Wed Nov 06 2024, by Tyler Gardner

Introduction

Here are the three most important money tips that I could ever offer you as a former portfolio manager. I'm Tyler, I'm a former financial advisor and portfolio manager. Now I make financial content for free so that you don't have to pay for it.

Tip #1: Do Not Spend More Than You Earn

Number one, do not spend more than you earn. If you already spend more than you earn, I can't help you because you're starting in the negative.

Tip #2: Avoid High-Yield Savings Accounts with Credit Card Debt

Number two, do not put money in a high-yield savings account as an emergency fund if you have credit card debt. Your credit card debt is your emergency. Earning 4.5% in a high-yield savings account does not beat having to pay a credit card company up to 30%. Do the math, you're still in the negative.

Tip #3: Invest in a Roth IRA

Number three, once you have one and two under control, you need to put 5% of every one of your paychecks into a Roth IRA and invest it in low-cost, broad-index funds. Yes, you're gonna give up some current consumption and yes, it's going to be hard, but the only way to stop living paycheck to paycheck is to invest and outpace inflation in the long run.

Conclusion

And if any of this is helpful, like and follow and I'll keep trying to get you one step closer to where you need to be.

Source