5 Personal Finance Lessons I Learned at 16

If you apply these lessons, you will reach your financial goals.

Are you tired of feeling like you’ll never be able to achieve your financial goals? Do you feel like you’re constantly being bombarded by ads and pressure to buy things you don’t need? It’s time to take control of your finances and start living the life you deserve.

In this blog, I will teach you a minimalist approach to personal finance that can help you get out of debt, save money, and achieve the financial freedom you’ve always wanted. Say goodbye to the stress and worry of financial insecurity and hello to a brighter future.

I want to tell you in this how you can simplify approach personal finance with not spending much time on it.

Spend Less Than You Make

importance of budgeting

It sounds easy to say spend less than you make, but today are so many ads for new things that you want to but. I personally bought two years ago way too many board games and was thinking I will play them all. It would be better if I bought only one or two instead of six. Often there are not enough people to play board games as I thought. So I started two years ago with budgeting all my expenses and what I bought. So I have a rough overview of what I spend.

I personally always look that I am not spending too much money on expensive food and subscriptions. I only have a medium subscription.

Action Step

So you should look in your budget book for the biggest expenses that probably are rent and food. Rent is not so easy to change, but you should look to don’t spend too much on food you need.

If you buy something, always wait 24 h because in 90% you don’t really need it anymore.

Watch financial YouTube channels

I personally watched in the past when I was new to finance a lot of financial videos to get a better understanding. I would definitely recommend you the Ben Felix and Andrei Jikh channel. Furthermore, I would recommend you to watch sometimes during the week YouTube videos about finance not only from this channel also general about subjects that you are interested.

D. Avoid Lifestyle Creep

When I was younger about lifestyle creep which are things that you think you need at the moment, but then you notice they are not really good. I bought a few years ago a fidget spinner and only used it some weeks, and then it just lay in my room.

You can easily avoid it with waiting 24 hours before you buy something.

Advertising and Pressure to Buy

Sometimes in the past I felt pressure to buy something because everybody had it, so I bought an air up because I drink lots of water, and it was so popular. Later I sold it after 4 months.

This shows that so many people buy something without really needing it. It is just normal that you sometimes buy something that is in trend, that's also the whole strategy from marketing that they want you spend as much money on trends. They also use famous people or influencer for this that you maybe resonate with them.

Action Step

You should just stick to the basic tip: think if you really need it and if yes wait 24 hours and then ask you again.

F. Be Clear Why You Want to Be Financially Free

I have a clear financially goal that to have more than 1 million net worth with 30, because I have than the freedom to take some days work off and also do the activities that I want. It is important for you that you know why you are doing this and what your financial goals are. It helps you to stay motivated because you know the reason and exactly how much you need.

Action Step

So take after this blog time to think why you want to this and what your goal is like having 1 million with 35.

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After knowing how to have more money, you should read how to get discipline to complete the tasks that you need to do.