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Does the topic of saving money make you feel a little guilty? You have good intentions when it comes to saving money, but something always comes up. The car needs new tires, the teenager needs braces, the house needs a new roof—and just like that, saving money takes a back seat to life stuff. So you put it off. You tell yourself you’ll find ways to save money once you reach a certain milestone, like when you hit a specific age or get that raise you’re after.

But in reality, you’ll only start saving money when you learn healthy money habits and let your future needs be more important than your current wants—aka when you make saving money a priority. And you don’t need everything to magically line up perfectly before you start saving. There are plenty (and we do mean plenty) of practical ways to save money and breathe some fresh air into your budget.

With a few tweaks to your spending, you’ll be on the fast track to saving money in no time. It’s not rocket science, though. Here are 20 money-saving tips (that actually make sense).

20 Practical Ways to Save Money

1. Say goodbye to debt.

Monthly debt payments are the biggest money suck when it comes to saving. Debt robs you of your income! So, it’s about time you get rid of that debt. The fastest way to pay off debt is with the debt snowball method. This is where you pay off your debts in order from smallest to largest. Sounds kind of intense, right? Don’t worry, it’s more about behavior change than numbers. Once your income is freed up, you can finally use it to make progress toward your savings goals.

2. Cut down on groceries.

Most people—after they do a budget—are shocked to find out how much they’re actually spending at the grocery store each month. And if you’re the average American family of four (with two kids 5 and under), you’re probably spending around $929.¹ Yikes! It’s so easy to walk through those aisles, grabbing a bag of Oreos here and a few bags of chips there, and then top it off with the fun goodies at the register. But those little purchases (aka budget busters) add up quite a bit and end up blowing the budget every single month. Start budgeting with a free trial of Ramsey+ today!

Save money on groceries by planning out your meals each week and taking a good look at what you already have in your pantry before you head to the store. Because why would you want to buy more of what you already have? And if you really want to stick to your list—leave the kids at home.

Want to save money and time? Try online grocery pickup or delivery. Most major grocery stores offer it these days (sometimes even for free), and it can save a ton of money. Picking up your groceries gets rid of the temptation you would’ve had when you caught a whiff of those freshly baked chocolate chip cookies floating through the aisles. In other words, you’re forced to stick to your list and avoid those impulse splurges.

3. Cancel automatic subscriptions and memberships.

Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use on the regular. And make sure that you turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but only if it fits into your new and improved budget.

And for those subscriptions you do want to keep around, think about sharing memberships with some family or friends. A lot of streaming services, like Netflix and Hulu, let you watch your favorite shows from two or more screens (with an upgraded account). That way, everyone wins—and saves!

4. Buy generic.

Hands down, one of the easiest ways to save money is to give name brands the boot. In most cases, the only thing that’s better about brand-name products is the marketing. I mean, look at that box! The logo is so fancy! And that’s about where it ends. Generic brands of medicine, staple food items (like rice and beans), cleaning supplies and paper products cost far less than their brand-name, marked-up friends—and they work just as well too.

5. Cut ties with cable.

It’s no secret that cable prices are rising like crazy. The average monthly price for cable TV is about $107 a month—which adds up to over $1,200 a year!²Here’s the good news: Cable isn’t the only way to watch your favorite shows these days. Cut the cord and find out how to save big with alternatives to cable like network apps and streaming services. But remember—don’t go subscription service happy here. Only sign up for the streaming services you’ll actually use. If you sign up for everything out there, you could end up actually spending more than cable!

6. Save money automatically.

Did you know that you can save money without thinking about it? Yup—you can set up your bank account to automatically transfer funds from your checking account into a savings account every month. If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each paycheck into your savings account. Boom!

7. Spend extra or unexpected income wisely.

When you get a nice work bonus (way to go!), inheritance or tax refund, put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank to camp out.

If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra dollars to build up your emergency fund—you know, for emergencies.

Bonus tip: If you get large tax refunds every year, it’s time to adjust the withholding on your paycheck so you can bring home even more money each month. Plus, you don’t want to give the government any more of your money than you have to, right?

8. Reduce energy costs.

Did you know that you can save money on your electric bill just by making a few tweaks to your home? Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes, washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs.

While new, energy-efficient appliances are a great way to save money on your electric bill, they’re expensive! But if you work it into your monthly budget, you can save up and pay cash for those improvements over time.

9. Unsubscribe from emails.

Email marketers are really good at what they do. They know the irresistible temptation of a 24-hour sale or exclusive coupon. And talk about those flashy GIFs!

If you just can’t resist shopping when you see a special offer, click the unsubscribe link at the bottom of the email. Do it! You’ll be less tempted to spend, and your inbox will be a lot less cluttered. It’s a win-win!

10. Check your insurance rates.

No, really. Did you know people save an average of $700 when they have an Endorsed Local Provider (ELP) check over their insurance rates for them? $700! You owe it to yourself to at least have them look things over for you and see what savings they can dig up.

11. Pack lunch (and eat at home).

According to the Bureau of Labor Statistics, the average household spends approximately $3,459 on food outside of the home each year.³ That’s $288 per month! Buying lunch a few times a week may seem harmless in the moment (especially when your favorite restaurant is walking distance from your office), but you can save quite a bit of money just by packing a lunch!

Not only that, a lot of times you can buy a solid week’s worth of groceries for the same price as two dinner meals out. Instead, prepare your food at home and watch your savings pile up, month after month.

12. Ask about discounts (and pay in cash).

You never know until you ask—and you should always ask. Next time you’re getting tickets at a movie theater, museum or sporting event, check to see if they have any special discounts for seniors, students, teachers, military or AAA members. If not, never underestimate the negotiating power of cash!

13. Take advantage of your retirement savings plan.

If your employer offers a 401(k) match and you aren’t taking full advantage of it, you’re missing out big time! Talk to your HR department to set up an account. But remember, you should wait until you’re completely debt-free (except your mortgage) and have a fully funded emergency fund of three to six months before you start saving and investing for retirement.

