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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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Adidas Promises To Only Uses Recycled Plastics In Products By 2024

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Adidas is taking a step forward in becoming an eco-friendly company.

Adidas is planning to expand its use of recycled plastics well beyond its flagship shoes. The sportswear maker has promised to only use recycled polyester in its shoes and clothing by 2024. While the company’s Eric Liedtke didn’t provide a detailed roadmap in a chat with the Financial Times, he characterized it as a transition that will see Adidas take “right-sized bites” out of its budget to make the switch without hurting its profit margins. It’s no mean feat — about half of Adidas’ material is polyester right now, Liedtke said, so an “overnight” changeover isn’t in the cards.

A lot of that cost likely has to do with economies of scale. Recycled polyester can carry up to a 20 percent premium over the freshly-made variety, and it could prove daunting to process the material in Adidas-level quantities. The company is likely betting that refined techniques will bring the costs down over time. Adidas is planning on removing the plastics from their products, they won’t even use them in their offices, retail outlets, warehouses, and distribution centers, saving an estimated 40 tons of plastic per year, starting in 2018.

Let’s hope more companies are plan to incorporate eco-conscious designs in their products.

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Papa John CEO Steps Down After Using The N-Word In Conference Call

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The founder and former CEO of Papa John‘s left the company.

Hours after it was confirmed that he used a racial slur during a company conference call earlier in May. John Schnatter, who turned his pizza place into a national chain ubiquitous with Peyton Manning and the National Football League.

According to Forbes, which first wrote about the conference call, Schnatter compared himself to another restaurant founder and alleged that they were treated differently despite asserting that the founder of Kentucky Fried Chicken had used racist language in the past.

It seems commenting on that incident is what got Schnatter into further trouble in a conference call a Forbes report described in detail. The call was reportedly arranged between Papa John’s executives and a marketing agency called Laundry Service and was designed to help the company prevent any further damage to its public image.

But though Schnatter he said he would “distance” himself from racists, according to Forbes he used the racial slur in an attempt to defend himself during the call.

This is just another questionable moment for Schanatter. In December after making critical public comments about athletes of color in the National Football League conducting nonviolent protests during the National Anthem. Schnatter had claimed kneeling athletes caused a dip in his pizza sales, which made the brand popular with neo-nazis and white supremacists.

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Amazon Buys Nas-Backed Pharmacy For $1 Billion Dollars

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This just might be the best summer of Nas’ life.

After releasing his new album NASIR on G.O.O.D Music, the Queens native pharmacy startup was purchased by Amazon. The online pharmacy PillPack was purchased for $1 billion dollars.

Queensbridge Venture Partners, the rapper’s venture capital firm, was an early backer of the Boston-based firm, along with VC heavyweights like Accel and Sherpa Capital. The sale will net the startup’s two co-founders around $100 million each, according to the Chicago Tribune. The size of Queensbridge’s stake is unclear, but it’s likely Nas is walking away with a solid chunk of money.

PillPack’s pitch is to streamline access to medications. The company fulfills drug prescriptions with front door-shipping, while managing the payment and refill process with automated software. The acquisition boosts Amazon’s growing efforts to expand into the health care market.

QVP, founded in 2014, previously invested in a cloud-based mastering company, a cricket protein bar manufacturer and a “smart doorbell” startup, among other ventures.

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