This is a sponsored article with Capital One Shopping. Capital One Shopping pays us compensation for new customer referrals. All opinions are 100% our own.
When it comes to straightening out your personal finances and becoming rich, there are some things you should never do with your money if you are serious about reaching your financial goals.
We are big supporters that want to help you manage your money in the best way possible, for your life.
Think of all of the cool things that you can do with your money – retire early, go on vacation with your kids, go out for fancy dinners, become a millionaire, and have complete control over your time – the list goes on!
We believe that you can use your money as a tool to create and fully live your dream life, and that means that there are things that you should and shouldn’t do to get there.
In this article, we’ll look at the 5 things you should never do with your money according to self-made millionaires.
1. Never Pay Full Price
When it comes to becoming a millionaire it’s a sure bet that you need to be able to cut your expenses and save money.
One of the best skills you can learn to save money is learning how to live on less than you earn by using a simple monthly budget.
By sticking to a simple budget you will quickly learn where you are wasting money so you can put that money to work for you in areas you prioritize more.
Another skill is learning how to negotiate. When millionaires are making big purchases like their home, cars, vacations, etc they are always negotiating and getting the best price available.
Last but not least if you do a lot of online shopping, like all of us do, then you need to be using the Capital One Shopping extension.
You can install the Capital One Shopping extension now and start saving today!
We have personally been using it for years and it’s helped us automatically save hundreds of dollars on our everyday purchases online.
2. Never Pass Up on Free Cash
Who would say no to free money? Well, in fact, a lot of us do pass up on these kinds of opportunities.
If you’re looking to get your hands on some free cash, we recommend that you sign up for Inbox Dollars and get your FREE $5 money! You can turn your downtime into moolah!
Time is money, right? You could easily make money with a good side hustle!
You can earn money on InboxDollars by answering surveys, watching videos, and signing up for different things.
It’s something to do in your free time that can earn money without a lot of effort.
3. Never Skip Out on $1,000,000 Life Insurance
Life insurance – it’s one of those grown-up topics that intimidate us all. We know we need it and it’s important, but then put off buying it for far too long.
Getting life insurance is one of the best things that you can do for your family, to make sure they’ll be ok even when you’re gone. We never know when that will be, so it’s best to sort things out sooner rather than later.
If you are looking for a company that provides life insurance, you can check out Policy Genius. This insurance brokerage company helps you find the best policy for you and then directs you to the relevant website to learn more.
Policy Genius will save you time and effort, streamlining the whole research process!
When you look at life insurance, it can be tempting to get the least amount of coverage so your policy is cheaper, but make sure you don’t scrimp here to save money. Down the road, the cheaper policy may not help out with what is really needed.
Think about what needs to be taken care of for your funeral, then plan for what your family needs so you can plan accordingly. It’ll take a lot off their shoulders, and you should rest easy knowing that all your hard-earned dollars will still help them when you’re gone.
4. Never Let Your Credit Score Cost You Thousands of Dollars
There are quite a few things in the financial world that sound incredibly dull and boring, or even daunting! But most are extremely important when it comes to your dream life and financial freedom.
A good credit score is one of them!
Your credit score is the result of many factors that can come from credit card history and other things, but it’s essential to indicate your creditworthiness.
Meaning, if you apply for a credit or a loan, your potential lenders want to know how likely you are to pay the money back. Your credit score is how they check before approving you.
With bad credit, your application could be denied and you could be left facing tough choices. It can make the difference in what house you can buy, what college you or your kids can go to, and so much more.
We don’t mean credit exactly like credit cards either- we mean credit towards big things that are probably quite important for your life, such as buying a property or a new car.
Keeping an eye on your credit score is important, because you may think it’s doing fine, but is it?
There can be mistakes on your credit report which can negatively affect you even if they are nothing to do with you.
If there are any mistakes on your credit report, you can ask to get them removed, but catch it quick! Mistakes take a while to come off your history, which isn’t helpful if you are applying for credit right now.
We like to use Credit Karma to get a free credit report and keep an eye on how our credit is looking.
5. Never Miss Out on $200+ In Free Stocks
Did you know that you can actually earn free stocks? It can change your investment plans and put more money in your wallet!
If you’re new to investing, it can seem like a whole other world and be confusing when making investing decisions.
There are financial companies out there who want to make investing easier to understand and easy to do, such as Robinhood.
When you sign up to Robinhood, you can get up to $200 in free stocks just from signing up!
Robinhood isn’t the only investing app available, but it’s gained massive popularity since it’s free to use and has a great interface that makes investing seem straightforward.
A lot of people think investing is just for the wealthy, but that just isn’t true. Us average Joes can do well trading stocks too!
Investment platforms have made things so simple, and there are so many that could help you strike it rich next.
With that being said, you do need money to start investing, and that’s why you should take the free stocks when they’re on offer!
Final Thoughts
Getting your finances in order is not as complicated as many make it seem. By taking some simple steps in the right direction, you can set yourself up for lasting financial success
Two of the best financial moves you can make are:
1. Get started with a simple monthly budget, and
2. Stop paying full price when you shop online and install the Capital One Shopping extension now.
