Maintain a budget, where you keep track of every dollar you spend. Allocate every dollar at the beginning of the month to a particular expense or savings category.
Keep expenses as low as possible. Borrow as little money as possible (preferably none). Don’t incur credit card debt, as the interest rate is far too high.
If you insist on using debt to buy a car or renovate your home, use a line of credit instead of a credit card. As for investing, beware of mutual funds, hedge funds, bonds, and crypto-currencies.
They’re inferior to index funds that track the broader stock market. Or learn to invest in individual stocks for the long-run (invest in companies that have a “durable competitive advantage” (Buffett).
Don’t short stocks and don’t use options. Also, all get-rich-quick schemes are wrong-headed, ignore them.
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