Rules to Stop Making Money Complicated

Money isn't that complicated! So why do we keep making it so complicated? And if it isn’t complicated, how do we stop making money a complicated situation? Just keep reading so you can figure out 5 simple rules to make money more simple for you!

1. Know Your Net Worth

The bottom line, money is simple when you know where you’re at. Knowing your net worth is the first step to creating some action because chances are it might not be where you want it to be.

2. Identify Your Number

What is your number? This might be a new concept to you. You should have a networth goal or a certain amount of money saved by age goal. By having a number, you will most likely want to increase your savings rate.

3. Have a goal to save 20%

In 2017 the average American adult was saving a record low of approximately 3% on average. Typically, a savings rate of 15-20% is recommended for someone who is planning on retiring one day.

4. Pay off bad debt

Bad debt is typically high-interest debt (anything over 7%). Any loans or debts with a score of 50 or less focus on paying them off. By paying off debt you are freeing up more money to do what you want with it.

5. Get good at money so can do what makes you happy.

Getting good at money and making it not so complicated ultimately allows you to do one thing: Whatever it is you want to do.

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