money,
yet your partner is always blowing it.
You’ll never reach any kind of level of prosperity.
Talk to your partner and come up with the family budget.
Set common financial goals and decide how you’ll achieve them.
If you’re having problems staying motivated,
try saving up some money for a vocation, for example.
再次强调 注意休息 保持健康
Again, gotta take care of your health and give yourself a rest.
No.1 Find a passive source of income.
It’s good for you to have a job that keeps the bills gain.
But in our unstable world,
it’s always better to have different sources of income.
That’s why it’s worth exploring the world of investments.
Study the best way to invest money,
and choose the one that suits you the most.
It can be real estates, stocks or bonds,
depending on how much you’re willing to risk.
But whatever you pick,
it will provide a nice passive source of income
that would help you get a little more security
in your future.
Maybe we’ve missed something?
If so, add your own advice on
how to manage money more reasonably
in the comment section.
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