25 Personal Finance Facts to Increase Net Worth by 189% #Finance

in this CashNews.co we are going over 25 incredibly useful personal Finance facts that you need to know every single fact we’re talking about today has the

power to positively influence your financial success so I really encourage you to watch through this entire CashNews.co because you don’t want to miss out on any of them so without further Ado let’s get started so the first fact is that the more you talk about money the more money

you’ll make this has to do with the law of attraction which is a philosophy that suggests that your results will either be positive or negative depending on your thoughts so if you think and talk about money in a positive way you’ll use the law of attraction to bring in more money into

your life and if you think about money in a negative way or you just don’t talk about it at all the Law of Attraction will bring negative outcomes talking isn’t the only thing that’s going to help you make money you must also listen so the Dalai Lama once said when you talk

you’re only repeating what you already know but if you listen you may learn something new this is super true and I find that whenever I listen I can learn a lot more than what I’m actually talking so prioritize talking about money prioritize learning about money and I guarantee you

you’ll make more money that way number two is millions of people travel for free each year because they use Credit cards so more specifically fifty percent of Americans are planning two or more trips this year using Credit card points to pay for the travel

expenses so basically if you aren’t using your Credit card to build travel points you’re missing out on a ton of free money and travel what I recommend doing is look for a card with a sign up bonus because that’s probably the easiest way for most people to earn a

lot of points and then use that bonus transfer it to Airline partners and your redemptions are going to be a lot more effective of course you don’t want to get into Credit card Debt just to build up points but this is a proven way for so many people around

the world to be able to travel for free and I know because most of the flights I take are paid fully by my points there are so many people that you guys can learn from for example Max miles points and yeah in conclusion all you guys should be traveling for free by utilizing Credit

cards number three is 34 of Credit reports have errors in them this is really big because Credit report errors can actually lower your score and lead to higher Interest Rates or it can even prevent you from getting some jobs or an apartment so what

I recommend you guys doing is check your of Credit report through annualCreditreport.com that is the official site that the government provides us if you find the error dispute the incorrect information with the Credit reporting company and after

that you’ll have to wait up to 45 days for them to actually investigate and respond but yeah so many people have lower Credit scores than they should have and it’s just because of these stupid errors so definitely recommend go to that website get your free

Credit report and make sure that everything looks okay number four is if you’re finding that your pay is stagnant or not growing that much try looking for another job so these show that the more you look around for new jobs the more you’re going to make and that’s

because for people that stay in the same job for a long time their salary might stay the same or might go up maybe a few percent per year however when you use your current salary to price shop with other different jobs this can often lead to really big increases in your pay so if you want to make

more money change jobs more often or if you’ve watched any of my other CashNews.cos you’ll know that I’ll say start a side hustle and generate another source of Income so the fifth fact you should know is that Building Wealth through investing takes time because

of compound interest Warren Buffett always talks about compound interest saying that Building Wealth is like rolling is snowballed down a hill and yeah the trick to have a very long hill is either starting very young or living to be very old for example if you guys invested a hundred dollars every

month in the Stock Market and you return on average seven percent per year you get 342 920 after 45 years which means you Profit by about 288 000 what’s even better is that if you invest just two hundred dollars more per month with the same annual return of

seven percent you’ll have over one million dollars after that same 45 years so invest as early as you can and if you do want to get some free stocks I’ll put links Down Below in the description those links will give you a ton of free stocks with both Weeble and MooMoo these are both

stock trading platforms that I personally use and recommend and yeah you might as well get some free money right number six is taking care of your physical and mental health can actually save you a ton of money medical expenses are increasing every year in fact National Health spending is projected

to grow at an average annual rate of 5.4 percent from 2019 2028 these medical expenses are growing faster than your Income and yeah when you think about that that is pretty scary So to avoid getting to really expensive medical Debt in the future what you want to do

is you want to prioritize your health by working out meditating doing a morning routine eating healthy reading generally and whatever else to keep your mind sharp and your body sharp it’ll cost you a little bit of time and money right now but that will pay so many Dividends

in the future number seven is the average millionaire has seven streams of Income so for most people they’re gonna have one main job and maybe a second job or a side hustle people learn from the pandemic that having one to two sources of Income can create an

issue especially for workers that had in-person jobs that weren’t essential so 9.6 million people or 57 were unable to work because their employer closed or lost business due to the pandemic so that’s why I really prioritize having multiple sources of Income so that all

your eggs aren’t in one basket according to the IRS here are some of the most common streams of Income for people you have dividend Income from stocks owned you have earned come from a paycheck it runs from rental Real Estate you have

