11 Easy ways to end your money worries to start 2024

 

The wealthiest 20 percent of Americans own 84 percent of money. The planet’s top 20 percent corner 85 percent of money. These numbers are shocking. Money is more powerful than governments. 

Money is a means, not an end. Money is for freedom, not slavery; for security, not worry. Unless money is used to give you greater freedom and happiness, accumulating money is a burden.

Be specific. You want to be free of money worries? Fine, but what does this mean? Enough to live with no income for six months? Two years? Having a particular sum of money in the bank?

Can money buy happiness?

Yes, if you’re poor. “Money is better than poverty"

If we’re starving or homeless, money can bring a better life. But beyond a certain point a surprisingly low point more money doesn’t deliver more happiness.

Read more: 7 Richest women in the world in 2023

There are many difficult ways to save. Budgeting is one. Budgeting doesn’t work because unexpected expenses always blow you off course. Happily, there’s an easy route to saving.

1- Save and invest 10 percent of your income before you receive it by having it automatically channeled into a savings account. 

2- Do this as early as you can in life which means NOW! Frankly, this is 95 percent of the advice that anyone needs. This is the easy way to end your money worries. No other way is remotely as powerful.

3-No investment is as good as paying off your credit card debt.

4- The next best investment is to “retire” all your other debts. Start with the most expensive. Even though mortgage, property bond, interest rates are now very low, it’s almost impossible to find an investment as attractive as paying off your mortgage, when you have the savings to do so.

5- Cut up your credit cards. You’re bound to spend less. If you need a card, get a debit card so you can only spend what you have in the bank.

6- Be more selective in buying things. Only spend money on the few items that really make you happy. Spend more on the 20 percent that gives you 80 percent of pleasure, and less on the rest.

7- Ask yourself, “Do I really enjoy this item I’m spending money on? Is it really in the 20 percent of items giving me 80 percent of satisfaction from spending?” If not, cut it out. You’ll have more money for the best 20 percent of spending and more life energy too, you won’t need to spend so much time earning.

Read more: How to get health insurance if you are unemployed

8- Go for cheaper items that deliver most of the benefit. A two-year-old car may be 95 percent as beneficial as a new car, at just 60 percent of the cost. Second-hand furniture may cost only 20 percent of the new price.

9- With spare cash, buy assets that promise income or an increase in value: for example, any sort of land or property, art, or collectible items. Pick anything that delights you and appreciates.

10- Save half any pay raise. Increase your automatic saving before it hits your bank account.

11- Spring clean each year get rid of the clutter. Give away the small items, sell the valuable ones, and invest the proceeds.

You can go ahead and instruct your bank to deduct 10 percent of your monthly income and put it into a savings account. You can then look forward to a life without money worries. Or you can do nothing.

Go ahead. Do it now. It takes five minutes to arrange. The benefit, for the rest of your life, will be enormous.