Living with money regrets are the worst! Phil Town, Entrepreneur Network partner shares his five best tips. Have an emergency account, as you never know when bad times can hit due to job lay offs or illness. Make sure to save six months of expenses. Automatic savings are key to stability. Do not save from what’s leftover to your budget, but from the gross and PAY YOURSELF FIRST. You must have catastrophic health insurance, in case something serious happens to your. An HSA (Health Savings Account) is tax deferred. Whatever you do, do not try to keep up with your friends, family or neighbors. You do not know what they are doing and you might be surprised. Mostly though,learn how to invest early. Do not wait until you are retiring to figure out how to invest, get an education now.
- Regret over money is the worst. Avoid financial regrets, by not having emergency money and it can scare you. No job is 100% secure. None of us is safe. Save six months of income.
- Save automatically, and save right off the top. Save from the beginning, you can’t save from the end of the month. Do it from the start otherwise it is too tempting. Pay yourself first!
- Have make sure you have a decent insurance plan. An HSA is tax deferred! You can have a catastrophic account at the very least.
“Town mentions that he was lucky enough to get a solid education in finance, but many people are not so lucky.”
Read more: https://www.entrepreneur.com/video/340277