EP288 Adulting 101: No Easy Way to Get Rich Quick

Young Money with Tracey Bissett

There is no easy way to get rich quick. It's tempting to believe that there is, especially with all the stories you hear on the news and on social media. But the truth is, we need to be cautious and realistic about our financial situations. We can't fall for every offer or post we see on social media that promises easy money. So, in this episode, I want to get back to basics and share some tips on how we can start taking control of our financial situations.

Listen in as I recap some of the key lessons from our previous episode on getting back to basics and share some additional tips on how to establish financial fitness routines, review expenses, and understand retirement-saving options. I promise you that these are simple yet effective steps that can make a significant impact on your financial well-being. Remember: small, imperfect actions are better than no action at all, so don't forget to make a date in your calendar to take one small step toward your financial fitness goals.

“Let’s get back to paying attention, taking accountability, and being disciplined with our actions when it comes to our finances.” - Tracey Bissett

This Week on Young Money:

• Why there is no easy way to get rich quick.
• The importance of being aware of social media posts promising quick and easy money.
• Why every financial opportunity needs to be assessed to determine its fit for you and your financial situation.
• Why it's crucial to review your expenses, understand your retirement savings options, and establish financial fitness routines.
• How to reach your goals without overhauling your life.
• How to ensure you're advancing in your financial fitness.

Key takeaways:

1. Get back to basics with your finances.
2. Review your expenses.
3. Don’t fall for social media “get rich quick” schemes.
4. Take accountability.
5. Take small, imperfect steps.
6. Block out time for financial fitness.

Resources Mentioned:

• EP019 TFSAs vs. RRSPs
• EP070 RRSP Withdrawal Programs - What Are They & How Do They Work?
• EP072 Multi- Level Marketing – Is It the Right Opportunity for You?
• EP106 Milli Moves: Money & Media with Leanna Haakons
• EP137 How to Manage & Negotiate With Creditors (People You Owe Money)
• EP157 Milli Moves: How to Reset Financially
• EP219 Future of Pandemic Money Habits with D'Arcy McDonald, SVP Scotiabank
• EP222 Why Financial Literacy Matters at Work
• EP229 Rich Girl, Broke Girl with Kelley Keehn
• EP231 Back to Basics

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