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Stop Burning Money With These 5 Rules For Personal Finance

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Of course, everybody wants to be rich and have an endless source of money. When most people think about wealth, their immediate thoughts jump to the billionaire lifestyle. You have seen it before the mansions, expensive cars, jets, and the vaults of gold. But this view of finance is unhealthy and can be holding you back from maximizing your wealth.

Expert financial adviser Trent Hamm recently broke down 60 key principles of personal finance. We put together the top 5 rules that can help you overcome some of your financial pitfalls.

Spend less than you earn

If there is a single fundamental rule of personal finance, it’s this. You have to spend less than you earn and put away that difference for the future so that you can still survive and thrive when you’re older and don’t have the opportunities and energy of today. Without your earnings being greater than your expenses, you simply cannot achieve big financial goals without some sort of miracle – and you should never bet your future on a miracle.

Don’t ever let your “future self” take care of your current situation

Do you ever tell yourself that it’s okay to make a bad spending decision right now because you’ll earn more money down the road? That’s a giant mistake, one you’ll almost always regret for a long, long time. Sure, your future self might have more income, but it’s also fairly likely that your future self might have less income and you’ll find yourself in a really bad situation. Even if your future self is doing well, there are probably going to be other big expenses that you’ll want to deal with at that time, like buying a house.

Build a budget, just for the process of building it right

A budget can be a useful tool for keeping your spending on track, but the most valuable part of budgeting is actually the process of building a budget correctly. How does one do it correctly? You build a budget based on looking at your actual spending over the previous few months.

How much do you actually spend a month on food? Entertainment? Utilities? Your car? Get real numbers, not estimates. Dig through your bank statements and credit card statements and figure it out. This process will easily show you the areas where you actually overspend, while just following a “cookie cutter” budget doesn’t show you much of anything. It’s an excellent habit to get into, especially since professional security can be unpredictable, and you may find yourself looking for new employment.

Request rate reductions on your debts, especially credit card debts

If you owe any debts, it never hurts to look into the possibility of reducing your interest rates on those debts. For credit cards, it’s as easy as simply calling up your credit card company and asking for a reduction. For other bills, such as student loans, a consolidation can lower your interest rate. With your mortgage, a refinancing can reduce your rate dramatically.

Lowering interest rates can both reduce your monthly payments and reduce the total amount of interest that you pay over the life of a loan, so any reduction you can get is a good thing for your wallet.

Don’t worry about how other people spend their money, either

If you see someone driving an expensive car, don’t use that as an excuse to feel jealous or to tell yourself that you, too, need an expensive car. You don’t. Just because other people choose to buy things or eat at certain restaurants or whatever else people in your life choose to do with their money does not mean you need to do it too. Make choices and spend money on things that build up the things you care about, not the things other people care about.

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Kobe Byrant Was Shocked By Kanye’s Slavery Comments

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Future HOF and Oscar Winner Kobe Bryant spoke out about Kanye’s recent slavery comments.

The NBA legend spoke with high school students at We Rise LA over the weekend, an event dedicated to inspiring future generations. In a video posted by TMZ, Bryant gave his two cents about West’s opinions during a Q&A session.

“I’m sure [I felt] the way everybody else here in this room feels,” Bryant admitted when a student asked about his response to the slavery comment in particular. “‘The hell are you talking about?’ I think that was my reaction as is everybody else’s reaction.”

Bryant continued, “The thing about our country is that you have the right to say whatever it is that you want to say. That’s the beautiful part about living in a democracy. Conversely, you have to take the responses that come after that as well.”

The athlete explained his theory that entertainers like Ye are “always in a state of growth,” challenging themselves and frequently questioning  their own opinions. However, in this case, Bryant’s opinion is firm: “Completely disagree.”

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JJ Watt Offers To Aid With The Funerals For The Victims Of The Santa Fe Shooting

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Houston Texans defensive end J.J. Watt plans to cover the costs of the funerals of the victims of Friday’s mass shooting at Santa Fe High School.

Santa Fe High School was the site of the latest school shooting tragedy. Ten people were killed, nine of them students, and another 10 were injured at the Houston area high school on Friday after a 17-year-old gunman opened fire with a shotgun and a revolver in the school.

When the news hit Watt responded with a tweet about the tragedy that ended lives due to gun violence.

Watt responded by offering to help the families during the worst moments of their lives. J.J. Watt reached out to the school to provide the support he could for the families of the victims, offering to cover all funeral costs for those killed in the tragedy.

Watt has used his stature in the Houston community to help those in need after tragedies in recent years, most notably raising $37 million for Hurricane Harvey relief after it ravaged the city last August.

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Spike Lee Calls Out Donald Trump During His Cannes Speech

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Spike Lee spoke out against Donald Trump dividing the country during Cannes Film Festival.

Following the  premiere screening of his Cannes competition title BlacKkKlansman — a true story following a black detective’s (John David Washington) plot to infiltrate and expose the Ku Klux Klan with help from a white colleague (Adam Driver) in 1970s Colorado — Lee blasted the country’s fractured state during the film’s press conference as he explained the project’s closing moments.

“We have a guy in the White House — I’m not gonna say his f—ing name — who defined that moment not just for Americans but the world, and that motherfu—er was given the chance to say we are about love, not hate. And that motherfu—er did not denounce the motherfu—ing Klan, the alt-right, and those Nazi motherfu—ers,” Lee said, per Vulture, adding that the Heyer’s killing was an “ugly blemish” on the U.S. “It was a defining moment, and he could have said to the world, not just the United States, that we were better than that.”

Following the Charlottesville protests, Trump did, however, hold a press conference on Aug. 14, 2017, during which he said: “To anyone who acted criminally in this weekend’s racist violence, you will be held fully accountable. Justice will be delivered… we condemn in the strongest possible terms this egregious display of hatred, bigotry, and violence. It has no place in America.”

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