royalties you have Capital gains from selling appreciated Assets you have Profits from businesses that you own as well as interest from Savings CDs Bonds or other lending activities so point being maybe start a

side hustle and with that money you want to reinvest in Assets that produce money you guys want to see my current streams of Income I’ll leave a link down in the description below all right number eight is that lifestyle Inflation can prevent

you from becoming wealthy 36 percent of people making over a hundred thousand dollars annually actually live paycheck to paycheck now this makes sense if you’re not making that much money right but that’s a different problem and to solve it you probably just want to get a higher paying

job or pick up a side hustle if you’re making six figures or more and you’re still living paycheck to paycheck then there really is no excuse you definitely want to create a monthly budget and stick with it and you can even try out the 50 30 20 rule where 50 of your

Income goes to Necessities 30 goes to your wants and then 20 gets saved or goes into Investments really the point is you don’t want to live beyond your means and really be cautious as you make more money to avoid that lifestyle Inflation all

right so number nine is the more Credit cards you have the better right now the average American only has four Credit cards while card holders with Credit scores above 800 actually have an average of six Credit cards that’s

because they know that Credit cards can actually save them a lot of money when you spend on the Credit card versus a debit card the first thing I’ll say is that a Credit card is much safer money doesn’t get debited from your account

directly rather the Credit card company pays for it and then you pay them and in case of fraudulent charges it’s much much easier to get your money back second is you get ton of rewards for paying with a Credit card every time you swipe your

Credit card the merchant or seller is paying a Credit card processing fee it’s generally around three percent and the awesome thing is that these Credit cards actually pay you a reward for spending this basically means that you get a one to

two percent rebate on everything you buy plus the fact that you’re using a Credit card helps increase your Credit score if you’re responsible with your money I don’t see why you’d ever use a debit card number 10 is you have to spend money to

make money and this means putting money into your education investing into your business buying stocks or whatever it is one of the biggest lessons I learned from my failed clothing brand charge is that I didn’t spend any money on marketing and that is where I need to put my money instead I

put a ton of effort and money into you know making sure the clothes were good flying out to the factories all that stuff so yes while I’m spending money on my business that money wasn’t being spent in the correct portion of the business and so I guess I’ll add that it’s just

spending money on yourself or your business is not going to automatically mean you make money back you need to know exactly what to put your money into and for me I’ll say that knowledge as well as marketing these are two of the biggest things you need to spend money on I encourage you guys

to buy books by mentoring spend time listening to podcasts and yeah just know that if you want to play it safe and have your money always sitting in the checkings account then yeah you’ll save but that money is not going to grow and you’re not going to become super rich if you want to

make a lot of money you have to spend your money to make money that’s just how it is all right so number 11 is books are one of the best Investments that you can make so this sort of ties to the last point but I’ll say that 85 of self-made millionaires read two or more

books every single month now the average cost of a book that’s around 200 pages is between ten dollars to nineteen dollars which is extremely affordable for all the knowledge and insight that you’re getting you’re literally able to get coach mentored from people that have

succeeded for literally like 10 to 20 right if you think about it that’s actually crazy I know that reading books for me was one of the most life-changing things that I ever did because before I started doing that I thought books were pretty lame that didn’t read books but once I

started reading and learning more about money and business well everything literally took off so go out there buy a few books I guarantee you it’s gonna be some of the best money you’ve ever spent in your life number 12 is 66 of Americans worry that a major recession is right around the

corner so for the first time since 2009 the US gross domestic product was negative for two cores in a row dropping 1.6 during the first quarter of 2022 and 0.9 in the second quarter the average recession in the US also lasts roughly 17 months so the reason why this is important is because if

you’re trying to invest especially if you’re investing for the long term then right now is going to be a great time if you’re worried about recession all the historical data says that you shouldn’t be afraid because in the long term the

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Markets have only gone up so yes stocks could dip more but if you zoom out to the bigger picture now is going to be a fantastic time to buy number 13 is that one-third of Americans say they regret how much they spend every single

month you guys are probably spending more than you like as well one thing that you guys can do is to actually stop impulse shopping right this is something that really gets to a lot of people wait one week or one month before buying something right and if you still want that item after that week or

month then buy often you’ll find that after the novelty of the item Fades you actually don’t want anymore and that’s going to save you a lot of money create some type of budget and just make sure that you guys aren’t spending more than is comfortable because I guarantee you

