Personal Finance Basics: Why Basic Advice Doesn’t Work

by Amanda Abella  - June 17, 2019

personal finance basics

 

YouTube player

Welcome to Money Mondays! A new series on the channel where we’re tackling personal finance basics! We cover the first step in budgeting your money – determining why money matters.

Most people follow basic personal finance advice and they still struggle. According to statistics, most Americans can’t even cover a $400 unexpected expense. That could be anything – dental work, a pet going to the vet, new tires, having to go to the eye doctor, etc.

In this video (and every Monday moving forward) I cover two really important personal finance basics you need to know before you can start budgeting.

FREE guide

Learn how I got 300 leads in a day with referral partners.

This free guide details the 8 step process I used to build a network of referral partners that have sent me up to 300 leads in a day.

#1: Why do you want money?

The reason most people struggle with money is because they don’t know why the want it in the first place. Most people haven’t gotten clear on what they want out of their own lives. Because of this, they also don’t know what they want from their money.

Most personal finance basics cover – debt, saving money, and investing – but rarely ever consider someone’s personal circumstances and life goals. Because of this, I believe we’re doing a disservice to people.

#2: Money doesn’t have to be scary.

The financial industry makes money more complicated than it actually is. That’s so that you feel obligated to use their products and services.

The truth is that personal finance basics are really just common sense and some psychology. If it was as simple as following instructions, we wouldn’t be in the position we’re in. That’s why it’s important to study the link between behavioral psychology and money.

Personal Finance Basics Related Videos:

Why I almost quit social media + channel updates:

YouTube player

Basic Personal Finance Playlist:

YouTube player

Subscribe to the channel for weekly videos and podcast: http://bit.ly/2KHKY12

Pick up Amanda’s bestselling book: http://bit.ly/mmyhamzn

Check out Amanda’s free class How to Make Your First $100K Online (Even If No One Knows Who You Are): https://www.makemoneyyourhoney.com/influencer

Follow Amanda on social:

Facebook: http://www.facebook.com/coachamandaabella
Instagram: http://www.instagram.com/amandaabella
Twitter: http://www.twitter.com/amandaabella
LinkedIn: http://www.linkedin.com/amandaabella

For business inquiries email [email protected]

Disclaimer: This is meant for education purposes. Please consult professionals before doing anything with your money.

{MMYH Ep. 86} My Financial Setbacks (Then vs. Now)

You may be interested in