181 Financial Independence Part 1: What You Need To Know About Your Money

Understanding your personal finances is crucial if you want to achieve financial independence and gain more freedom in your life. Most people don't learn anything useful about personal finances growing up and are not taught about it in school (I certainly wasn't). It took me a long time to work out what I really need to know about my personal finances. I hope that by sharing what I've learned, I can help you acquire financial literacy faster than I did. This podcast episode covers the three most important things that you need to get in place immediately: Tracking and categorising of all your expenditure and income Calculating and tracking your net worth Using a budget to stay on track with your financial goals In the episode I provide an overview of these three topics and explain how you can use personal finance software to help automate the process of tracking them.  As always, you are responsible for your money and you will need to do your own research. I am not a financial advisor. Show Notes: ibank for mac Mint The Millionaire Next Door by Thomas Stanley Image credit Tracy O via Compfight cc