Financial Security feels a lot better than having that new item or whatever it is all right number 14 is that 62 percent of consumers who have a budget feel more confident about their none;">Finances basically if you you guys aren’t that financially literate that’s totally okay one of the first steps that you guys can do is actually start building a budget because that’s gonna throw you into this whole world of financial literacy Financial Freedom

and money it’s one of the easiest ways that you can start building up momentum towards your personal Finance goal so you guys can use something like mint or any

platform or even a spreadsheet as long as you’re able to track your expenses and know how much is coming in and how much is going out this is going to make you feel a lot more confident about your text-decoration: none;">Finances as well as save you a lot of money all right so the 15th fact is that money is emotional emotions Drive most decisions which is why most people struggle with their money the sad truth is that most people’s habits actually aren’t coming from

a place of logic they’re coming from a place of emotion so according to Cambridge researchers children have developed behaviors related to financial concepts by the time that they are seven years old some people grow up in the family where talking about money is rude and taboo which makes it

hard for them to learn because they feel guilt about bringing up the subject if you can analyze yourself and master your emotional relationship with money I guarantee you you’re gonna be way better at handling your #1a73e8; text-decoration: none;">Finances in the future what you guys can do right now is just focus on the things that you’re in control of for example Budgeting realistically educating yourself on money through books and CashNews.cos online and then taking

action on everything that you learn overall the less you’re emotional about money the more money you’re going to be able to make and save fact number 16 is that student Loan Debt is at 1.8 trillion dollars and it’s growing six times faster than

the US economy if you guys currently have some student Loan Debt part of it may have been forgiven recently which is pretty cool so definitely check to see if you’re one of the lucky few the takeaway with this fact is that that is a lot of money and

Loans so if you’re currently in University or you’re playing ongoing make sure you’re gonna get a job after college that’s going to pay off your Loans and if not maybe consider going a different path there’s so many jobs out there that

do not require a college degree and yeah that’s going to bring me into my next Point number 17 is Freelancers in the US earn an average hourly rate of 20 Freelancers working in web or mobile development marketing legal Accounting and other skilled Services earned even higher

28 dollars an hour on average so if you’re making 28 an hour you’re making more than 70 of all workers in the US you can easily make an extra let’s say 200 every single week if you work an extra 10 hours at 20 per hour there are so many different websites that you guys can use to

get into the freelance game and I’ll say that these side hustles can easily turn into full-time jobs that can pay you the same or even more than your current job Freelancers on average are more happy they have a way more flexible schedule meaning they can work whenever they want and the best

part is you’re not making someone else Rich you’re making yourself rich so I highly recommend it if you guys have a high value skill to actually start freelancing and generate some additional Income fact number 18 is the average return of the Stock

Market over the long term is about 10 percent per year and that’s measured by the S P 500 Index this proves that long-term investing is where you’ll find the most returns in the Stock Market if you zoom in year by year you’ll see that there are some ups

and there’s some Downs which are impossible to predict but in long term you’ll always come out ahead if you invest in the right stocks what I recommend doing is just invest your money into index funds and text-decoration: none;">ETFs such as vanguard’s vo which mimics the S P 500 and yeah by doing that you don’t really need to you know worry about when to buy and when to sell just dollar cost average to the market buy these really easy stocks then spend your time and energy figuring

out how to increase your Income I mentioned this earlier but if you guys want some free stocks definitely check out Weeble and MooMoo they’re giving out a ton of free stocks and the links will be down below in the description all right fact number 19 is that if you make extra

payments on your mortgage until you reach 20 Equity that allows you to actually cancel your PMI Insurance PMI stands for private mortgage Insurance which is Insurance that you might be required to pay if you have a conventional

Loan and yeah it just basically protects the lender if you stop making payments this is required if you have a conventional Loan with a down payment less than 20 percent of the home’s value and yeah this isn’t apply to most people as conventional

Loans make up 82 percent of the entire U.S mortgage market now PMI depends on your Credit score and a bunch of other factors but typically it’s going to be between 0.5 to 1 percent of your Loan amounts per year so let’s say you have a