14. Lower your cell phone bill.

If your monthly cell phone bill competes with your monthly grocery budget, it’s time to find ways to cut back. Save money on your cell service by getting rid of extras like costly data plans, phone insurance and useless warranties. And don’t be afraid to haggle with or completely switch your provider! It might require a little persistence and research, but the savings are worth it.

15. Try a spending freeze.

Don’t buy any nonessential items for a week—or even a month! Think about it as a contentment challenge. While you’re at it, take inventory of what you’re grateful for each day. This should help kick your “want-itis” in the pants!

Make your spending freeze work by prepping meals with the food you already have, avoiding stores where you tend to impulse buy (did someone say Target dollar spot?), and saying no to anything that isn’t a basic necessity.

16. DIY . . . everything!

Before you shell out the cash to pay for a new backsplash, fancy light fixture or bench, think about doing it yourself! Usually, the cost of materials and a simple Google or YouTube search will save you a ton of money on your latest home project. (Plus, you won’t have to pay someone to do something you can most likely do yourself.) But if you’re the type that can’t seem to hit the nail on the head, you might want to ask a friend or neighbor for help so you don’t have to spend money on new drywall.

Oh, and when you need to do some DIY work (or any kind of work), borrow what you need from a friend or neighbor instead of going out and buying it.

17. Skip the coffee shop.

Ouch. This one is painful—we get it! But instead of spending $5 on that daily latte, you can save money by just making your coffee at home. Listen, we’re not saying you should only drink instant coffee (unless you’re into that sort of thing). But even purchasing a bag of local beans from your neighborhood coffee shop and brewing it at home will save you a lot of money in the long run.

18. The library is your friend.

Before you click “add to cart” on that brand-new book, check your local library to see if you can borrow it! Most libraries also have audiobooks and digital copies of your favorite books for rent. It’s an easy way to get your reading in without breaking the bank.

We get it, though—because we love reading too! In our National Study of Millionaires, 81% of millionaires surveyed read 11 or more books per year. Like Dave Ramsey always says, “Readers are leaders.”

Bonus tip: Check sites like Alibris and Thriftbooks for major deals on like-new or even well-loved books . . . for next to nothing!

19. Try a staycation.

When your goal is to save money now, a vacation is the worst thing you could spend your money on. Instead of whisking your family off to the Greek Isles, try being a tourist in your own city. Not only will this save you hundreds (or potentially thousands) of dollars but you can also explore your neighborhood with fresh eyes and have some fun while doing it.

20. Sell everything (that doesn’t bring you joy).

Marie Kondo has the right idea. Declutter the things in your home that you don’t need and are willing to let go of for the sake of your financial future. That vintage chair your aunt gave you? Sell it. That crystal vase you found at an antique shop? Sell it. You’d be surprised at how much clutter you have in your home (that you don’t even use or think about). And the cash you can make on those things can be the difference between living paycheck to paycheck or not.

This was going to be my year. At the beginning of 2020, I was newly married, I had a new job, and for the first time in a while, I had a solid exercise routine that didn’t zap all of my energy or leave me cursing the inventor of cardio. I had lofty goals for where I wanted to take my business, too, and I was optimistic. Most importantly, I was motivated.

Then, of course, the pandemic arrived. While I have been incredibly fortunate throughout these trying times, I’ve fallen short of what I hoped to accomplish. At first, I refused to give myself grace. I resorted to harsh self-criticism, and my biggest complaint was about motivation. Specifically, I had none, and I missed it.

But that was a mistake. It’s vital to give yourself grace, and it’s equally important to remember that motivation isn’t an elusive aspiration that is near impossible to get and even harder to sustain. Rather, motivation is all around you. It’s on your bookshelf, it’s in your past triumphs, and it’s in the relationships you have with friends and colleagues. To put it simply, motivation was waiting for me. It’s waiting for you, too.

Here are six tips for getting and staying motivated:

1. Establish mini-rewards for yourself.

This has been crucial for me. Whether you have a daunting project on your hands or a task that doesn’t excite you, creating your own reward system can be the push you need to keep at it and infuse your work with some energy and enthusiasm. For instance, when I scratch something off my to-do list, I let myself read a chapter of a book or listen to 10 minutes of a podcast I’ve been devouring. This will motivate you to take care of pressing tasks and maybe even get you excited about work you’d otherwise put off.

2. Take a break to work on a personal project.

You may have taken your time in quarantine to start a home improvement project, or pick up a new skill or hobby. If you’re feeling stuck or rudderless with your work, it could be beneficial to pause and divert your energy elsewhere. Take 30 minutes to paint, renovate or chip away at an ongoing passion project. This can give you the fuel you need for the rest of your day and provide you with something to look forward to.

3. Revisit one of your past successes and break down how you got there.

Maybe it’s the high-profile account you landed or the high-dollar sale you and your talents netted for the team. While it’s always good to be forward-thinking with your main or side hustles, it can be valuable to reminisce on your greatest achievements and remember how you obtained them. This will remind you that the impressive heights are worth the many tiny steps it takes to get there. Then, suddenly, you’ll be more motivated to take those steps again.

4. Exercise.

It’s hard enough for me to get motivated for exercise, so I rarely consider just how powerful a little cardio can be. But science doesn’t lie: A short jog will do wonders for your brain, and as long as you pace yourself, you’ll return to work with a clearer head and heightened focus. I’ll admit it—this one took some convincing from my better half. But once I acquiesced to a daily jog, I realized a monumental difference in productivity. Even more surprisingly, I started looking forward to these recurring runs.

5. Read.

This one took less convincing. I’ve always been a bookworm, and I don’t need any cajoling to crack open a mystery novel or, frankly, any well-written work that’ll keep me turning pages. Yet until recently, I didn’t realize how much reading motivates me. I recommend starting a book over the weekend because come Monday that same book will be top of mind. And if you’re still working from home, it will be subtly calling your name from its spot on the shelf or nightstand.

