Tiffany Alish’s 10 Tips for Getting Good Money
Check out some money basics from Your Preschool Financial Educator.
the main points
- Most Americans do not receive a good financial education in childhood.
- Tiffany Alish grew up having honest and open conversations about money, which helped her when she had financial problems.
- It has 10 powerful tips to improve your money management skills.
Tiffany Alish is a finance educator, writer and host of the podcast The Budget. Tiffany grew up in a home where money was openly and freely discussed, and found early success saving money and buying a home in her twenties while working as a preschool teacher. Unfortunately, she later ran into difficulties with her job and debt and had to rebuild her financial life from scratch. Now, her mission is to teach Americans financial skills, with a special focus on young adults (and, in fact, she described herself as your “preschool financial educator”). Thanks to Tiffany’s efforts, Law A1414, the “Budget Act”, became law in her state of New Jersey. It requires middle school students to be taught financial literacy in New Jersey schools.
Tiffany has 10 steps to “getting good money”. It aims to outline the basics of good money management, and then expand on those basics.
1. Build a budget
Not only do you need a budget, but you also need the right bank accounts and automation (such as automatic payment and direct deposit) to support that budget. Without a budget, it will be hard to know where your money is going and where you can save and learn to spend better.
2. Save like a squirrel
Tiffany believes in the frequent financial advice that you should have at least three months of expenses in your savings account, in case of an emergency. You also need to save for other financial goals, such as investing.
3. Get out of debt
In order to get rid of debt, you need to know how much you owe and to whom. Then you can make a plan out of it, and use online bill payment plus automatic payment to do so.
4. High score
Did you know that you can request three free copies of your credit report annually, one from each of the three credit bureaus (TransUnion, Experian, and Equifax)? Your bank may also offer credit monitoring. Tiffany Alish says you should try to reach a credit score of 740 or higher.
5. Learn how to win
Tiffany also asks people to invest in themselves by tracking their skills and contributions to the business, and use that information to get a raise. You can also face a side hustle and bring in more money using these skills.
6. Invest like an insider
Investing for retirement is another major financial move. Tiffany notes that it’s all about knowing your goals, making a plan to invest, and not interfering with your money until it grows.
7. Get well with insurance
Proper insurance coverage is critical to your financial security. You should make sure you get the right types of coverage for your life and situation, including life insurance, which is not required, like auto and home insurance often, but is still a smart purchase for your peace of mind.
8. Grow Rich
Tiffany advocates learning how to calculate your net worth, and then making a plan to increase it based on your financial goals. This should be a monthly exercise in your comprehensive money management plan.
9. Choose your money team
Having the right financial professionals by your side during this process is vital to your success. These can include a financial planner, certified public accountant, insurance broker, and estate planning attorney.
10. Leave a legacy
Tiffany notes that no matter how many assets you have, you should have a plan for what will happen to them after you are gone. Evaluate your assets (real estate, a stock portfolio, even personal possessions like valuable jewelry) and work with a lawyer to see where they will end up.
Budgetnista’s tips hit most of the financial basics that many of us, unfortunately, didn’t learn in school. The first five will help you with the basics, while the last five focus on helping you maintain and grow wealth. So many people have had to find their own way when it comes to personal finance, and it’s hard to find someone who can’t list at least one financial regret. Tiffany Aliche’s financial advice is well-established, accurate, and achievable, and her advice is well worth considering.
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