300 000 Loan that means that you’re gonna be paying anywhere between 1.5 to 3K per year in PMI so one thing that you can do is put extra money into your mortgage build up Equity and once you hit that 20 Mark you can actually ask your lender to cancel the PMI

or in some cases you may have to reFinance yeah getting rid of that PMI payment can save you guys a lot of money I actually don’t recommend for most people to put more

money into the mortgage than they have to because that money can typically be spent somewhere else to make more money but if you guys have already reached 20 Equity or more and you’re still paying PMI then something’s wrong and you better contact your lender to see if

you can get that removed Fact one is that the average adult between 25 and 34 spends 161 dollars per month on clothing people age 35 to 44 spend a little bit more 209 per month and building on top of that the average American pays 237 a month for subscription Services basically this just all means

that you are probably spending money on things that you don’t need every single month pretty much all of these subscription Services have increased their price is recently for example Netflix Amazon Prime so yeah take a look at your expenses figure out what you guys don’t actually need

to spend money on and yeah I think just knowing that the average person spends that much money on clothing should be a red flag we definitely don’t need to spend that much money on clothes we can literally just buy a wardrobe that works for us yeah just identify these things and cut them out

of your budget overall that’s just another scary fact about how much people spend on a stream category and the point is that it should just make you reconsider how much you’re spending on clothing as well as your subscription Services stock 21 is that 54 of people between the ages of 26

and 32 said that their emergency Savings declined during the pandemic 26 of Millennials actually had to withdraw from their emergency funds or Savings accounts and 51 million Americans actually increase their Credit card Debt

because of the pandemic more recently 36 percent of U.S adults tapped into their Savings to cover living expenses because of rising Inflation with Inflation nowadays at over nine percent it’s really important for you guys to start building

your Savings build an emergency fund and really really prioritize saving more money what I recommend doing is set up automatic Savings transfers every single month to build your Savings account and yeah find like a high Yield

online Savings account like Ally because right now a lot of them are paying up to two percent in interest back 22 is that only 12 of car buyers have ever renone;">Financed an auto Loan and 74 of homeowners haven’t reFinanced either refinancing can save you guys a ton of money and there’s

a chance that you can get a much better rate than the rate you got before now today since rates are so high this probably won’t apply to most of you guys but just know that refinancing is a technique that you can use to lower your monthly payments or to lower your interest rate for example

the average household that reFinance a 30-year mortgage in 2020 save over 2 800 in their mortgage payments annually on average consumers say that 52 a month by refinancing

car Loans when they want to reduce their payments because they were able to significantly reduce their Interest Rates so yeah this applies for all Loans and if you guys know got a Loan while you didn’t have that good of a

Credit score and over the last few years you’ve really increase your Credit score but maybe right now you can reFinance and get a

better rate of course right now with the rising Interest Rates this probably won’t apply to you but at some point in the future this is going to be extremely important because the Loans you’re getting right now at the current higher rates might be a lot

lower and you can just simply reFinance to lower it box 23 is that more than 60 percent of Americans still grocery shop in person I think that for a lot of people this just

does not make any sense grocery shopping takes a lot of time and mental effort and think that for a lot of people if you actually spend that time and effort you know building a business or increasing your Income that’s going to be a much better Roi than going out and buying

groceries this goes back to the concept of spending money to make money right you might spend maybe five or ten dollars more getting the groceries delivered than going in person but if you properly use that save time to make more money you should be able to see like a 10 to 20 x Roi so yeah right

now I rarely buy groceries I feel like it’s really worth it for me to actually just get them delivered and while that might not apply to you right now at some point in the future it will apply fact number 24 is that all of the world people are spending a ton of money on gas every single year

the reason why this is important is because there are tons of Credit cards out there that give three to five percent cash back on your gas purchases gas can actually be a significant portion of someone’s budget that’s especially true if they’re driving a really

gas hungry car so if you’re driving a car that gets like 10 miles per gallon it might make a lot of financial sense for you to actually trade that car in or sell it and buy something that’s a lot more fuel efficient and of course when you are buying gas use a Credit

card that gives you cash back rewards because over time that’s really going to build up and save you a lot of money and finally fact number 25 and this one is actually pretty scary but homeowners with lower Credit scores May pay a hundred three thousand six hundred twenty six

dollars more on a 30-year fixed mortgage than someone with an excellent Credit score so for example with a let’s say fair Credit score you qualify for a 6.688 interest rate but with an excellent Credit score you might get a lower rate of

let’s say 5.099 prioritizing your Credit score and making sure it’s high is one of the easiest and best things you can do you to save money on your mortgage I’ve made tons of CashNews.cos about how you guys can actually increase your Credit score

so I will link those down below but the thing is if you guys have a low score you are paying way more on your mortgage than you need to be so yeah don’t sleep on Credit scores because they really really impact how much money you pay in interest on all your

Loans anyways that’s it for this CashNews.co I hope you guys found these 25 personal Finance hacks are really helpful if you have a friend that would

benefit from these facts make sure to share this CashNews.co with them and yeah give it a like And subscribe if you want to see more content just like this I make ton of CashNews.cos about personal text-decoration: none;">Finance investing in entrepreneurship again thank you so much for your time and I’ll see you in the next CashNews.co peace