6. Reach out to a colleague.

We’re living in isolated times, but we still need connection. A conversation with a friend, family member or loved one is always beneficial, but next time you’re looking for some motivation, I recommend reaching out to someone with whom you don’t often connect. It could be a co-worker from a different team or a colleague in your field whose work you admire. Ask them about their work or bend their ear about a project you’ve been working on. The conversation will re-energize you, and best of all, it’ll remind you what you love about what you do.

Read next: 100 Simple Secrets of Productive People

The Paper Solution

What to Shred, What to Save, and How to Stop It From Taking Over Your Life

By Lisa Woodruff

We all have clutter—some of us more than others. But how much of it do we really need? While much has been written on how to declutter your space, home or office, little of it goes as far to focus on just one thing—paper. 

Dubbed “the Marie Kondo of paper,” Lisa Woodruff explains why we’re still so attached to the printed page, how to get rid of what you don’t need, and how to save what you actually need. Woodruff writes that instead of “sparking joy,” the benchmark for organizing paper should be: Is this paper still useful?

Some of us may deal with more paperwork than others at our workplaces, but we all deal with similar amounts at home—bills, junk mail, flyers, letters, invitations and more. Woodruff’s book offers solid advice on how to escape the mess. (August; G.P. Putnam’s Sons; $18)

You’re Not Enough (And That’s Okay)

Escaping the Toxic Culture of Self-Love

By Allie Beth Stuckey

“We’re all stunningly confident as children. We’ve yet to become fully self-conscious, and we have little concept of the potential for failure,” Allie Beth Stuckey writes.

But then something changes as we get older. “A truth that we all come to terms with at some point in our adolescence is that we don’t have what it takes for one thing or another,” Stuckey writes. “Facing our inadequacies is crucial for appropriate development.”

That’s OK, Stuckey writes. But too often we fall into a comparison trap when we see others thriving on social media, and we let ourselves get down about it. In her book, Stuckey breaks down five myths: You are not enough; You determine your truth; You’re perfect the way you are; You’re entitled to your dreams; You can’t love others until you love yourself. 

No matter where you are in life, it’s important you know that it’s OK to not feel like you’re enough and how to be OK with that. (August; Sentinel; $25)

Think Like a Monk

Train Your Mind for Peace and Purpose Every Day

By Jay Shetty

“There is no universal plan for peace and purpose,” former monk Jay Shetty, now a speaker, podcaster and creator, writes. “The way we get there is by training our minds to focus on how to react, respond, and commit to what we want in life, in our own pace, at our own time. Then, when life swerves, we return to that focus.”

The key to establishing this focus is through meditation. In this book (which was delayed by the pandemic), Shetty explains why that’s important and how to know if you’re doing it right: 1) You’ll miss it if you take a break 2) You’ll have an increased awareness of the world around you 3) You’ll view life more objectively. 

Of course, meditation takes practice, and not everything will fall into place because you do it, Shetty writes. 

“The universe isn’t going to suddenly give you green lights all the way to work,” he writes. “Understanding this will help you be prepared for whatever may come.” (September; Simon & Schuster; $27)

No Rules Rules

Netflix and the Culture of Reinvention

By Reed Hastings and Erin Meyer

How do you rule without any rules? Easy, you stop worrying about the paperwork and trust your employees, writes Netflix CEO Reed Hastings in No Rules Rules, co-written with Erin Meyer.

When you remove controls—like vacation policies, and travel and expense approvals—your employees are empowered by the level of trust you instill in them, Hastings writes. That, in turn, pushes them to work harder and become more innovative. 

“Of, course, you can’t just remove the rules and processes,” Hastings writes. “Without the right conditions, chaos will ensue.”

There’s still rules at Netflix and trainings to prevent issues like harassment in the workplace. But when you loosen controls on things like vacation days, your company can flourish, Hastings argues. Hastings compares how things are run at Netflix to jazz versus a symphony. 

In No Rules Rules, Hastings and Meyer break down how to attract that talent, how to increase candor within the workplace, ease up on controls, and how you can apply this in your company. (September; Penguin Press; $28)

How to Decide

Simple Tools for Making Better Choices

By Annie Duke

Annie Duke starts her book How to Decide by asking two simple questions: What was your best decision of the last year, and what was your worst decision of the last year? Then she asks: How did those decisions turn out for you?

She’s done this exercise with hundreds of people and usually gets the same responses. The best decision led to the best outcome, and the worst decision led to the worst outcome. But Duke says that’s just a description of the outcome. Those responses don’t explain the decision process itself. Why is the process important?

“The only thing you have control over that can influence the way your life turns out is the quality of your decision,” Duke writes. 

Duke’s new book How to Decide is packed with tips and stories about the importance of the decision-making process and she thoroughly explains how to make the best decision. 

Whether you’re the head of your company, making important business decisions, or you’re an entry-level employee trying to make your way up, Duke’s advice will lead you not just to better outcomes, but a process of better decision making. (September; Portfolio; $18)

Radical Alignment

How to Have Game-Changing Conversations That Will Transform Your Business and Your Life

By Alexandra Jamieson and Bob Gower

If you have important conversations early on in a relationship, you can avoid big blow-ups, write Alexandra Jamieson and Bob Gower in Radical Alignment.

Not only will you prevent issues from coming up, you’ll also develop what Jamieson and Gower call radical alignment, “a sense of being fully in tune with the person you’re relating to.”

A lot happens when you have a sense of alignment with someone, the husband-and-wife duo write. You learn to empathize more, recognize new opportunities, and cut down on unnecessary interpersonal friction. In their book, Jamieson and Gower explain the steps to reaching radical alignment, starting with focusing on ourselves—our intentions, our concerns, our boundaries and our dreams.

