Money is a tricky topic, and you will find that a lot of people are not at all comfortable with discussing it. This was certainly the case for me, to the point where I was too embarrassed to ask many of the questions about money that would have set me up to be more financially stable throughout my life.
So on this episode, I am answering the 10 questions that I should have asked about money when I was younger, so that you can avoid some of the mistakes and pitfalls that a lot of people make around what they do with their money.
It’s important to get these issues squared away while you’re young, to set yourself up for success through the rest of your life! Too many young people put off thinking about money until they’re older, and cause themselves a lot of extra pain through this decision than they needed to have. Don’t make that mistake! Listen to this episode to learn what you need to be doing to be financially stable in your life!
Click here to listen on iTunes – Podcast #42: 10 Questions You Need to be Asking About Money
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Click here to listen on Stitcher – Podcast #42: 10 Questions You Need to be Asking About Money
- A lot of people don’t talk nearly enough about money to fully understand it, but it’s essential to understand
- When you’re younger, it’s often a very good idea to invest in yourself through education, books, self development, etc
- No one should feel guilty for wanting to build wealth
- I always bet on myself
The 10 Questions I Should Have Asked:
- Is it wrong to want to be rich? To have the money to do what you want
- How do I know if I can afford something? Ask yourself: Does it affect your lifestyle?
- How Many credit cards should I have? You should make sure you have credit cards before you need them. As many as you can personally manage responsibly
- What should you do with an unexpected windfall of money? Put it toward an emergency fund, and define an emergency strictly. For me, it’s about 3 months worth of expenses
- Should you have an emergency fund, or invest, etc? For me, emergency fund first, everything else after
- Where’s the best place to learn about money? Books. Listen to people who have gotten where you want to be
- How do I get rich? There are an unlimited number of ways. Educate yourself
- Should I pay off all of my debt? No, low interest loans are often not worth paying off, and having cash gives you options
- What is good debt? Should you carry any debt? Good debt is usually real estate that is earning you value, or education that is going to earn you more money
- Do I really need to save for retirement? As you get closer to retiring, you need to progressively think about it more seriously, but not when you’re too young
Don’t be embarrassed to ask questions about money. Learn as much as you can about it!
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