049 // The Five Personal Finance Principles

📌 Full show notes at https://www.luisfelipeduque.com/049 Big thank you to the podcast partners for making this episode possible: PPI: https://www.luisfelipeduque.com/PPI2Pass Skillshare: https://www.luisfelipeduque.com/Skillshare Learn more about the podcast sponsors and how to support the show - https://www.luisfelipeduque.com/Partners Research done by LendingClub Bank [https://www.prnewswire.com/news-releases/nearly-40-percent-of-americans-with-annual-incomes-over-100-000-live-paycheck-to-paycheck-301312281.html] found that almost 40% of US citizens with incomes over $100,000 a year live paycheck-to-paycheck. Since engineers and other people in STEM make a pretty good salary, all you need to do to be part of the remaining 60% is learn the basics of personal finance. And that's exactly what this episode will do for you. Today, Luis shares the five principles you need to start taking control of your financial life. He uses examples from his personal life about how he manages his own money, the resources he uses to learn about it, and how you can do the same. After all, money management is a matter of specifying what you care enough about to spend your money on, and cutting back on what you don't. What You'll Learn: * Why You Should Learn and Talk About Money * The Five Basic Principles of Personal Finance You Should Know―And Apply * How To Properly Deal With Your Higher Income as a College Graduate * Money Managing is Both Emotional and Rational. How Do You Handle It? * Different Money Management Methods (Envelopes, 50/30/20 Rule, etc.) * How Budgeting Will Get You in Control of Your Financial Life * Why You Should Look at Your Expenses as Percentages * How to Spend Your Money Effectively * Why Increasing Your Income is Just as Important as Cutting Back on Your Expenses * Finding Other Ways to Make Money―And Why It's Easier Than Ever Before * Why You Need an Emergency Fund * The Rule of Thumb for the Size of Your Emergency Fund―And Where to Save It * The One Percent Rule You Should Follow For Home Maintenance * How a Good Credit Score Can Save You Tons of Money in The Long Run * Saving for Retirement: Colombia vs USA * Roth IRA vs 401k vs HSA * The Benefits of an HSA Account * Why You Should Start Saving for Retirement as Early as Possible Music by Jack Winders Intro: Midwest Folks Outro: Southern Skies Website: https://www.jackwinders.com Facebook: https://www.facebook.com/JackWindersMusic Follow him on Spotify: https://open.spotify.com/artist/0msfukZWdVoUHIvpFvanTU?si=U5jKEdjfSTOetL12ispLcg Connect With Me Sign up to my weekly email newsletter // https://www.luisfelipeduque.com/Newsletter My website & blog // https://www.luisfelipeduque.com Instagram // https://www.luisfelipeduque.com/Instagram Twitter // https://www.luisfelipeduque.com/Twitter LinkedIn // https://www.luisfelipeduque.com/LinkedIn Facebook // https://www.luisfelipeduque.com/Facebook YouTube // https://www.luisfelipeduque.com/YouTube --- --- Send in a voice message: https://anchor.fm/engourfuture/message