Radical Alignment is a quick read, but when its advice is used correctly, it can have a lasting impact and lead you toward better relationships at work and in your personal life. (August; Sounds True; $20)

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Trips to visit grandkids, travel adventures and family celebrations at your paid-for home. That’s the kind of retirement many Americans dream about.

You don’t have to earn six figures to turn this dream into a reality. But you do have to live and plan today with that goal in mind. Building wealth starts with proper planning at every stage of your life. You can do this!

The 4 Keys to Building Wealth 

Whether you’re 25 or 52, some things are true no matter how old or young you are. Sure, we face different challenges and priorities at different stages of life, but some truths are foundational and constant at any age.

These four keys to building wealth are like that, and they’ll help you unlock and unleash your wealth-building potential. Ready? Let’s do this!

1. Getting Out (and Staying Out) of Debt

Let’s get one thing straight: The only “good debt” is paid-off debt. The more money you send to banks in loan payments, the less money you have to save and invest for your future. Be confident about your retirement. Find an investing pro in your area today. 

And trying to save and invest while you’re still in debt is like running a marathon with your feet chained together. Get debt out of your life first. Then you can start thinking about building wealth.

2. Having a Fully Funded Emergency Fund

Whether it’s a job loss, a car wreck or a broken leg sliding into second base at a company softball tournament, life is going to throw you a curveball someday. Maybe not today. Maybe not tomorrow. But believe me, it’s going to happen!

That’s why you need to have three to six months’ worth of expenses set aside in a savings account before you start investing. And don’t touch it unless it’s a real emergency (Christmas shopping is not an emergency, people!).  

3. Investing 15% of Your Income for Retirement

Now it’s time to go on offense! Being debt-free and having money in the bank to cover emergencies gives you the foundation you need to start saving for retirement. Start by investing 15% of your gross income into retirement accounts like a 401(k) and Roth IRA.

When our team completed the National Study of Millionaires, we found that 3 out of 4 millionaires (75%) said that regular, consistent investing over a long period of time is the reason for their success. Building wealth doesn’t happen overnight!

4. Paying Off Your Home Early

Speaking of millionaires, we also found that the average millionaire paid off their home in 10.2 years, and two-thirds of them (67%) live in homes with paid-off mortgages. That’s not an accident!

Imagine what you could do if you didn’t have to worry about a mortgage payment every month . . . I’m getting chills just thinking about it! With a paid-for house, you could really build some momentum and accomplish your financial goals even faster. Who knows? You might even be able to retire earlier than you planned! 

How to Build Wealth at Any Age

Take a second to think about what your life was like 10 years ago. Things probably looked a lot different back then, right? Maybe you were still in college. Maybe you weren’t married yet and didn’t have any kids. You might have even had a completely different career and salary.

Now let’s talk about the future: What do you want your life to look like 10 years from now? That’s a lot to think about! But listen to me: A lot can happen in a decade, and what you do right now—no matter what age or stage of life you’re in—will have a huge impact on where you are 10 years from now.

Here’s a decade-by-decade look at what you can do to maximize your savings potential.

How to Build Wealth in Your 20s

You’re a millennial. What does retirement have to do with you? A lot, actually. Because you have the most to gain when it comes to retirement. There should be no stopping you when it comes to building wealth because you have the one thing other generations don’t: a lot of time.

Here’s a scenario: Let’s say you begin investing NGN200 a month at age 24. But your friends, who bought new cars and took dream vacations on credit cards, delay saving for retirement until age 34 while they pay off their debt. At age 64, you’d have around NGN1.7 million in retirement savings. However, your friends would only have NGN560,900. That 10-year head start makes you a million dollars richer!

If you’re in your 20s, you’ve got a great opportunity to create a solid foundation for your future. Don’t waste it!

Want to build wealth beginning in your 20s? Here’s how:

• Steer clear of debt. If you have debt, use the debt snowball to knock it out of your life as fast as you can—student loans included. If Sallie Mae is living in your spare bedroom, kick her out ASAP. 
   
• Live below your means. Just say no to things you can’t buy with cash! Overspending every month can dramatically impact your ability to save for retirement. 
   
• Raise your standard of living slowly. This is not the time to grow leaps and bounds in houses or cars. Paid-for clunkers and small apartment rentals will do just fine while you secure your financial footing. 
   
• Budget like your future depends on it—because it does. A monthly written budget assigns every dollar a specific purpose. Budget categories include things like food, clothing, housing, bills and savings. Plus, a budget ensures you’ll have the money for the things that are important to you, like fun money and retirement savings. 
   
• Start early. As you can see in the example above, it doesn’t take a lot of money to build a million-dollar retirement—as long as you start early! Your goal is to invest 15% of your income for retirement. And the earlier you start, the better! That’s a wealth-building habit that will pay off not just in dollars, but in opportunities for you down the road.

How to Build Wealth in Your 30s

For folks in their 30s, life is in full swing. You might have kids, a mortgage and monthly expenses that seem to eat away at your income. Saving for retirement could easily take a back seat to everyday living expenses. That’s not okay!

Here’s the truth: Life never gets less expensive, and saving never gets any easier from here on out. You’ve got to commit to carving out the money and sticking with your saving and investing habits. You can do this!

If you’re a 30-something, consider these wise moves:

• Watch your housing budget. If you’re unable to pay cash for your house, remember to spend no more than 25% of your monthly take-home pay on a 15-year fixed-rate mortgage. Don’t make the mistake of becoming house poor, especially at the expense of not being able to save for retirement. 
   
• Have your emergency fund securely in place. Keeping adequate savings on hand guards you against dipping into your retirement fund or going back into debt when an emergency happens. And it will eventually. 
   
• Max out your retirement savings options. If your employer offers a 401(k) match, contribute up to the match, and then fully fund a Roth IRA. Your goal is to save 15% of your gross household income for retirement. 
   
