How to Win Financially and Influence Positive Change in the World

Financial Reminders for the Next 3 to 5 Years

Have $1,000 in a savings account. (Preferably in an online savings account. They have higher returns but can be harder to fund than a local bank.)
Use the Electronic Google Sheet budget to control your spending. At the end of the month, move all left over money into your savings account. Remember to...
Pay yourself first. Put at least 20% of your paycheck into your savings account. (Remember, most savings accounts will not let you pull out money more than 6 times in a statement cycle)
60/20/10/10 Rule! 1st 60% is Spending. 2nd 20% is Savings. 3rd 10% is Investing. 4th 10% is Charitable Contributions.
As soon as you have $1,000 in the emergency/opportunity fund continue to save at least 20% until you have 3-6 months of expenses saved.

High Security jobs (teacher) = 3 months

High Risk Jobs (software programmer) = 6 months

Retirement preparation starts now! Save an additional 10-30% (20% Savings + 10% investing) in an IRA, Roth IRA, 401k, or 403b. If your employer matches your 401k then maximize their contribution first and then fund a Roth IRA of your choice.
Never pay full price for anything. Buy food based on Unit Price (look for the lowest unit price). Buy furniture, etc. using classifieds, pawn shops, or recyclers (beware of bed-bugs). Buy high quality used cars with verifiable service records from reputable sources (trusted family members and friends who take care of their possessions, certified pre-owned with included warranties).
Use Saved money for large purchases. Never finance (use a Credit Card to make large purchases). Anything that costs less than $5,000 really should come from saved money. Auto/Home purchases greater than that could possibly be financed; so long as the terms make financial sense.
Buy the car based on purchase price, not monthly payment price. If borrowing money, have terms no longer than 3 years. You need 5 years of Revolving (Credit Card) and 3 years of Installment (Auto or Student Loan) Credit History in order to get the best Mortgage rates.
Have a simple, small, home-based-business. There are tax advantages to be found here, plus it can help in times of unemployment and also brings you closer to your friends and family as you spend time working together.
Get a Paper Shredder! Shred all financial documents and financial junk-mail.

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