Earning money at an early age and developing wise financial habits, such as spending cautiously, saving for the future, and making investments, can have significant long-term benefits, which can set a strong foundation for economic well-being in the long run.
Alexandra Fasulo had her first six-figure year in 2018 as a freelance writer, earning close to $300,000 in revenue.
Now at 29 and with six income streams, she can make a little over $400,000 in net income. Fasulo also owns three properties in the state of Florida. Combined, they’re worth close to $1.2 million, reports CNBC.
“I know I can’t count on making this much money forever. So while I sometimes splurge on food, entertainment, and travel, I otherwise save and invest aggressively to boost my net worth,” CNBC quoted her saying.
To live her dream life, she saves most of her earnings. Here are the five things she refuses to spend money on.
Fasulo doesn’t like to spend money on new design clothes or handbags. According to her, one should spend no more than $2,500 yearly on shopping.
“I do all my fashion shopping at thrift stores like Buffalo Exchange and Pavement. So instead of buying new designer clothes or handbags for thousands of dollars at a time, I’m spending much less,” she said.
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According to the report, Fasulo uses her Chase Sapphire Rewards credit card to pay for travel, flights, and rental cars, collecting travel points.
“Even though the card has a $300 annual fee, it saves me about $2,000 in flight and travel costs yearly. I also have the JetBlue credit card that raises enough points to cover a few flights yearly,” she added.
According to Fasulo, she avoids spending money on rent and has invested in properties. She bought her first property in 2021, where she currently lives. “In the house that I live in now, the amount I pay on my mortgage is, in some cases, less than what I would pay to rent the same house — except I own it,” Fasulo said.
Fasulo said she loves to look for happy hours whenever she wants to drink. When she travels, she loves to spend at local restaurants and bars. “Eating and drinking earlier in the day can cut the total cost of food and drinks down to one-third of what it would be if you dine at 8 p.m,” she said.
Spending money on transportation is another thing that Fasulo tries to avoid. According to her, if a destination is within three miles, she walks instead of taking an Uber for $30.
“I try to walk at least 12,000 steps per day, even when I’m home in Southwest Florida, so I plan my days around being able to walk to places. I check the map ahead of time to ensure there are sidewalks,” she said.
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This story is part of a new series of features on the subject of success, Benzinga Inspire.