• Save for retirement before you save for your kids’ college. Your kids may or may not go to college, but you will retire someday. So, make saving for retirement a priority over saving for college if you can’t afford to do both.

How to Build Wealth in Your 40s

A recent study reported that Generation X workers, which includes workers currently in their 40s, have saved $66,000 across all their retirement accounts.¹ That’s not going to cut it! Realistically, you’ll likely need enough savings to replace 80% or more of your preretirement earnings to maintain your lifestyle throughout your golden years.

If you’re not where you should be with your retirement savings, you’re not alone. Many Americans are in the same boat. But now it’s time to get serious about your future.

 Here are three ways to get back on track:

• Know your portfolio. Meet with a financial advisor and make sure you’re investing the recommended 15% of your annual income in retirement accounts like a 401(k) or a Roth IRA. Automate your contributions if you’re not already doing so. Every time you get a raise, add it to your retirement savings. 
   
• Don’t borrow money from your retirement account. Find other ways to pay for unexpected medical bills, home improvements and college expenses. Raiding your 401(k) will sabotage your retirement savings, and if you lose your job and still have an outstanding 401(k) loan balance, you probably have to pay that money back very quickly. Don’t do it! 
   
• If you have a mortgage, start paying it down. If you have a $250,000 balance on a 15-year fixed-rate mortgage with a 4% interest rate and you can pay an extra $300 each month, you could pay off your home two-and-a-half years early. The goal is to create a mortgage-free retirement as soon as you can and boost your retirement savings to make up for lost time.

How to Build Wealth in Your 50s

According to a study conducted by Ramsey Solutions, 53% of working baby boomers who aren’t currently saving for retirement have no plans to save.² It’s time for boomers to wake up!

You need to take advantage of the retirement savings opportunities that come with age. If you don’t, you’ll face a financial crisis in retirement. So, if you find yourself in your 50s with little or no savings, this is the time to play some serious catch-up.

Some options include:

• Annual catch-up contributions. If you’re 50 or older, you can invest an additional NGN1,000 in your Roth IRA for a total of NGN7,000 each year.³ You can also invest up to NGN26,000 in your company’s 401(k) plan.⁴ 
   
• Think about ways to downgrade your lifestyle. With your kids getting ready to spread their wings, go to college and start their careers, you and your spouse will probably become “empty nesters” sometime in your 50s. Now might be a good opportunity to look at downgrading your house (do you really need four bedrooms?) or look for other areas where you can cut expenses so you can put more money toward retirement. 
   
• Health insurance. The likelihood of needing medical care increases with age, so be sure to keep at least basic medical insurance coverage at all times. One major health crisis could set you back financially and delay your ability to invest more for retirement.

As you reach your late 50s, you might want to start thinking about what you want to do about Social Security. You can claim retirement benefits as early as age 62 or as late as 70. Delaying your claim will increase your monthly benefits. If you can wait until your full retirement age, you’ll receive more money each month.

Where Do I Go From Here?

Ready or not, retirement is coming. How prepared will you be when you get close to retirement? That depends on you. You have the power to take the necessary steps to secure your retirement future!

You can start moving toward your retirement dreams today by reaching out to a financial advisor. A qualified professional like one of our SmartVestor Pros can help you create a plan based on your individual needs. 

https://www.youtube.com/embed/wdGjVah3JtI

How do you grow your circle of influence and become more influential around your colleagues and your friends that you currently have in your life right now? Because if we’re honest about it, having influence is big, right? Influence allows you to have more income, it allows you to have more impact, it allows you to have a better life.

We all are seeking some kind of influence in the world. It also helps us feel like we have a purpose, and a meaning, and a reason to be or do what we do. But we’re not always clear on where influence really comes from and how to look at it. So I have a unique perspective of seeing influence in three specific ways that are all tied to one concept: a house.

Now, I don’t where you live. Maybe you live in a house, but here’s the thing. Most houses, they have an interior and exterior. Almost all of them do, right? So the idea is that I want you to think about influence like this house that I’m going to picture up for you:

Imagine you walk up to a house, and you see the exterior of it. It’s got manicured grass, the bushes are shaped like elephants… I don’t know. The door looks beautiful, the paint’s great. This exterior, it makes you want to enter. It makes you want to come and be around this environment and see this place and feel the inside, because most of the time, places that have a nice interior, they mirror it on the outside with a great exterior. And by exterior, what I mean is, are you inviting? Do you have a smile? Are you presentable? Because in the world we live in, let’s be honest, the way you look matters. Not that it always has to matter, but let’s be honest, the way that you hold yourself and carry yourself, it shows us how you hold your self-respect and your self-esteem.

Sometimes people may have a kind of a look like, I’m trying to be put together, but we usually can see through a lot of that. And if the exterior is rusty and has uncut grass and looks a little funky, because you don’t have joy exuding from you, what happens is you miss out on the opportunity to even have an influence on somebody. But here’s the cool thing: If you have a great exterior and people enjoy what they’re seeing, they want to step in, they get to experience the interior. And the interior for us is the heart of who you are.

The interior is the confidence you have, it’s the joy you have, it’s what you exude. It’s the, do people come to your house and want to stay and hang around? Do they walk in and see the carpets are clean, the floors are mopped, and everything sparkles, and it smells good because the candles are lit, and it’s beautiful, and there’s beautiful food, and they get to have drinks, and they get to laugh and enjoy the space, and it feels great, and it feels inviting? If your interior is inviting, people want to hang out, and not only that, they want to bring other people around it. They want to bring their friends and say, “Hey, this place is great. There’s a party going on at so-and-so’s house. You’ve got to come check it out.” And so they bring more people, and guess what, the influence grows.

Here’s the beautiful thing, the longer they stay, the more conversations you have, the more you get an opportunity to influence somebody. If it’s business, you want to make sales. You better make them want to be around you for awhile. If you want to be able to have a great relationship, they should probably be able to be around you for awhile. No matter what it is you’re trying to influence, you need time to influence, and it happens with being settled inside.

