Pool is all luck. The more I play, the luckier I get. - quote on my pool rack
The same is true for personal finance. The more one does the following, the luckier one gets.
- Before turning 30 and, if possible, before 25, be employed in a job that pays well.
- Automatically save a percentage of what one earns. 10% is a good start. First have an emergency fund. Then invest the rest. Remember, don't bet against America.
- Live below one's means. Buy only what one needs. Simple yet, it works.
- Avoid using debt. That includes for higher education. In many cases, debt is a spiral downward to personal finance failure.
- Make extra payments each month to mortgage and car loans to pay them off faster.
- Marry someone who has these personal finance values. It's easier when both work together.
- Teach skills to one's kids. As adults, kids should be financially independent and not require bailouts.
Still it doesn't guarantee success and YMMV.
This is not financial advice. Please consult a professional advisor.
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