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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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Kanye West Donates $150k To Slain Security Guard Family

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The story of Jemel Roberson is another American tragedy with police violence.

After hearing the story of the security guard gunned down by the cops, Kanye West decided to donate to the family. Kanye made multiple donations of $15,000 via a GoFundMe page that was set up to help Roberson’s family. The page’s goal of $150,000 has been exceeded and currently stands at $302,625.

Witnesses said a Midlothian police officer responding to a shooting inside a south suburban bar shot at the wrong person early Sunday morning.

After security asked a group of drunken men to leave Manny’s Blue Room Bar around 4 a.m. Sunday, witnesses said someone came back with a gun and opened fire. Security returned fire, and according to witnesses, 26-year-old armed security guard Jemel Roberson apprehended one of the men involved outside.

“He had somebody on the ground with his knee in back, with his gun in his back like, ‘Don’t move,'” witness Adam Harris said.

Soon after, witnesses said, an officer responding to the scene fired at Roberson — killing him.

VIA: TMZ

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Iconic Marvel Comics Stan Lee Has Passed Away

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Marvel Comics icon Stan Lee is dead at the age of 95.

Lee, who began in the business in 1939 and created or co-created Black Panther, Spider-Man, the X-Men, the Mighty Thor, Iron Man, the Fantastic Four, the Incredible Hulk, Daredevil and Ant-Man, among countless other characters, died early Monday morning at Cedars-Sinai Medical Center in Los Angeles.

In 2009, The Walt Disney Co. bought Marvel Entertainment for $4 billion, and most of the top-grossing superhero films of all time — led by Avengers: Infinity War‘s $2.05 billion worldwide take earlier this year — have featured Marvel characters.

TMZ reports that Lee was rushed to Cedars-Sinai from his Hollywood Hills home early Monday.

Lee’s wife Joan died last year at the age of 93. They had been married for 69 years.

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Ice Cube and LL Cool J Are In Negotiations To Purchase 22 Sports Stations

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Ice Cube and LL Cool J are ready to start their own sports network.

Cube and Mr. Smith are apart of a group with billionaire Carolyn Rafaelian that are trying to bid for the sports stations Disney has to sell off from their Fox deal.

According to TMZ Sports, Disney got the 22 stations as part of its $71 billion acquisition of 21st Century Fox. But, officials believe that since Disney is already the majority owner of ESPN, controlling the 22 sports stations would give them too much power in the sports TV landscape.

The 22 stations involved in the deal include everything from Fox Sports San Diego to Fox Sports Arizona, Fox Sports Detroit, Fox Sports Southwest and more.

Other potential bidders include private equity firms Apollo Global Management, Blackstone Group and he Sinclair Broadcast Group.

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