🫶🏼 Welcome to getting rich in 2025 episode 2! This eight-part series is designed to help 20-somethings achieve financial independence. Today’s focus: KNOWING YOUR NUMBERS. Did you know 64% of Americans live paycheck to paycheck? One big reason is that many don’t truly understand their financial habits because their income and expenses are scattered across multiple accounts. Let’s fix that by breaking it down into three steps. First, understand your income. Download your paystubs or check your payroll system to write down exactly how much you make after taxes. Don’t forget to include side hustle earnings or any other extra income streams. Next, track your expenses. Look through your bank and credit card statements from the last one to three months. Write down every transaction and categorize them into essentials like rent and groceries, non-essentials like shopping and subscriptions, and debt payments like loans or credit cards. Studies show most people underestimate their spending by 15-20%, so this step is key 🔑 Finally, calculate your net worth. Write down all your assets, such as savings, investments, and property, and subtract your liabilities like credit card balances and loans. This number gives you a clear snapshot of where you’re starting on your wealth-building journey. Mastering these numbers will help you make better financial decisions, find areas to save, and invest smarter. Stay tuned for episode 3 and let’s build wealth together in 2025!
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