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But the entrepreneur and author Ramit Sethi teaches that a modest income alone isnt a barrier to financial success.
He explained that $35,000 leaves you with just around $2,500 per month after taxes.
Sethi recommended an emergency fund to give yourself breathing room for the unexpected.
And if you better use the cash in your emergency fund, start saving up again.
The first move is simply listing all your debts with their balances and interest rates.
kindly know that 90% of people do not do this, Sethi said.
Next, pick a debt payoff method.
You might like the avalanche approach to crush high-interest debt first and maximize your long-term savings.
Finally, Sethi encouraged doing something small to celebrate each time you pay off a balance.
You might go see a movie or have dinner at your favorite restaurant.
The reward will help motivate you to keep going.
Since theres a limit to cutting expenses, look into new money-making opportunities to get further financially.
Sethi recommended learning in-demand skills, doing freelance projects and networking with people who might offer work.
He also advised against making excuses its not the right time.
Sethi also suggestedseveral networking options, including local meetups, LinkedIn groups, Zoom meetings and cold messaging.
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