Money expert Ramit Sethi shares his 3-step strategy to save money while eliminating debt. (via CNBCMakeIt)
My recommendation is to put 30 minutes in your calendar each day for that long-term goal that you've always wanted to do.
Sethi: There are three parts here: C.E.O. The first is cut costs. The second is earn more. And the third is optimize your spending. Let's go through them. To cut costs is one you are familiar with. You should cut costs and you should have somebody else look at your expenses. They'll quickly be able to tell you 10% to 15% more that you could cut.
The second and more important part is 'E,' [which stands for] 'earn more.' See, there's a limit to how much you can cut, but there's no limit to how much you can earn. Whether it is negotiating your salary when things get back to a new normal or whether it is starting a business right now so you can increase your earnings, that's powerful.
My best advice is to do the fundamentals. Automate your savings and investments and remember a rich life is lived outside the spreadsheet. That means travel, that means relationships, that means feeling safe enough to take risks.Sethi: A simple way to do it is to ask your friends,So you're known as the person who's really good at keeping your apartment organized or who's really good at relationship advice. Write those answers down and ask 10 people.
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