7 Pieces of Financial Advice That Changed My Life Forever

Over the years, I’ve been blessed to have countless positive influences in my life. Their example and their wisdom have shaped me in every way—including my financial practices

Good financial advice can come to us from any number of different sources it can come from friends financial advisors parents pastors conferences books articles magazines any number of different places and over the course of my life i’ve received a lot of financial advice in this video i want to summarize the seven best pieces of financial advice that i have ever

Received that i think have really set up my family for financial success here they are number one i learned this from a financial adviser he said to me most people who struggle to live within their income over spend in one of three ways too much house too much car or too much entertainment i took his advice to heart and i’ve always tried to stay very modest in how

Much i was spending on my home how much i was spending on my vehicle and how much we were spending on entertainment eating out tickets vacations those types of things and i’ve really found his advice to be true as i’ve overlooked people over the course of my life who struggled to stay out of debt and they really do seem to be overspending in one of those three ways

The second piece of financial advice i received that was helpful to me came from a boss and he said this when you first get married live on just one income both my wife and i were working full-time when we first got married and his advice was choose just one income to live off of the second spouse or partner save all of the income or at least as much as you can from

The other spouse and it was great advice because we saved my wife’s entire income lived just off of mine and very soon her income that we had say became the down payment for our first house when my first child was born four years later and she decided to stay home we were already set to just live off of my come i know this might not be the option for everybody but

I genuinely believe it is an option for a higher percentage of people than they think so let me encourage you to make any life changes that might be necessary in order to do that you’ll never regret it the third piece of financial advice is this always buy your cars with cash and the strategy is this when you buy your first car whatever you have saved by it rather

Than making monthly payments to a dealership make monthly payments to yourself saving the money in a separate account when your first car dies whatever money you have saved plus the money you can get from selling the old car use that to buy your next car if you do this over the course of your life you will continually upgrade the car you’re buying each time i’ve

Made that my life goal and it has worked out and the advice works you get a little nicer car every single time the fourth piece of financial advice i learned from an article in the wall street journal and will link to it in the description here below but the encouragement was that every family should set out a spending plan not a budget budgets can be hard to keep

Budgets might not be necessary for some people who have enough income coming in but everybody should sit down and set out a spending plan and the spending plan is this list your monthly fixed costs and compare it to your monthly income in the end you will discover what your monthly discretionary income is and you can make decisions about where you want to spend it

If you do your fixed costs and you find out that they’re higher than your monthly income then you need to make some significant life changes going forward number five i learned this from our realtor the very first time we bought our first house our realtor said this if you can make one extra monthly payment on your mortgage each year you’ll pay off your mortgage

Four to five years sooner than if you didn’t i don’t know what your monthly mortgage payment might be maybe you have to pay a little bit each month off maybe you can use a yearly bonus some extra income that might come your way but we have made this true of ourselves we have made at least one extra mortgage payment every single year and our mortgage will be paid

Off much sooner than 30 years that we originally thought it would be number six i learned from a pastor friend of mine he said this josh would never take a job just for the money factor in the money you don’t want a job that’s gonna cause stress because you’re not getting paid enough you don’t want a job that you can’t soak your whole life into because you have

To work part-time jobs to just to live so factor in how much you’re gonna get paid in a job but don’t ever choose work because of it choose work that you’re gonna find meaning in and significance in and fulfilment in one that pays the bills but one that you find a greater reward in than a paycheck at the end of the day the seventh piece of financial advice that

Forever changed my life i learned from my parents and it is this that you are never too poor to give there were times i learned years later how tight finances were in my family when i was growing up there was one week where my family won a grocery raffle and they didn’t know how they were gonna feed us as kids if it hadn’t been for the raffle i like i grew up in

A family where the money was really tight but my parents always gave they gave a percentage of every paycheck that came in trusting that they would be taken care of that they would be cared for if they cared for the needs of others it’s a practice that has always been true in my life in my family’s life and i have never regretted it i know a lot of times we go

Through these videos and we end with hey choose one or two from the list above and make it true in your life but i’ve got to tell you every single one of these seven pieces of financial advice i have followed i think every single one of them is worth every person doing it might not mean that you’re able to do it today it might mean that you have to make some changes

To work towards that goal but i don’t think you’ll ever regret implementing any of these seven pieces of advice for more videos like this about how to own less and live more click to subscribe

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7 Pieces of Financial Advice That Changed My Life Forever By Joshua Becker