5 Financial Resolutions to Set for 2020 | Phil Town

TL;DR

Set financial resolutions for 2020 to improve your financial fitness, including stopping new debt, saving for retirement, cutting back on expensive habits, investing in financial education, and building a watch list to buy stocks when they're on sale.

Transcript

hi you guys I've filled town from rule 1 invested and today I'm gonna discuss five financial resolutions I think would be great for us to all set in 2020 [Applause] January 1st will be here really soon so it's time to start thinking about your new year's resolutions now many people make resolutions about losing weight or exercising more all good I'... Read More

Key Insights

• 😫 Setting financial resolutions can help improve your overall financial well-being and set you up for a prosperous future.
• ✋ Stopping new debt is crucial in order to pay off existing debts and improve your financial situation.
• 🍉 Saving for retirement early and taking advantage of compounding returns can significantly impact your long-term financial success.
• 🥶 Cutting back on expensive habits can free up funds for investing and building wealth.
• 👨‍🏫 Investing in your financial education is essential as personal finance is often not taught in school.
• 🥺 Building a watch list of companies and buying stocks when they are undervalued can lead to long-term wealth accumulation.
• ✍️ Putting financial resolutions in writing and making a promise to yourself increases the likelihood of success.

Questions & Answers

Q: Why is it important to stop taking on more debt?

Taking on more debt makes it difficult to pay off existing debts and can put your financial future at risk. By making a promise to yourself to stop taking on new debt, you can focus on paying off your existing debts and improving your financial well-being.

Q: How can I start saving for retirement?

Start by setting up an IRA or a 401(k) plan and take advantage of any employer matching funds. If you already have an investment plan, resolve to increase your retirement savings this year. Remember to pay yourself first by putting away money before paying bills or expenses.

Q: How can I cut back on expensive habits?

Identify expensive habits that you can reduce or eliminate without feeling like it's a big sacrifice. For example, you can eat at less expensive restaurants or indulge in luxuries less frequently. By cutting back on these habits, you can free up funds for investing and building your financial future.

Q: Why is it important to invest in financial education?

Personal finance and investing are not commonly taught in school, so investing in your financial education is crucial. Look for helpful information in books, podcasts, and videos to improve your knowledge on managing money and growing your wealth. This self-education will have long-term benefits for your financial success.

Summary & Key Takeaways

• Make a promise to yourself to stop taking on more debt and pay off existing debts.

• Start saving for retirement as early as possible to take advantage of compounding returns.

• Cut back on expensive habits to free up funds for investing.

• Invest in your financial education through books, podcasts, and videos.

• Build a watch list of companies you understand and buy stocks when they are undervalued.