How To Manage Your Money Like The 1%
Channel: André Mariano
Date: 2021-01-14

How To Manage Your Money Like The 1% and become rich yourself! Joining the 1% takes time, but these tips alone will help you jumpstart your wealth to a new level. Feel free to add me on Instagram: AndreRMM

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1) TRACK IT - The number one thing I do differently is, I actually know where my money goes. If you're not tracking your expenses I guarantee you won't remember how many times you ate out, or bought some random gadget. And if you don't know this, you will Overspend. Using a phone app is extremely easy and it should be your starting point. After 2 months you'll be able to play with your financial statement, knowing where you are overspending and finally be able to save some money! 

2) SAFETY NET - What would happen to you right now if your main source of income dried up? have you ever thought about that? Having at least 3 months worth of essencials on an high savings account is a Must. This safety net account is only to be touched, you guess it, if you're falling.

Feel free to have up to 12 months worth of essencials on this account if you are not easily emploayable. Not everyone can get a new job within 3 months, so consider your own scenário and plan ahead.

3) PAY OFF BAD DEBT - Bad debt is the number one financially freedom killer. Paying it off however will probably be the easiest and safest investment you'll ever make. Some credit cards will charge you 12% interest. So paying it means that you're getting a 12% ROI! When compared to the 8% average of the stock market, this is 4% extra that you earned with zero risk involved!

You can either use the avalanche method where you pay the highest interest first, or the snowball method where you pay the smallest debt first. The first method is defenetly the one that will yeld a better return however, some people will feel better with the second one as they will be crossing debt from the list faster.

4) STOP THE CLUTTERING - I'm a very minimalistical person. I never buy something I don't need, and if i do want to buy something i delay it for at least a week just to make sure I actually need it. I'm not telling you to join the amazing world of minimalism but, have you ever looked at everything arround that you own? What you have in your shelves, and drawers? Do you use all of that? I bet some stuff you barely or even never used! So why have this? Just sell it on ebay and get some cashback, and next time make sure you actually need it before you buy it.

5) RETIREMENT PLANT - The easiest passivest way of actually doing this is by indexing your money. This should be a side fund that you add to everytime you can. it can be monthly/yearly/weekly until you decide you want to retire. I like to buy one that follows the S&P-500 as i like to bet on america but it's up to you to pick. you can go less volatile with bonds or world etfs, or more volatile with tech etfs like ARKW, but at the end of the day, this is meant to be a magic piggy bank that will multiply your money over the years so you can retire a millionare even if everything else fails.
I'm not joking by the way. investing on the sp500 300$ a month over the course of 45 years, will ensure you'll retire a millionare. imagine if you put more than that in.

6) INVEST AS MUCH AS YOU CAN - I'm sure that if you follow the other steps, you now have some extra money on your account. Invest it. I mean stocks, I mean Real Estate, I mean Real Estate.
When you start investing your bank account will just change. your account manager won't even recognize you. This is the most important part of it all if your goal is to not only have a good life, but you want a great life. See, all those other steps are just the foundation but this step is what is really going to make you part of the 1%.
Investing has risk, but if you ask me, the risk is not to invest. I have a ton of videos on investing so i'll let you explore the channel when you get to this step!

Those were the biggest points that have help me get to where I am today and hopefully they will help you as well on this journey. Don't compare yourself to others, we all have our own road ahead of us, all of us have different needs and personalities, and it's about you feeling good about yourself, not about being better than other people.

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Disclaimer: everything on this channel should be taken as a form of entertainment. If you do decide to invest in any subject covered in this channel, understand that you're putting your money at Risk!

#moneymanagement