Danetha Doe, founder of the financial education company Money & Mimosas, has helped entrepreneurs raise millions of dollars in capital and coached struggling millennials to reach their financial goals.
No matter where you are in your own financial journey or what your individual goals are, Doe — who is one of GOBankingRates’ Money’s Most Influential Women — believes there is one rule of thumb everyone should follow.
Here’s what Doe said is always the best money move to make.
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‘Pay Yourself First’
Doe believes that everyone should dedicate money toward their own short- and long-term goals before doing anything else with their funds.
“Everyone should follow the rule of paying themselves first,” she told GOBankingRates. “Whether it’s boosting your savings, contributing to your investments or tending to your wellness, use your money to take care of yourself first.”
‘Paying yourself first’ will look different for everyone depending on their individual circumstances and goals. For example, if your goal is to save more, this will mean setting aside money regularly into a dedicated account.
“My advice is to use a high-yield savings account,” Doe said. “These accounts have higher interest rates, and your money will grow faster.”
If your goal is to build wealth, you should look for ways to maximize your returns.
“My advice is to make your money work for you as soon as possible,” Doe said. “You can do this by investing or building passive income streams.”
Jaime Catmull contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Financial Expert Danetha Doe: This Is the No. 1 Best Thing To Do With Your Money
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