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28-year-old ex-stock trader set to make $1 million this year: Here are 3 money rules I live by

By | Emmie Martin |

In 2017, Lauren Simmons earned just $12,000 a year as a full-time trader at the New York Stock Exchange.

She’s come a long way since then. Now 28, Simmons is an author, producer, podcast and TV host, angel investor and board member of several financial companies. She made $650,000 in 2021 and is on track to bring in $1 million this year.

But that doesn’t mean she’s always been good with money. “In order to get into a good place with my personal finances, I had to be bad with it,” she tells CNBC Make It.

“In order to be good with money, you have to be bad with money — period.”

If you’re trying to develop better financial habits, start by coming up with money rules that work for you, Simmons says. Here are three she follows.

1. Wait to make big purchases

Before buying anything over $100, Simmons waits three to six months. “I have to make sure, am I impulsively making this purchase or do I really want this purchase?”

That gives her enough time to visualize if she can live without it or not. After waiting a few months, if “it’s something that you really want and you see that can incorporate it into your life, do it,” she says.

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