Money is important. In fact, we’re willing to bet that a good part of your life, as it is with most people, revolves around earning it, managing it, or at least making sure you don’t lose it in silly ways.
This is easier said than done, because there are many ways to make money, but there are infinitely more ways to spend or have it taken from you. Almost everyone in the world would prefer the money in your account was in theirs.
So, for this reason, it’s important to be mindful about how you organize your finances, how you grow in financial literacy, and how to protect your position going forward. In this post, we’ll discuss how those practices can help you squeeze the most from your position and benefit as a result.
Review Where Your Money Actually Goes
Budgeting sounds like a job in itself, but it’s less about numbers and more about awareness that can see you right throughout a lifetime. Plenty of people just keep moving without checking their balance and thinking through costs and income in their head, which often means little spending stacks up before you realize how much has quietly slipped away.
Once or twice a year, go through the last few months of expenses with a fresh set of eyes to make decisions about your direction. You’re not trying to shame yourself here of course, just spot the patterns. Then, gently cut what doesn’t add anything. That way you’re not trying to squeeze pennies, you’re just plugging holes and giving yourself a clearer picture of what’s possible.
Get Smart About Taxes and Location
Now this is important, and something those who have come into wealth or higher earnings can benefit from, especially if you’ve moved or work internationally. A lot of people leave money on the table just because they didn’t know it was there to begin with. As such, if you’re living or working overseas, it’s worth looking into tax savings for Americans abroad. You might be able to legally shield more of your income than you thought, just by claiming the right exclusions or credits.
The same goes for anyone freelancing or remote working, as where you live and where you earn might not be the same place, and that opens up a few options most people might not know.. A conversation with an accountant who knows this stuff can often pay for itself.
Focus On Building Flexibility, Not Just Growth
It’s often said we should chase the highest returns when earning or investing, but stability often wins over time. That doesn’t mean avoiding growth, just making sure you’re not locked into plans that make it hard to adjust when life changes or circumstances alter, which they do, all the time. Just look at how the political situation in many countries has caused huge changes in financial behavior over the last two decades. That means implementing saving strategies, diversifying investments, and also curating multiple income streams if possible.
With this advice, we hope you can more easily squeeze the best from your financial future.
