10 money lessons everyone should learn by 30:
1. Real estate can help you hit financial freedom and early retirement faster than dividend stocks and this is coming from a stock guy.
1. Real estate can help you hit financial freedom and early retirement faster than dividend stocks and this is coming from a stock guy.
2. The most underrated asset to invest in isn’t stocks, real estate, or crypto. It’s yourself.
3. By age 30 you should have *at least* an equivalent of your salary saved.
If you make $50,000 a year, you should have $50,000 saved.
If you don’t, you need to catch up.
If you make $50,000 a year, you should have $50,000 saved.
If you don’t, you need to catch up.
4. Save for your retirement first, then your child’s education.
There are scholarships and loans for college, but none of that exists for retirement.
There are scholarships and loans for college, but none of that exists for retirement.
5. You CAN save too much money.
If you have multiple streams of income save 3 months of expenses.
If you have 1 stream of income save 6 months.
If you’re self-employed save 12 months.
If you have multiple streams of income save 3 months of expenses.
If you have 1 stream of income save 6 months.
If you’re self-employed save 12 months.
6. The types of assets in your investment accounts matters.
Assets for taxable accounts:
- ETFs
- Long term holds
- Qualified dividends
- Muni bonds/I-bonds
Assets for tax-advantaged:
- REITs
- Dividends
- Long term holds
- Taxable bonds (TIPS)
- Actively managed funds
Assets for taxable accounts:
- ETFs
- Long term holds
- Qualified dividends
- Muni bonds/I-bonds
Assets for tax-advantaged:
- REITs
- Dividends
- Long term holds
- Taxable bonds (TIPS)
- Actively managed funds
7. In general, if you multiply every $1 you want to spend in retirement by 25 that’s how much you need to save.
If you want to spend $60,000 a year in retirement you need to save around $1.5 million.
If you want to spend $60,000 a year in retirement you need to save around $1.5 million.
8. Your car loan should be counted against your net worth but the car itself shouldn’t be counted towards your net worth.
In other words, count the debt, but not the “asset.”
In other words, count the debt, but not the “asset.”
9. Credit cards get a bad rep because most people can’t control their spending
Credit cards are a tool.
They can be used to create something beautiful (free vacations)
Or they can be used to destroy (compounding high-interest debt)
Credit cards are a tool.
They can be used to create something beautiful (free vacations)
Or they can be used to destroy (compounding high-interest debt)
10. Every time you spend your pay raise you’re making it more expensive to retire
It’s okay to spend more as you make more, but keep it to a minimum.
Spend 25% of your pay increase, save/invest the other 75%.
It’s okay to spend more as you make more, but keep it to a minimum.
Spend 25% of your pay increase, save/invest the other 75%.
Thank you for reading!
If you enjoyed this thread, follow me @WOLF_Financial for more.
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If you enjoyed this thread, follow me @WOLF_Financial for more.
If you want me to see me explore this content some more, sign up to my weekly newsletter: marketmadness-newsletter.beehiiv.com
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