Tonya Rapley created My Fab Finance with the goal of helping millennials learn how to create financial freedom. Her financial advice has appeared in U.S. News & World Report, the New York Daily News, BuzzFeed, Essence, Reuters and more.
Recognized by GOBankingRates as one of Money’s Most Influential, here she shares why overspending is at the core of many people’s financial issues, how to adjust your budget during periods of inflation and why focusing on one financial goal at a time is key.
What’s the one piece of money advice you wish everyone would follow?
Spend less than you earn. When it comes to money, you can’t outsmart the math. No amount of spreadsheets or financial advice can counter overspending.
What’s the most important thing to do to build wealth?
Maximize your earning potential and then consistently position your money to make more money through active and passive investments.
What’s your best tip for fighting the impacts of inflation?
Cut back on the non-necessities and find ways to increase your income.
What’s the biggest mistake people make when it comes to money?
They try to work on too many things related to their financial journey at one time instead of focusing on education and action around one goal at a time.
Jaime Catmull contributed to the reporting for this article.
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