Clever Tips for Saving and Spending Anyone Can Use

Income Power

Rachel Cruze emphasizes the power of income as a fundamental tool for wealth building. She suggests having conversations with employers about raises or promotions and considering career pivots if current jobs are unfulfilling. Cruze also highlights the potential of side hustles to boost income, cautioning against lifestyle creep and advocating for budgeting with tools like EveryDollar 1 2.

Your income is your most powerful wealth building tool.

--- Rachel Cruze

These strategies aim to increase financial momentum and help achieve personal money goals.

   

Smart Investing

Investing is another cornerstone of Rachel's wealth-building strategy. She advises starting with a solid financial foundation, free of debt except for a mortgage, and a fully funded emergency fund before investing 15% of income into retirement accounts like 401(k)s or Roth IRAs 3 2.

Investing in retirement is one of the simplest, most effective ways to set yourself up for the future.

--- Rachel Cruze

Early and consistent investing allows individuals to benefit from compound interest, securing a more comfortable financial future.

   

Debt Freedom

Rachel Cruze underscores the importance of eliminating debt, particularly mortgages, to achieve financial freedom. She explains that paying off a home early not only increases net worth but also provides unmatched financial freedom by removing the largest monthly expense 3.

Imagine how much money you would free up in your budget and in your life if you didn't have a mortgage payment.

--- Rachel Cruze

This approach allows individuals to redirect funds towards future investments and personal goals, enhancing overall financial security.