1/ My Mission: To Spread Financial Wellness (thread)
Here’s what "financial wellness" means to me
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2/ Mindset
Humans are programmed to think short-term
Evolutionary, thinking short-term makes sense. It helps with survival.
Financial wellness is all about training yourself to develop a long-term mindset
Not easy -- it takes practice
3/ Mindset
If you join the right tribes, you can’t help but improve
My favs:
@AffordAnything
@ChooseFiFI
FinTwit
@MicroCapClub
@themotleyfoolFool
@visualizevalue
Twitter / Podcasts / Blogs / YouTube -- when used correctly -- are amazing resources
4/ Mindset
Educate yourself - constantly!
Especially about:
1⃣Money
2⃣Relationships
3⃣Health
These 3 categories have an outsized influence on all areas of your life
Books help
5/ Career
In the beginning, focus on growing your income
Do more than what is expected
Become a lynchpin
Find a career that you ENJOY (<- important!) that also has high-income potential
Start a side hustle (<- important!)
Build your talent stack
6/ Career
Network!
@JordanHarbinger’s course is great
Ask co-workers you don’t know out to lunch. Pick their brain. Don’t ask for anything in return.
Just focus on developing relationships
7/ Personal Finances
You don’t get rich at work — you get rich at home
Its YOUR responsibility to become wealthy, not your employers
8/ Personal Finances
Track your spending!
@mint / @PersonalCapital / @ynab / Excel / Google Sheets
I don’t care how, just do it!
9/ Personal Finances
Attack ALL costs
Big 4 especially
1⃣Housing
2⃣Transport
3⃣Food
4⃣Education
Eliminate all luxuries - You can always add them back if you truly miss them
Use @FrugalWoods / @mrmoneymustache / @ChooseFi as guides
10/ Personal Finances
You need to know where you stand today
Create an:
1⃣Income Statement
2⃣Net Worth Statement
11/ Personal Finances
The average millionaire has 7 sources of income
Develop new income streams!
12/ Personal Finances
Boost your savings rate
10% is the minimum
20% is achievable for most
50%+ is hard, but not impossible
Go hardcore for a few years, especially in the beginning
It makes a huge difference
13/ Personal Finances
Use your savings to eliminate ALL non-mortgage debt
Then, build an emergency fund of 3+ months of expenses
14) Personal Finances
Max out all retirement accounts
401(k) / 403 (b) / IRA / ROTH IRA / HSA.....etc
Broad-based, low-cost index funds are a great choice
15/ Personal Finances
Protect your family from disaster!
16/ Investing
Once your personal finances are rock-solid, you can focus on growing your wealth
If stock investing bores you, just buy broad-based, low-cost index funds
If stock investing interests you, learn how to invest
17/ Investing
I highly recommend subscribing to @TMFStockAdvisor and @TMFRuleBreakers
I'm biased, but this is where I learned almost everything that I know about investing
Free podcasts:
@AnswersPodcast
@MotleyFoolMoney
@MFIndustryFocus
@MarketFoolery
@RBIPodcast
18/ Investing
What I wish I knew when I first started
18/ Investing
Use checklists, journals, and watchlists!
19/ Investing
Invest in high-quality businesses Part 1
20/ Investing
Invest in high-quality businesses part 2
21/ Investing
How to build positions
22/ Investing
It's OK to suck in the beginning
I sure did!
23/ Investing
Connect with other smart investors on Twitter
Every Friday, I share a list of follows that made me smarter that week
Follow them!
24/ Investing
Share!
The key to learning faster is to publically share your wins and losses
Peer review is a powerful resource
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