Financial advice is complex and must be tailored to every individual situation. However, here are a few no-brainers that can lead to less money stress.
Thou shall spend less than one makes.
Thou shall prioritize making money and saving it whenever possible.
Thou shall keep at least $10,000 in a high-yield savings account for emergencies (even better if it’s three months of living expenses).
Thou shall automatically contribute to one’s investment account monthly.
Thou shall only lend money to friends or family at an amount less than 5% of their investible net worth and at an interest rate not lower than AFR 1.
Thou shall only make alternative investments (your friend’s bar, bitcoin) in a sum less than 10% of their investible net worth.
Thou shall lead by example and talk about one’s money fears and wins with those closest to them.
That’s the Applicable Family Rate - the IRS-determined minimum interest rate that you can charge friends and family when you loan them money to ensure it’s not just a gift.