You got to start thinking differently about money & that is why I post about it on my feed.
So I recently came across these classic, traditional, personal finance rules...
The classic, traditional rules go something like this...
While I agree with living below your means, many people fall into a scarcity mindset over the growth mindset. Yes, it is...
Please understand that I don't buy this whole retirement at 65 nonsense. I don't only want financial freedom when I'm old, but also when I'm young.
Of course, the debt used for consumption is not healthy. That is clear as day. However, not all debt is equal.
Most millionaires have at least 3 sources of income while research says it's well over 7. If you have that many, you don't need a (big) emergency fund at all.
I don't have one.
You will need to be a whole lot more aggressive. E.g. despite all the travel I do, I try to save at least $2 for every $1 I make. Hopefully, even more!
Of course, inflation has to be taken into account. Life changes, marriage, kids, etc.
On the other hand, at your disposal, you have compound interesting to help grow your savings.
I never bother putting any meaningful money in tax-advantaged & retirement accounts. The only thing I am doing is making those Wall Street guys rich, who live of monthly fees.
This whole fee thing has gone too far. I'm more than happy to pay 5% in fees if a sponsor/syndicator returns me 15% net!
Mediocre strategies & plans produce mediocre results. 👇