The Money Post
Today’s Ten Things Thursday is dedicated to my new boyfriend, Ramit Sethi. ( He doesnt know he’s my boyfriend yet, but thats ok) jajaja…
He is the author of this very cool book called “I Will Teach You to be Rich“- which my friend gave me a few days ago. It is a great book on finances and handling your money that is written specifically for those of us in our twenties/thirties. It is funny and easy to read and he really breaks it down. I am only on chapter two but already I have learned so much and have begun to apply his rules. He also has a website: iwillteachyoutoberich.com, which I really recommend. I dont necessarily want to be rich, but I do want to be better about money and finances in general. A lot of it is also basic stuff, but I think its always helpful to review…
I wanted to post this because artists in particular struggle with finances, since we juggle different “survival jobs” as we pursue our careers. So its not as easy for us as “civilians” who have “normal” jobs/lives. I hope you find it useful.
Ten Things I’ve Gotten so Far from Ramit Sethi:
1) Identify your reasons for WHY you want to be rich. ( travel more, shop more, work less, etc) .
2) Get started!! Even if you only do it 85percent- its a lot better than doing nothing at all. (This one was a big one for me, since I tend to get overwhelmed pretty easily). So do one little thing a day (call your bank, transfer $5 to savings, whatever, jsut start somewhere! It will snowball from there!
3) Make sure your checking/savings accnt is a no-fee no minimum balance account. If its not, then change it!
4) Open up an on-line checking savings account. They have higher interest rates and little to no fees.
5) Always pay your credit card bill in full, on time (so that you dont pay any interest!)
6)Set up automatic payments with your checking accnts so that you dont “forget” to pay a bill, and so that its easier to keep up with your goals. I think alot of comapnies also offer perks for setting up autopayments, like a reduction in interest. I know this is true for my student loans. 😉
7) Get your credit score (myfico.com) and credit report (annualcreditreport.com) and make sure its accurate . If your score is not great, focus on getting it higher. Visit the MyFIco forums for tips….
8) Track your spending. (Iwas already doing this) . Writing it down makes you more aware and will make you think twice about what you spend your money on.
9) Pay more than the minimum on loans/etc- so you pay less interest.
10) Get a credit card with rewards/points. ( but no more than two to three!)