Money is a tool, and every dollar you own should be working for you (even while you sleep).
Retirement isn't an age, it's a number in an investment account. Here are 10 tips on building wealth & retiring earlier:
Retirement isn't an age, it's a number in an investment account. Here are 10 tips on building wealth & retiring earlier:
1) Schools won't teach you this, but you'll be working for money your whole life unless you start making money work for you.
Every dollar is an employee & needs to be given a job.
Use your salary to invest in passive income so that passive income replaces your salary.
Every dollar is an employee & needs to be given a job.
Use your salary to invest in passive income so that passive income replaces your salary.
2) The financial freedom roadmap:
• Avoid lifestyle creep
• Create a budget to cut expenses
• Max out your Roth IRA & 401k match
• Pay off high-interest consumer debt
• Establish a 3-6 month emergency fund
• Increase income with investments, side hustles, or side business
• Avoid lifestyle creep
• Create a budget to cut expenses
• Max out your Roth IRA & 401k match
• Pay off high-interest consumer debt
• Establish a 3-6 month emergency fund
• Increase income with investments, side hustles, or side business
3) Money sitting in a bank is losing value due to inflation. You can't “save” your way to wealth, you must invest.
Compounding is the greatest tool in wealth creation, and the earlier you start investing, the better.
Compound interest can be thought of as “interest on interest”
Compounding is the greatest tool in wealth creation, and the earlier you start investing, the better.
Compound interest can be thought of as “interest on interest”
4) The Illusion of Money:
The U.S. dollar has no inherent value, it's a symbolic representation of value. It's a medium of exchange printed out of thin air, whose value is derived from trusting a government.
You must invest in assets to protect your purchasing power.
Invest.
The U.S. dollar has no inherent value, it's a symbolic representation of value. It's a medium of exchange printed out of thin air, whose value is derived from trusting a government.
You must invest in assets to protect your purchasing power.
Invest.
5) Debt will rob you of your future because you are using the money you earn today, to pay off things from the past.
If unpaid, debt will grow larger and larger with the interest and fees adding up.
Avoid high-interest consumer debt at all costs.
If unpaid, debt will grow larger and larger with the interest and fees adding up.
Avoid high-interest consumer debt at all costs.
6) According to many, being “rich” is:
• Mansions
• Sports cars
• Designer clothes
• Luxury vacations
But, true wealth is:
• Health
• Time freedom
• Location freedom
• Financial freedom
Money is a tool, so use your income to buy assets.
• Mansions
• Sports cars
• Designer clothes
• Luxury vacations
But, true wealth is:
• Health
• Time freedom
• Location freedom
• Financial freedom
Money is a tool, so use your income to buy assets.
7) Try spending less than you earn:
Many millionaires are wealthy because they know how to keep and invest their money, and not spend it on unnecessary things.
Being frugal can help you build wealth because by being frugal you are being more resourceful with money.
Many millionaires are wealthy because they know how to keep and invest their money, and not spend it on unnecessary things.
Being frugal can help you build wealth because by being frugal you are being more resourceful with money.
8) Time is more valuable than money.
Frame purchases in time instead of dollars, so you can make better-informed decisions with your hard-earned money.
If you make $20/ hour, that new car isn't $50,000, it's 2,500 hours of your time (or 357 days of work)
Frame purchases in time instead of dollars, so you can make better-informed decisions with your hard-earned money.
If you make $20/ hour, that new car isn't $50,000, it's 2,500 hours of your time (or 357 days of work)
9) If want to build wealth, you must learn as much as you can about:
• Taxes
• Investing
• Real Estate
• Personal Finance
• The Stock Market
• Financial Planning
Money may not buy happiness, but money will eliminate the stress & anxiety that not having money creates.
• Taxes
• Investing
• Real Estate
• Personal Finance
• The Stock Market
• Financial Planning
Money may not buy happiness, but money will eliminate the stress & anxiety that not having money creates.
10) If you have no:
• Assets
• Budget
• Investments
• Emergency Fund
You will not have financial freedom.
Make smart choices with your hard-earned money.
• Assets
• Budget
• Investments
• Emergency Fund
You will not have financial freedom.
Make smart choices with your hard-earned money.
11) It doesn't matter if you've invested $100 or $1,000 or $10,000
What's important is that you're doing something to improve your future and build generational wealth
Investing for 20 years may seem hard, but being old and broke will be a lot harder
Choose your "hard"
What's important is that you're doing something to improve your future and build generational wealth
Investing for 20 years may seem hard, but being old and broke will be a lot harder
Choose your "hard"
12) Invest as early as possible:
The sooner you start investing, the more time your money has to grow through compound interest.
You can have over $1.3 million for retirement when you are 60, if you start investing $100 a week ($400 a month) into an S&P 500 index fund at 25.
The sooner you start investing, the more time your money has to grow through compound interest.
You can have over $1.3 million for retirement when you are 60, if you start investing $100 a week ($400 a month) into an S&P 500 index fund at 25.
13) Money is a tool, always use it wisely. These threads take time to write so if you found it helpful, please:
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• Follow me @FluentInFinance for more on money
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• RT the FIRST tweet to share it🔁
• Follow me @FluentInFinance for more on money
• Sign-up for my newsletter to master your money: TheMoneyNewsletter.com!
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