The 7 Most Important Money Decisions of Your Life

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Most people don’t associate love with financial health, but your choice of life partner will be one of the most important financial life decisions you make. Staying single decreases your risk of ruin by marrying the wrong person, but getting married drops your expenses in half and doubles your chances of financial success. You have to love and respect anyone who is a part of your life, so why not focus on looking for someone to love that will be an asset in your life and not a liability? Also, value your spouse and marriage and make it a life priority, or you may find yourself suffering from a 50% drawdown in your net worth, in addition to emotional devastation.

Find something you are passionate about and then figure out a way to make money doing it. If you are going to spend 40-50 hours a week working, you may as well find something to devote yourself to that you are passionate about. You will need passion to do the hard work needed to break through obstacles and get to the finish line. Having a job you hate is not the path to success.

Invest in yourself by becoming educated in the knowledge you need to achieve your life goals. This means different things to different people. Some people will need a mentor, some will need a technical school, others need to read and study for hundreds of hours, and others will pursue college degrees.

Having the right insurance is your financial defense against the risk of ruin from low probability events. Always insure the things you can’t afford to lose, your house, your car, your spouse, and your health.

Invest in things that appreciate in value. Stocks, smart housing investments, and assets are all good examples.

Invest in cash flowing assets: your own business, dividend stocks, bonds, or rental properties.

Don’t look for a random paycheck, job, or even a career. Instead, create a detailed plan of your mission in life and devote yourself to your journey. You will change yourself and the world for the better in the process.

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