Best financial advice will change your life

More likely than not you've received a lot of advice over the course of your life you've gotten advice on your education your career and even your relationships and while some advice is helpful most of it is not now i'm no different i've received great advice from very wise people and some suspect advice from some lesser parties and in this article i want to share with you the financial advice that changed my life and if you're new to the channel then hit the subscribe button below for more life changing content over the course of my life i've been blessed with having very supportive people around grew up with great parents a loving family and friend sand mentors that helped me shape the success i have achieved up until this point in my life and each of these groups of people have bestowed upon me their best advice which of course i took to heart for example my parents always pushed for me to get the best education possible so that finding a job and having a reliable stream of income would never bean issue for me they told me that this investment would help me live a financially prosperous life .

So i listened to my parents and obtained multiple degrees in diplomas in order to position myself for career success while this advice did get me a job it certainly didn't allow me to achieve any measurable amount of wealth in fact even with more education than my peers i was making roughly the same amount of money with double or even triple the investment it was at this point that i began to wonder whether the advice my parents had given me was right so for a while i contemplated why my parents would leave me astray and then it dawned on me that their advice wasn't wrong it just lacked a greater awareness what i mean by this is that they were not aware of how wealth is truly built and so they could only offer me advice based on their own life experiences in fact it was only when i began to spend time with people who had accumulated significant wealth over their lifetimes that i truly learned how i could personally begin to build my own fortune here are the five best pieces of financial advice from my mentors number one you're responsible for your in success before i get into all the other pieces of advice that have helped shape my own financial success.

I want to make it known that holding yourself and only yourself responsible for your financial prosperity is the key that unlocks the potential of all other pieces of wisdom you see so many people blame their financial struggles on others they say that their parents never taught them how to manage their money or that they're poor because the government taxes them too much but neither of these excuses or any other excuses for that matter will help you achieve true wealth now i too was in this position for a short time i was resentful towards my parents because their life path of getting good grades and securing a job didn't pay off as much as i was led to believe.


 it would even at my job i was upset that my employer wouldn't pay me more than they already were but then i realized that my financial success wasn't their issue it was mine and this realization led me to educating myself on how i could build new income streams and break out of my financial rutnow for many this is hard advice to accept it's so easy to place the blame on others but i can promise that doing so will not lead you to be rich and that the effort you'd need to put in to achieve true wealth will be worth it in the end number two self-investment is the best investment the single best investment you can make is in yourself warren buffett says it and so of all the mentors.

I have been lucky to have in my own life this advice is especially true when you are younger as you'll get the benefit of education for longer think of it this way who is going to benefit more financially the person who becomes a lawyer at age 72 or age 22 i think the answer is obvious and it's not just formal education or degrees that i'm referring to invest in yourself can mean anything where you are learning and growing it includes reading taking online courses getting certifications or even things like personal development programs you are your best asset the more you can invest in yourself the more valuable the asset becomes for instance what if you took an online cades to come in fact.

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You want to befinancially: 

If you're not where you want to befinancially then you are playing it too safe you are too worried about potential losses when you should be calculating the risk reward trade-off of making more financially powerful moves and financial risks doesn't just mean investing money in the stock market while almost half of americans do not invest in the stock market many more are avoiding lucrative opportunities due to their personal risk aversion for instance they may be stagnant in their career because they are too scared to make the move to a new company or enter a new line of work for others their hesitancy may relate to quitting their job to take their side hustle full time either way it's easy to fall into the trap of avoiding risks at all costs but you have to ask yourself if staying where you are monetarily is a better fate than taking the leap and progressing forward in your financial life you don't want to be one of those people who say when i was younger i wish i would have done this or seen that take the risks.

You need to now so that down the road you can benefit from the rewards these risks can offer number four find your own balance you hear it all the time the key to happiness in life is to have balance but what exactly is balance i used to aim for balance until i realized i was getting mediocre results in everything i did for instance when i tried to make money online i split my attention between a handful of different business ideas i tried to flip books online drop ship and even run an instagram business however none of these ideas panned out because i never mastered any of these domains since i was trying to manage all three his is why balance as most people think of it is a choke and it will cost you dearly instead commit all of your time attention and energy to one project or goal make significant process and then shift to another project or goal for instance when i started my you tube channel after having failed in all my other online ventures i promised myself that it would be the only platform.

I would focus on for the next year well one year has turned into three and now i am making an appreciable amount of money from this platform but it's because i didn't try to find balance and went all in i only bought courses paid for consulting and produced content around youtube which allowed me to gain enough knowledge to grow this channel to the size it is today sure this meant that at times i had to neglectother aspects of my life but i was okay with this because i knew it was temporary in fact i went through the same experience when i was studying for my cpa examine took off two months during the summer to study for my exam in september and would routinely have to turn down parties and other social outing sun fortunately this is the price of success.

And if your family and friend struly care about you and your well-being then they will understand therefore avoid the common advice that your life has to be perfectly balanced how you allocate your time should be directly related to the goals you want to achieve if this means building an online business then you may have to focus lesson school family or friends if your goal is strengthening your relationship with your family and friends then having a lifestyle that allows for the quality time the school will take is key to your success number five keep your expenses low when it comes to financial advice.

I always advise that you keep your expenses low i know that buying a new car or phone is exciting but i truly believe that keeping your day-to-day costs as low as possible has great value the reason is that keeping your expenses low provides you with one of the most valuable things on earth freedom you see many people allow themselves to fall victim to lifestyle creep where they begin to spend more as their income rises they justify to themselves that they have been working hard and deserve to spend their newly increased income but this mentality leaves them in the same and sometimes even worse financial situation than before they ever came into more money and as soon as you start taking on more commitments like a new car lease or an inflated mortgage you begin to restrict your ability to be free and this is very important for instance.

If you are living pay check to paycheck and are hit with a major house repair you may have to go into debt to cover the cost which can lead to anon going debt spiral and thousands of dollars in interest fees alternatively if you are no longer loving your job but have too many financial commitments to cover every month you may be restricted in changing roles even though doing so would make you infinitely more happy now avoiding financial commitments isn't totally avoidable but taking on as many month-to-month expenses over long-term commitments is advisable all so spending well below your means allows you the ability to save money that can grant you this leeway if you decide to make a major life change especially.

If you're young there will be plenty of time to be saddled with responsibilities but when you are young you want flexibility do this effectively and you'll have much nicer cars houses and less financial stress in the future thanks for watching if you want to go from the life you have to the life thanks.