How to Stop Spending, Grow Wealth, & Live Intentionally | Ep. 1 | Winenance Wednesday
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What you’ll learn in this episode:
The importance of spending intentionally, building wealth through investing, and living a more intentional life.
1. Being intentional about what you really want out of life, and then building your monthly expenses around that. It's ok if you want a fancy car - but make it's what you want because you're passionate about high-performance cars, and not because it's a supposed symbol of success.
2. Spending intentionally means you're assessing your spending habits, tracking which categories you're spending the most in, and then identifying where you can cut back. Once you cut back, you then free up money that can be invested and help you build wealth.
3. Growing wealth rather than risking losing money due to the rate of inflation. Yes, the money in your bank account is losing value due to inflation (even if you're getting a small percentage of interest from your bank). But when your money is invested in low-cost broad market index funds, for example, then your money is actually working for YOU, and one day you won't have to work for it.
4. Financial Life Goals tie together your life goals and your financial goals together. For example, if you want to save money for an emergency fund, your financial goal would be to calculate how much your monthly living expenses are and then saving 3-6 months worth. But your life goal would be: to free myself of the stress and anxiety of how I am going to pay my bills should my income unexpectedly cease.
Resources mentioned in this episode:
- Qube Money - Digital Envelopes (here).
- Workshop: Building Wealth in Your 401K (here).
Want to continue the conversation? Join us Wednesday at 8 pm ET on YouTube & Facebook Live for our weekly Financial Independence show: Winenance Wednesday!
Need help tracking expenses and building your wealth? We’re big fans of these apps and tools:
Qube (use Promo Code: WINENANCE25 for 25% off Lifetime Memberships through 12/31/20)
Personal Capital (Get $20 when you use our link)
Disclosure: some of the links above are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and sign up to use these tools.