Money skills.

 You NEED to know these MONEY skills:

1. Distinguish Needs from Wants: Focus on essential expenses rather than desires.

2. Consider Buying Used Cars: New cars depreciate quickly. A used vehicle serves the same purpose at a lower cost.

3. Save an Emergency Fund: Aim to set aside 3-6 months of living expenses to avoid debt during unexpected events.

4. Create a Budget: Have a clear plan for where your money goes each month.

5. Understand Taxes: Knowing about taxes can help you retain more of your income. Familiarize yourself with deductions, credits, and tax-advantaged accounts.

6. Get Proper Insurance: Safeguard yourself with health, life, and property insurance to prevent financial disaster from accidents.

7. Avoid Impulse Buying: Before purchasing, evaluate if it’s a necessity. Wait 24 hours before deciding on non-essential items to see if you still want them.

8. Think Long-Term: Make choices that benefit your future rather than seeking immediate satisfaction. Practice waiting for rewards.

9. Prevent Lifestyle Inflation: Just because your income increases doesn’t mean your spending should. Instead, focus on enhancing your investments.

10. Learn to Cook: Dining out can be expensive. Cooking at home is often healthier and saves money.

11. Invest in Quality: Spending more on durable, quality items can save you money over time.

12. Build a Strategic Network: Cultivate genuine relationships that can lead to new opportunities. Helping others can often lead to mutual benefit.

13. Be Cautious with Lending to Family: Money can strain relationships. If you choose to give, do so as a gift rather than a loan.

14. Value Experiences Over Things: True happiness comes from relationships and experiences, not just financial wealth. Invest in memorable experiences.

15. See Money as a Tool: Money should enhance your life, but it isn’t the ultimate goal. Focus on what truly matters.

16. Practice Patience with Wealth Building: Accumulating wealth takes time. Understand that growing your finances isn’t an overnight process.