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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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Drake Sues Woman Over Extortion And Fruad

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Drake is suing the woman that made false pregnancy and rape allegations against him in 2017.

According to TMZ, in the suit, Layla Lace met Drake during last year’s Boy Meets World Tour in Manchester, England, where he claimed they had consensual sex.

He claimed that when he stopped responding to subsequent messages, she allegedly began threatening to leak their correspondence, publicly claimed he had impregnated her, accused him of rape, and demanded “millions of dollars” in exchange for silence. Drake is reportedly suing for civil extortion, emotional distress, fraud, defamation, and abuse of process.

The suit claims Layla refused to take a paternity test and Layla and her lawyer went radio silent. Drake says the whole thing was a scam … “There is no credible evidence of pregnancy, nor any baby, which would have been born last Fall.”

According to the lawsuit, Layla switched tactics and went to authorities in New York and alleged Drake had raped her during their one-night stand.

The Manchester police reportedly interviewed and cleared Drake of sexual assault accusations when the case was referred to them.

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Michael Jordan Is Donating $2 Million Dollars For Hurricane Florance Relief

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Michael Jordan is donating to hurricane aid for his home state.

Jordan is contributing $1 million each to the American Red Cross and the Foundation For The Carolinas’ Hurricane Florence Response Fund. The American Red Cross is providing food and shelter to thousands of people who have been displaced by the hurricane, while the Foundation For The Carolinas’ Hurricane Florence Response Fund directs funds to nonprofits in North and South Carolina providing relief to victims of the storm.

Jordan also reportedly stressed the importance of the long-term recovery from the storm.

“People need to understand this will not be a week-long process. This is going to have a huge disruption on people’s lives – not for 10 days, but for years,” Jordan told the Charlotte Observer, adding that he hopes his donation will spur people to get involved.

Hurricane Florence made landfall over the weekend across the Eastern seaboard, leaving at least 33 people dead and causing flooding and widespread power outages in the areas hardest hit by the storm in Virginia and the Carolinas. More than 10,000 residents have reportedly been displaced amid the devastating aftermath

 

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Will Smith Reveals Fresh Prince Jordan 5s

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Will Smith is celebrating The Fresh Prince anniversary with the Jordan brand.

Today Smith revealed the “Fresh Prince” Air Jordan 5, in an unboxing video. He also revealed a second friends and family version—limited to just 23 pairs—which uses traditional shoelaces and the “Grape” accents but covers the entire upper in a gold sateen sheen.

Ahead of Smith’s 50th birthday on Sept. 25, fans can sign up at Omaze for a chance to spend the day with the Fresh Prince and take home one of the 23 friends and family Air Jordan 5s.

As for the retail version, 19,000 pairs will be released on Smith’s birthday.

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