Now, if you walk into a house and it’s cluttered and things are everywhere, everything’s strewn about and it smells like fish, and it’s just gross, you don’t want hang out there. And let’s be honest, there are some people in this world that have a great exterior, but the interior’s not so great. They’re not the greatest people of heart. And the way that you look at this interior is, are you confident? Are you clean? Are you organized? Are you stressful to be around? Are you not stressful to be around? The interior of who you are shows up in the same way it does in a house. Like, if the bedroom’s clean and organized, people want come and hang out. If the living room looks nice, they want to be around. But that is a matter of how confident, how calm, how cool, how collected, how communicative you are. And when that’s dialed in, it’s great.

There’s a third piece that nobody thinks about. The third piece is, where is that house located? What property have you taken up? What I mean by that is, where’s this house at? What city is it in? Because some cities, people love to go to, vacation. Some cities, people avoid like the plague, right? So how does this city the house is placed in matter? Well, here’s what matters: If the real estate you take up is in a space of your dreams, people want to be around that. They want to be around somebody who has this great exterior and great interior, doing great things in the world.

I don’t care how great your interior and exterior is, if you’re not in a great place in life and you’re not in a good position, if you’re not chasing your dreams, then people don’t want take up real estate in that place. They don’t want to hang out at that house. They don’t want to go to that city. But if you get real estate in an amazing area, there’s also neighbors who also have great exteriors and interiors, and you have influence on not only the people around you and the place you’re at but the people who come and visit you.

So are you taking up real estate and placing that home in a space where the world gets to see it? Because yes, it’s dream real estate, but are you going out and meeting people and networking and showing off who you are and taking your heart and your message and putting it into the world so people can see it and give the opportunity to showcase your exterior, to get them to experience your interior, so you can have influence to make anything happen, so you can actually take up real estate in your dreams?

Watch next: The Identity Shift: Who You Need to Be to Succeed

• 

The importance of personal development can’t be overstated. It’s the secret to separating yourself from the pack, the bridge that carries you toward the goals you have yet to reach.

We spend a ton of time investing in things that numb us to the reality of how short life is―things like scrolling the internet for hours on end or watching TV to the point of restlessness. Entertainment is fun, but how much time do we save for ourselves? How often do we set aside dedicated time for personal development, where we are learning and growing in a way that defines our existence?

Related: To Be Successful, Focus on Your Personal Growth

To be well rounded, find some time to invest in yourself. These 15 motivating quotes are a great way to start thinking about who you want to become.

1. “Income seldom exceeds personal development.” ―Jim Rohn

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2.  “Every moment of one’s existence, one is growing into more or retreating into less.” ―Norman Mailer

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3. “You cannot dream yourself into a character; you must hammer and forge yourself one.” ―Henry David Thoreau

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4. “Life is growth. If we stop growing, technically and spiritually, we are as good as dead.” ―Morihei Ueshiba 

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5. “Personal development is a major time-saver. The better you become, the less time it takes you to achieve your goals.” ―Brian Tracy

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6. “The only person you are destined to become is the person you decide to be.” ―Ralph Waldo Emerson

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7. “Man’s life is independent. He is born not for the development of the society alone, but for the development of his self.” ―B. R. Ambedkar

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8. “Change equals self-improvement. Push yourself to places you haven’t been before.” ―Pat Summitt

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9. “There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self.” ―Ernest Hemingway

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10. “Growth is the great separator between those who succeed and those who do not. When I see a person beginning to separate themselves from the pack, it’s almost always due to personal growth.” ―John C. Maxwell

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11. “Personal development is the belief that you are worth the effort, time and energy needed to develop yourself.” ―Denis Waitley

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12. “Be patient with yourself. Self-growth is tender; it’s holy ground. There’s no greater investment.” ―Stephen Covey

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13. “One can choose to go back toward safety or forward toward growth. Growth must be chosen again and again; fear must be overcome again and again.” ―Abraham Maslow

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14. “Investing in yourself is the best investment you will ever make. It will not only improve your life, it will improve the lives of all those around you.” ―Robin Sharma

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15. “In this world you’re either growing or you’re dying, so get in motion and grow.” ―Lou Holtz

Related:https://mastermindtosucceed.home.blog/2020/07/08/everything-you-need-to-know-to-improve-your-life-2/

RACHEL CRUZE

Ramsey Personality

Want to know what makes one person successful with money and another give up? It’s simple: It’s their money mindset.

What you believe about money, yourself and the world shapes how your life will unfold. Every single day you have the power to make decisions that will move you forward financially or set you back. It’s up to you.

You guys may have heard me talk about Ramsey money principles, like you should make a budget every month, live on less than you make, and don’t use debt to pay for stuff. But none of that matters if you don’t believe it’s possible to live that way, or if you’re not motivated to live that way. So many people hit the snooze button on their finances as if they’ll just wake up one day and be able to retire. Maybe they hope to take their money more seriously later in life. Or maybe they think winning with money is only for “rich people.” Why do you handle money the way you do? Break bad money habits for good.

If that’s you, you’ve got to change your mindset. Your parents can’t make you care. Your spouse can’t make you care. And as much as I wish I could, I can’t make you care. It’s on you to change your mindset. The good news is, you can!

Jump to:

• What Is Money Mindset?
• How Is Your Money Mindset Formed?
• The Importance of Understanding Your Money Mindset
• How to Change Your Mindset About Money

What Is Money Mindset?

Your money mindset is your unique set of beliefs and your attitude about money. It drives the decisions you make about saving, spending and handling money.

People who have a healthy money mindset believe things like:

• I have the freedom to spend, but I can also tell myself no to a purchase.
• I enjoy helping others who are struggling by giving generously.
• I don’t have to compare myself to others.
• It’s possible to achieve my financial goals.

