HOW TO GET RICH, QUICK

How to get rich, quick!

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Pay yourself first. Always. Track your spending diligently for a three-month period. When online shopping, wait 24 hours to hit checkout. Don’t try to keep up with the Joneses — they’re up to their eyeballs in debt. Probably don’t even like each other. Tiny expenses need to be closely monitored — small leak will sink a great ship.

A sale’s only a good deal if you need the item in the first place — 40% off is still 60% on. Don’t carry a credit-card balance. Think twice before co-signing a loan. Not saying never do, but think twice. Three times, actually. ‘Buy now, pay later’… hmm, seemed like a good idea at the time. Start investing as early as you can —

compounding is your best friend and time is its. Time in the market beats timing the market. Keep your investment fees low — when it comes to investing, you get what you don’t pay for. The best way to avoid panicking during stock-market corrections is not to be paying attention in the first place. Stick with your long-term investment plan,

don’t get caught up in hot trends. Even The Wealthy Barber hat. Is it really wise to take a stock tip from your buddy who still owes you $140? It’s hard, but try to hit the 20% down payment mark to avoid CMHC insurance. Attempt, if possible, to get money from your parents or grandparents and never pay them back. Buy a smaller house — lower property taxes, insurance, utilities, mortgage payment. And cozier!

Be very wary of lines-of-credit: often, you don’t have one, it has you. They are NOT a second income. Shop around for your mortgage. Make sure you have enough life insurance. Consider bundling your home and auto insurance with one provider and raising your deductible. When traveling make sure you buy proper travel health insurance.

If you have a generous employer match with your group RRSP and you’re not taking advantage of it, I’m mad at you. It’s usually, but not always, better to delay taking CPP and OAS. Honest! If you’re saving for a first home, you MUST check out FHSAs now! Don’t even watch the rest of this video. Talk money with your partner openly and regularly.

Stop teaching your kids about money when they’re too old. Get at it when they’re young. Keep an updated will with an updated net-worth statement and make sure your executor knows where to find them. Get on top of your Powers of Attorney. Listen to The Wealthy Barber Podcast — the guests are amazing and overcome the host. Cars are the ultimate savings killers.

Wanna spend less one month? Go to cash, no cards. Gambling is giving. Stop doing it.