“If you think nobody cares if you’re alive, try missing a couple of car payments.” — Earl Wilson
- Do you ever go to the gym and get pissed off because they have equipment from the 80s?
- What about when you use your mom’s old desktop pc to get some writing done?
- Don’t you hate it when you don’t have the right tools for the job?
Personal finance is no different. You need the right tools to dominate your finances and save more money than ever before.
When you first start working out, you want the right equipment. When you write an essay, you want a solid laptop to make typing easier. When you want to try to double your money, you need the right financial tools.
What’s the biggest problem with saving up FU money and paying off that annoying debt?
Making moves in the right direction.
You see, getting ahead seems impossible when it comes to money. I totally get this. Readers always tell me how much it sucks to be in debt. They email me for help. I do my best to share the theories that will help them. But execution is key. In order to executive effectively, you need the right tools on your side!
Why have any disadvantages? Why not fully exploit everything available to you?
What financial tools are a must?
A while back I wrote about how I saved over 25k before 25. I wasn’t trying to brag. I just wanted to show you proof that financial goals can be met (even when you’re an immature fool like me).
I also wanted to give you the framework for what you can do to save money and crush your financial goals. When I finished the post I realized that I didn’t include any of the tools that I used.
What financial tools will help you dominate your finances and save money like a stud?
[Note: I’m not afraid to list real tools that I use. I don’t like to throw out vague ideas. These are the tools that you need. I’m not shy about throwing out names and promoting products. Yes, I do earn a commission.]
A free and user-friendly checking account.
Is your checking account that important? YES. This is what you use to get paid, to access your money, and to pay the bills. I’m tired of seeing young people get nickel-and-dimed to death. You need to keep more money in your pocket. Stop putting up with crappy customer service and paying random monthly fees.
I have nothing against “bing banks,” but if you want to save more money, and have easy access to YOUR money, you need to join Capital One 360. This is the account that I use for my checking/savings account.
Why do I promote Capital One 360 so much?
- It’s free.
- Easy to use.
- You can create as many sub-accounts as you want.
A savings account that actually helps you save money.
When there’s no more space under your mattress you might want to consider an online savings account. Your savings account is key because that’s where you store your money. That’s also where your money accumulates while you’re working and trying to enjoy your 20s. You have way better things to worry about than your savings account and the safety of your money.
While I keep my savings with Capital One 360. You don’t have to worry about minimums or new account fees. You can start saving money today.
Your own domain to share your ideas (and make some damn money).
“An investment in knowledge pays the best interest.” — Benjamin Franklin
Have you thought about starting some sort of online business or just sharing your ideas with the world?
Starting this website on a boring Friday afternoon in 2008 was the best decision that I ever made. It has led me on trips around the world, on NY Times, live on Fox Business News, and has allowed me the freedom to work with my own schedule. So yeah, I get to stay up late every night.
You need to sign up with Bluehost for dirt cheap. Then read our step-by-step guide to starting an online business. And stop making excuses.
An investment tool to double your money (or try).
If you want to see your money grow fast and don’t want to put it all down at the racetrack, you might want to consider investing in the stock market. Some of you reading this are ready to grab life by the balls and take some huge risks with your money/time. The stock market is for you. A savings account is ideal when you want to take it easy like me.
I shared how the stock market works before so that you can make your own decision regarding investing in the market.
If you’re ready to start investing, I urge you to sign up with TradeKing. You can get $50 for free for signing up, along with competitive rates on all trade.
[Full disclosure: I pulled out of the stock market and invested into real estate and other ventures myself.]
A solid credit score.
Nobody wants to have the credit score of a homeless ghost. A poor credit score will take money out of your pocket. Nobody will want to loan you money, unless they charge you a high interest rate. You’re going to struggle to get a mortgage and you might even get turned down for a place to rent. Having a poor credit score sucks.
A strong credit score on the other hand, will help you save money since you’ll get offered the lower interest rates when you apply for a car loan or a home mortgage.
For everything (and more) that you could possibly want to know about your credit, you need to grab a copy of Completely Conquer Credit, my premium guide which is now selling for ONLY $7.
What if you want to know your credit score right away? A cool way to find out your credit score right now is…
Credit Sesame is a tool where you can check your monthly credit score for free. Not only will you instantly find out where you stand, but you’ll get emailed updates since I figure you won’t be checking on a daily basis for updates.
If you need some help with paying off debt, then I strongly recommend ReadyForZero. Trust me, they’ll make it easy for you and will guide you through the whole process.
You have no more excuses!
Those are the tools that you need to save some serious money and watch your savings account GROW.
What tools have you used to help with your money? Don’t be afraid to list real companies.