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1. Surviving. Before anything else, we have to get our minds right when it comes to money. As Squirrel puts it, If you think that the government will look after you, money will take care of itself, or youll win the lottery, then youre not thinking about money correctly. In this stage, youll also start living below your means, and spending less than your monthly income.
2. De-debting. While everyones debt situation is different, ridding yourself of bad debt, (the kind that costs you money without giving you any clear value in return, like credit card debt), needs to be checked off your list before you can make real progress.
3. Learning. This is where you set aside an emergency fund to keep you in the green should something go wrong, and start learning about the possibilities for your money. Which accounts should you use? Should you invest, and how? If you have a question, now is the time to find an answer. Luckily, you have the entire internet at your fingertips.
4. Investing. Time to make use of those answers. Squirrel points out that this stage doesnt have hard borders it will continue on through the pyramids last stages.
5. Optimizing. Now that you have your answers and have gotten your money in order, its time to start tweaking your plan to perfection: Plan for taxes, get a will, create a system to check on your money.
6. Freeing. When you get to this stage, Squirrel writes, you should be there. Now that youre financially independent and perhaps have even retired early, you have predictable expenses easily covered by passive income streams.
6 cara to financial success