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In order to get a better understanding of your finances, there are a number of questions you need to be asking yourself:
- What’s my monthly nut? How much does it cost me every month to maintain my current standard of living?
- What percentage of my monthly net paycheck do I spend on:
- Servicing Credit Card Debt?
- Mortgage or Rent?
- Car Loans or Car Lease?
- Restaurants?
- Bars?
- Lunch?
- How much of my monthly net paycheck do I spend on Amazon every month?
- What percentage of my gross paycheck do I contribute to my 401(k) or other Retirement Plan?
- How much money does my employer contribute to my 401(k) Plan?
- Do I regularly make Emotional Purchases?
- How much of my monthly net paycheck do I consistently Save?
- Do I have a Financial Plan?
- Am I engaging in Lifestyle Creep – do I increase my spending to match increases in my income?
- How many streams of income do I have? FYI, 84% of the self-made millionaires in Rich Habits Study had three streams of income.
- Are my inner circle of friends savers or spenders?
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, “Effort-Less Wealth”, “Change Your Habits Change Your Life”, “Rich Habits Poor Habits” and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
Posted in Smart Money Habits
