Only 1% of People Know These 7 Money Hacks | How To Manage Money Like The Rich #Best Education Page #Online Earning

When you think of what differs between the rich and the poor what comes to mind

the size of their house the car they drive and of course how much money they

have in the bank these are all logical answers however what truly separates

these groups of people is their knowledge on how to best manage their

money and in this video I will share with you seven money hacks that only 1%

of people know so you can start to manage your own money more effectively

and if you're new to the channel then hit the subscribe button below for more

life-changing content ask the average person and they will

tell you that managing their finances is a chore that they would rather do

without and sadly some people forgo managing their money altogether but

that's a topic for another video the reality is that most people Drudge

through the management their finances from tracking their savings to

remembering to pay their electrical bill well you would assume that the rich

spend more time managing the money than the average person

the truth is that in most cases they spend way less time allowing them to

focus on activities that will only further increase their wealth so in what

ways are the rich making money management a simple task here are seven

things that will help organize your finances and put you in the best

financial position of your life number one open up the right accounts the first

step in building an automated financial management process is opening up the

right accounts whereas most people operate with a single checking and

savings account the strategy is an ideal if you want to make managing your money

as simple as possible you see if you only have one or two

accounts open you'll have to start moving money around every month and this

can be a hassle instead you will want to open up multiple accounts that will each

have their own designated purpose so what accounts should you open

besides these standard checking and savings account you will want to open up

an emergency fund and an investing account so that all your financial

categories are covered number two set up automated deductions in the United

States eighty-two percent of workers are paid via direct deposit and if you make

up this majority then you were definitely able to leverage the power of

automated deductions to be frank one of the best things I have ever done for my

finances was setting up automated deductions for my pay with my employer

in essence what these deductions allowed me to do was divide up my paycheck and

send portions of it into their respective accounts what I initially set

up this process allocated 10% of my after-tax

income to my savings account 10% to my investment account and 5% to

my emergency fund now as they have earned more money and a fully funded my

emergency fund I have now switched to sending 15 percent of my income into my

investment account and once you begin to employ this technique in your own

financial management plan you will realize that over time you will need to

allocate your income where your money can be best used now I think this

automation technique works for so many people for two main reasons

first it allows you to pinpoint exactly how much you want to save and invest as

long as you set up the deduction percentage properly you can rest assured

that you'll be putting the correct amount of money into their respective

accounts every single month second using automated deductions removes the need to

constantly think about your finances and in my case allow me to focus on other

important things like improving my skills in order to make more money so in

order to streamline part of your finances you should definitely be

leveraging the power of automated deductions number three automate Bill

and credit card payments paying bills is a drag but trying to remember to make

timely payments only further adds to the pain as such you should always use the

power of automation to ensure your bills get paid in full and on time now there

are two ways you can set up automated bill and credit card payments the first

is to have creditors automatically draw out the bill balance every month from

either your checking or savings account since you probably already have one of

these two accounts open although it will take is a few calls to your service

providers and the withdrawals will start on their own the second option is to

open up a bank account specifically for bills this approach has both pros and

cons the benefit of this approach is that it makes reviewing your bills on a

monthly basis easier since the account has been set up strictly for this type

of expense however the con is that you can risk going into overdraft and

incurring banking fees as a result you see if the creditor goes to pull a

payment and you don't have adequate funds in that account

your bank will cover the withdrawal amount and then charge you a fee for

doing so this likely won't happen when routing the deduction from your savings

account since that's where a large chunk of your free cash will be but it doesn't

