I find the field of behavioral finances intriguing. So when I was asked to contribute a guest post to ESI Money, I was eager to focus on 10 tips that we can all use to better manage and grow our money.
Of the ten tips, here’s the one with the greatest super power – Don’t Follow the Herd. While this tip usually refers to jumping into stocks when everyone else is buying (and the price is high), this advice carries over to all aspects of becoming financially independent. When your family and friends tells you it’s time to buy a house or get a new car or blow your bonus on a vacation, that’s herd mentality. To build financial independence, you have to go against the herd by living below your means. It’s really just a matter of aligning your spending with your values and priorities. And if you do that one thing, you will hit a point in which you have enough money saved up to do whatever you want – even quit your job – while your friends are struggling to pay their mortgage and car loans.
If you’d like to join the financial independence movement, enroll in the Early Exit Academy. Our first course, for Young Escape Artists, is now “live.” And we offer a one-time $200 discount – but it expires on April 15. So climb on board the freedom train!