Wednesday, April 19, 2023 |
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Ramit Sethi's money rules to build wealth and enjoy life |
Self-made millionaire Ramit Sethi wants to make building wealth easy for you. The author of "I Will Teach You To Be Rich" and host of "How to Get Rich," a series which premiered Tuesday on Netflix, knows that the average person faces a constant barrage of money choices, which can make it hard to see the big picture. His suggestion: "Take all the decisions that you have to make in a given month — Should I buy this? Should I buy that? Should I return this? — [and] roll them up into a few simple money rules that make it really easy to make decisions." Among the rules he provided for CNBC Make It, one may seem counterintuitive to budget-conscious readers. Sethi suggests that you leave one category in your budget where you don't limit your spending. He doesn't restrict what he spends on health, books or fundraising for friends, for instance. The idea is to be intentional about using money for the things that bring you joy, which makes it easier to cut elsewhere. "Is there something in your life where you will simply always say yes? If so, make sure you can afford it." |
Money Tip of the Week: Spend less on clothes by renting If you feel like you overspend on fashion, you're in the very good company of Make It Success reporter Megan Sauer. She loves buying clothes, but, after her rent went up $1,500 a month late last year, her online shopping habit became a problem. "My nest egg dwindled. My walk-in closet ran out of hangers," she writes. Her solution: paying an $88 subscription fee to rent six articles of clothing per month. The move has shaved $53 off her monthly budget and now she's less tempted to keep up with TikTok clothing trends that contribute to the fast-fashion industry. Sauer's reporting found that renting clothes is more environmentally sustainable than buying them, but only marginally. She hopes to use her extra $53 a month to eventually buy more durable clothes that will last her years rather than weeks. "Renting isn't perfect," she writes. "It's good enough for me — for now." |
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Next Gen Investing: 75% of Americans don't trust crypto |
Americans are skeptical of cryptocurrency. Three-quarters of those familiar with it say they aren't confident that the current ways to invest in, trade or use digital currency are reliable and safe, according to a recent survey from Pew Research Center. Disillusionment among those who have actually purchased crypto assets could be playing a part in that figure. Some 45% of respondents say their investments have done worse than expected, with only 15% reporting better-than-anticipated results. Overall, the cryptocurrency market logged about $1.4 trillion in losses in 2022 as various crypto firms filed for bankruptcy and one prominent one — FTX — collapsed amid allegations of financial fraud. Although crypto prices have rallied so far this year, investors would be wise to keep an eye on consumer sentiment around digital assets, experts say. "Because it has no fundamental backing, crypto is a sentiment-driven trade," says James Royal, principal writer at Bankrate. That means any cryptocurrency holding is likely to be a volatile one, and experts generally recommend investing no more than you're willing to lose. |
Worth the Money: Betty Dain makeup protector hood — $6.99 |
There's nothing like putting on a full face of makeup before work, getting dressed and realizing that your foundation has smudged all over your shirt. You're probably thinking, "just put your clothes on before your makeup," which I've tried several times. The result: fallout from eyeshadow and pressed powder all over my outfit.
However, a TikTok scroll led me to my holy grail, a $6.99 chiffon makeup protector hood on Amazon. My outfits have remained makeup-free since buying the product two weeks ago, and I couldn't be happier. It's truly the little things in life that make a big difference. —Ashton Jackson, Associate Success Reporter |
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