mean that you should forget about using a bill payment account

to mitigate this risk when you first open your bill payment account put one

to two times your normal monthly expense amount instead account while insuring

that you also have set up regular payment deductions with your employer to

cover the ongoing withdrawals overtime number for leveraged expense tracking I

am a big advocate of tracking your expenses manually as I believe it makes

you a more conscious spender however I realize this method isn't for everyone

luckily there are numerous apps out there that can keep track of all your

expenses and require no effort on your part

for instance the app mint allows you to connect your debit and credit cards so

that you can see changes in your spending balances and bank accounts in

real time this means that there is no need to write down that five dollars you

spent on coffee or the cost of drinks at the bar that somehow you can't remember

the only two caveats when it comes to relying on automated tracking software

is security and non connected spending like all forms of technology finance

apps are susceptible to hacking and information theft and while apps like

mint have a great track record in keeping your information safe you need

to be aware that there still exists some risk that your personal information

could be stolen the second caveat to this money management technique is

remembering to track your non connected purchases for instance the Apple track

all debit and credit charges in real time but when you pay with cash this

tool starts to lock and its effectiveness well you should be

charging everything to your credit cards to receive either points or cash back

there are times when paying with cash is the only option available and it's

important to keep tabs on where this money goes number 5 monitor your credit

money coming in and going out is obviously an important aspect of your

finances to have under control but another critical aspect is your credit

when most people think of credit to think of applying for a mortgage and

there's no doubt that credit plays a big part in the home buying process however

whether you realize it or not it affects numerous other aspects of your life

first as you know having bad credit can limit your ability to obtain a mortgage

but it can also impact your housing situation and a much broader way most

landlords run credit checks on their tenants and not having good credit may

mean getting refused for the property you want to lease besides affecting your

living situation it may also impact your ability to join the 20

for a century and have a phone when you sign a phone contract the phone is

relying upon your monthly payments to cover the cost of the phone and if you

have a poor history of repayment then you may find yourself without a phone

what most people don't know is that having bad credit can also hurt your

ability to make money it is becoming more and more common for employers to

run credit checks on their prospective employees and you wouldn't want to lose

that on your dream job just because you neglected your credit moreover when you

have a good credit you can usually get the best interest rates on the lines of

credit which many people then draw from and put into the stock market however if

you can only get loans with an inflated interest rates then again you will have

to give up another way to increase your income so how do you avoid these credit

pitfalls and monitor your credit more diligently well services like Credit

Karma allow you to not only track your credit but they also give you

suggestions on how to improve it and in some cases go to work for you to

challenge the negative marks in your credit history plus a lot of credit

services have apps that can be very useful for a few reasons first how many

a credit score app will allow you to check your credit health which is an

obvious benefit but it will also keep the thought of financial credit in the

forefront of your mind which is an added bonus

so in times where you be tempted to rack up a little are charged on your credit

card and increase your credit utilization ratio which negatively

impacts your credit score you will instead think twice and maintain your

pristine credit record so we'll help you avoid those terrible situations I just

explained number six eliminate automated spending now I know we are trying to

make our finances simpler by automating where we can but one of the exceptions

to this process relates to automated spending credit cards and housing bills

aside credit cards have made it too easy to sign up for monthly services and many

of these services deserve to be scrutinized monthly for instance if you

have an automated payment setup for your gym membership and can either remember

the last time you lift it away then it's worth assess in this expenses value on a

monthly basis I to a fallen victim to the automated payment trap for the last

year I've been paying for a Netflix subscription that I probably used a

handful of times needless to say I wasn't getting my money's worth and that

hundred dollars would have been better spent on a nice night out or remaining

in my bank account therefore for all automated spending

outside bill and credit card related expenses put their payments on manual

mode and review the monthly to ensure you only spend the money you need to

number seven outsource tax health besides the word budget the next worst

financial term that makes just about everyone cringe is tax the process of

paying tax is not only a costly one but can be an administrative burden if you

let it be you see tax software like turbo tax has

become very popular as it allows people to file their own tax returns and save

on the cost of a tax accountant now I may be biased because I am an accountant

myself but I truly believe it's worth the money to outsource your tax filing

responsibilities for two main reasons first hiring attack specialists can save

you hours of trying to figure out what forms to fill out and what documentation

you will need to support your claim moreover trained tax professionals have

the experience and knowledge to be able to maximize your return even with my tax

knowledge I had tax specialists find ways to lower my taxable income and

maximize my return and while I was reluctant to pay for tax help initially

I easily recovered the cost with the extra tax savings the individual was

able to identify therefore besides being able to ensure you submit an accurate

and complete tax return outsourcing your filing will save the hassle of dealing

with taxes and I think that's something we would all love to avoid thanks for

watching if you want to go from the life you have to the life you deserve then

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