Your money mindset shapes the way you feel about debt, your attitude toward people who make more or less money than you, how easily you can give, your ability to invest with confidence, and more.

How Is Your Money Mindset Formed?

Your money mindset is influenced by many different factors, including the psychology of money itself. Obviously, the experiences you’ve personally had around money will play a big role. Things like if you had a part-time job in high school, if you’ve been at the receiving end of generosity, or how openly your parents talked about money growing up.  

Think about that last one for a moment. Now, everything that happens in your life is not your parents’ fault. (Read that again.) But more is caught than taught, so the way you saw your parents talk about money—or not talk about it—definitely influenced your attitude about money from an early age.https://www.youtube.com/embed/vYjoE3Gu7S4?rel=0&enablejsapi=1&origin=https%3A%2F%2Fwww.daveramsey.com

Thinking about how money was handled in the household you grew up in will help you understand the foundation for your beliefs about money. If you’re married, this can also help you get to the root of money fights you and your spouse may have. Their experience was probably totally different than yours, which means you guys are coming at this big (and sometimes emotional) topic of money from two different perspectives.  

The Importance of Understanding Your Money Mindset

Henry Ford said, “Whether you believe you can do a thing or not, you are right.”

Ramsey Solutions conducted a study of over 10,000 millionaires, and one of the most fascinating statistics to me was that 97% of millionaires believed . . . wait for it . . . that they could become millionaires. They believed that it was within their control. They believed they held the key to their success. And having that mindset—not an inheritance, fancy education or wealthy parents—is exactly what caused them to succeed.  

This can be true for you as well. What you believe will drive your behavior, which will lead to positive results.https://www.youtube.com/embed/VEwnQ4EAAiw?rel=0&enablejsapi=1&origin=https%3A%2F%2Fwww.daveramsey.com

You do this in other areas without even realizing it. Do you believe that making your spouse feel special is important to your marriage? Or that you need to have a job to pay rent? Or that “Pizza Fridays” are the best day of the week? 

Your behaviors will support those beliefs. That means you’ll probably send texts to your spouse throughout the day, show up to work on time, and make sure you pick up pepperoni at the grocery store by Thursday.  

How to Change Your Mindset About Money

I remember when I realized my mindset had shifted. I was fifteen years old when my parents had me open my first checking account, which meant I had to keep a budget. Note: This is not when I developed a healthy money mindset. Far from it! I actually hated having to sit down and think of every little thing I may need to spend money on a month in advance. I also hated having to sometimes tell myself no to shopping. (Spending money has basically been my spiritual gift even from a young age.)

But I did start to realize I’m really good at telling my money where to go. And if I could live within the boundaries of the budget, I could still spend money on things I wanted along the way.

Then, a few years into our marriage, my husband, Winston, and I took a dream vacation to Miami. Winston planned all the details and told me he didn’t even want me to think about the budget. He wanted me to feel free to order whatever treats I wanted and shop to my heart’s content! Ah-mazing, right? I mean, he was asking me to live in my strengths (praise hands emoji)!https://giphy.com/embed/hXORoUcEgj1XGO5kLw

But here’s what happened: I actually didn’t like being in the dark about our money. I didn’t feel relaxed about my spending at all. In fact, I begged Winston to let me see the vacation budget because knowing the limit was the only way I could truly enjoy it.

That’s when I realized that, lo and behold, after years of consistently doing a budget, my money mindset had completely changed! Because over time, and through healthy money habits, I learned that a budget doesn’t limit my freedom—it gives me freedom.    

We’re not all wired the same, so forcing yourself to do a monthly budget might not be what changes your mindset. (But you need to do it, anyway! It’s vital for your financial health.)

Here are some of the best ways to change your mindset around money:

1. Read books that will influence your mind in a positive way.

Leadership speaker Charles Jones once said, “You’ll be the same person in a year as you are today except for the people you meet and the books you read.” If you want to give your brain the chance to change and grow, pick up a book. Here are some of my favorites in this space:

• The Total Money Makeover by Dave Ramsey
• Switch On Your Brain by Caroline Leaf
• Love Your Life, Not Theirs by yours truly
• The Power of Habit by Charles Duhigg
• The 7 Habits of Highly Effective People by Stephen R. Covey
   

2. Think about your life up until now and ask yourself:

• What did I hear and see about money growing up?
• What’s one thing my parents did with their money that I want to replicate?
• What’s one thing my parents did with their money that I want to do differently?

Write down your answers in a journal. What changes do you need to make?

3. Give away some money.

Giving is the most fun you can have with money. And it’s a proven way to change your money mindset too. It moves you on the spectrum from selfish to selfless. I know you might feel apprehensive at first, or maybe you’re not taking me seriously. Just try it! Commit to giving back some money to help a person or organization in need just once a week. If you don’t feel like a new person a month from now, message me on Instagram (@rachelcruze) and we’ll talk. Go on . . . I’ll wait. 

4. Dream about your retirement.

Picture your life down the road in high definition and let that be your motivation as you plan for retirement today. My friend, bestselling author Chris Hogan, says, “If you can see your dream in every detail—if you can fix your eyes on it—then I know you can muster the effort you need to hit your numbers.”

By the way, if you’re still in debt or don’t have an emergency fund, having a vision for your retirement is still incredibly motivating. Take that dream and let it fuel your passion to get to a place where you can invest even faster!

5. Have the belief that success is possible for you.

No matter your race, religion, level of income—or, to quote some deep, philosophical lyrics from the Backstreet Boys, “I don’t care who you are, where you’re from, what you did . . . ”—you have the power to make your own success. Some people have bigger obstacles in their story than others, but simply believing is the first step. Your behavior will follow your beliefs, making it easier to stick to good habits. And over time, your entire perspective will change for the better. 

You CAN Change Your Money Mindset

Okay, you guys. This mindset stuff isn’t just pie in the sky—it’s biblical. Galatians 6:7 (NIV) says, “A man reaps what he sows.” As Earl Nightingale says in The Strangest Secret, “We become what we think about.” That’s exactly why changing your mindset about money actually has the power to change the trajectory of your life.

So, I want you to be so fired up that nothing and no one can stand in your way. Then, I want you to put your focus on the things you can control. Those are the habits that will help you pay off debt and build wealth so that you aren’t the person who gives up.

If you want to make good money habits stick, check out my brand-new book, Know Yourself, Know Your Money. Learn how to make lasting change so you can make actual progress with your money like never before. Start reading for free today!

You can become the person who believes you can win—and once you believe you’ll win, you will.https://mastermindtosucceed.home.blog/2020/07/11/7-ways-to-own-your-personal-power/

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During this time of business as unusual, I can’t think of a better opportunity to work on yourself. Author and motivational speaker Jim Rohn famously advised, “Work harder on yourself than you do on your job.” Owning your personal power is a way to affect positive change in your own life and broaden your circle of influence.

1. Be authentic.

People value transparency and authenticity as a doorway to connection, but you can’t be authentic unless you first know who you are. I believe this so strongly that I have a tattoo that reads, “Be true to yourself and you will be able to lead others.” People want to connect with and learn from like-minded individuals, so your best way to influence them is by being your true, authentic self.

We were all born with specific gifts, and by making the most of these gifts, we can positively impact our own life as well as the lives of those we touch. But we tend to get in our own way. The words, habits and attitudes from our upbringing can continue to impact how we think about ourselves and what we focus on even today.

One of the best exercises to help you get out of your own way is to write a list of your pros and cons. What are things that you really love about yourself and your life? Few people find it easy to say they love themselves or to find positive attributes to list, but the greater your capacity to love yourself and what you represent, the easier it is to love others. What work, activities or hobbies are you doing when you’re in the zone? On the con side, write down the things about yourself that, if you could wave a magic wand, you’d change.

2. Ask effective questions.

With your list in hand, start asking yourself open-ended, effective questions:

• Why is this important to me?
• What price am I willing to pay to change this?
• Who could be my mentor?
• What skills could I learn?
• Which books could I read? Podcasts could I listen to?
• Who could I add to my circle?
• What behavior could I change to continue to grow?

Write down the questions and then let your subconscious mind get busy delivering the answers.  Time is our most valuable resource, yet we spend 20% of it on the activities that produce 80% of our results. No one is good at everything, but we all have something—or things—that comprise our natural skill set. Concentrate on doing more of that. If you really want to own your personal power and grow as an individual, amplify the 20% and delegate everything else.

3. Establish specific a.m. and p.m. routines.

How you begin and end your day matters. Some of the world’s most successful and influential people rise early and spend time alone on specific activities to prime their day. One collection of activities—in fact, the one I practice—is described in Hal Elrod’s book The Miracle Morning as silence, affirmations, visualization, exercise, reading and scribing (writing). The acronym spells SAVERS. Spending even 10 minutes on each of these activities first thing in the morning puts you in control of your entire day. 

Whether I start my day at home or in a hotel room, I close my eyes and visualize for 120 seconds how I want my day to unfold, how I want people to feel, and what I want the end result to be. More often than not, my day evolves the way I visualized because I already lived it in my mind.

At the end of the day, I close my eyes and ask myself what worked. It could have been the right tagline in an email, or perhaps I was there for someone at exactly the right time. Regardless of what it is, I write it down.

I keep a legal pad beside my bed, and before I go to sleep, I write down what I’m concerned about and a few effective questions. I likely can’t do anything about my concerns between midnight and 5 a.m. anyway, and by writing them down, my mind is freed up to sleep restfully. Effective questions might include, what did I learn today? Who did I help? How did I take my company further? What am I grateful for? This practice sets the stage for my productive tomorrow.

4. Income = value.

Regardless of your job, your income is directly related to the value you provide. So, what are you doing to add value to the person in front of you? Do your homework. Google them, friend them on Facebook, connect with them on LinkedIn. Discover what’s going on in their world so you can make an authentic and sincere connection. Don’t only worry about nailing the presentation or making the sale. The more you build a relationship that adds value, the more they will trust you. Without question, this is the experience economy, so personalizing your service is key.

5. Invest in people.

Every time you have an opportunity to invest in someone by teaching them, offering advice or catching them doing something good, you’ll see the benefit paid back to you—directly or indirectly—many times over.

I believe too often we complete a job for someone else because we think we’re being helpful, or it’s easier to do it ourselves than it is to teach the other person. But doing so won’t help them to grow. True leaders build other leaders. So, my best advice for empowering both yourself and others is to learn it, do it, teach it. If you learn it, you’re going to absorb it, but you may not retain it. Once you do it, you learn best practices through experience. But when you teach it, you cement the knowledge into your brain and you’re empowering someone else.  

6. Measure your impact.

How will you know your efforts are paying off? What does your owning your personal power translate to in black and white? Measure your impact on everyone you’re touching. Is your yardstick increased sales? A greater audience? The measurable success of the people you’re influencing? Ask for constructive feedback on a regular basis so you can improve. Aim for unconscious competency.

7. Never stop growing.

If we want people to follow us, we must continue to grow as human beings. If we really want to attract more success and better experiences, then we must be someone who attracts the right people into our lives. That won’t happen unless we’re constantly growing as individuals.

Magic happens when you know you nailed your day, moment after moment. You were in the flow and all the right people did all the right things, including you. You owned it, start to finish. But you also have to own your day when you make a mistake. Those days present some of the best opportunities for personal growth. People respect and empathize with others who are truthful and forthright when something goes wrong. Own it instantly, correct it, make amends, and move on.

Owning your personal power is at the core of everything you want to accomplish in life: dreams fulfilled, goals achieved, successful relationships and influence on others. Put as much time and attention into working on yourself as you do your career, and your investment will pay off exponentially.