Thread by @FinFreeWizard

If you’re in your 20s

And you want to be a Millionaire

These are the things you need to get right

Number 7 is key

1. Learning

Focus on what you can learn to earn

Become a learning machine

Skills that add value to society will get you rewards

Don’t follow the herd looking for a piece of paper from a school in exchange for $80k

2. Money

Earn from as many different sources as possible

It doesn’t matter what you do just keep trying to improve yourself and keep the money flowing

Pick up skills that you can monetise

3. Build a High Class Network

This is the ideal decade to find great mentors

Connect with older successful people that are doing it already

Add value to them first, don’t just ask for help

You will become similar to those you spend most time with

Choose smartly

4. Health

Sleep well: 7-8 hours a night

Eat whole foods not junk foods

Exercise everyday

Be kind to your body as you’ll need it later

5. Mindset

There is no situation you’ll be in that you can’t learn

There’s good in everyone it’s just harder to find in some

Every down moment has an opportunity for you if you open your eyes

6. Focus

There’s way more distractions than there was before

Lots of activities, products, services, games

Don’t let them pull you from your goals

Most will cost you money too

7. Invest

This is what will make you a millionaire or not

You have to have a consistent investing habit

Read up on all the great investors and how they do it

Stick to Index Funds and ETFs until you know what you’re doing

Maybe stick to them anyway even when you do

Don’t confuse investing with speculating

Five years should be a minimum holding period for an investment

Designate a high proportion of your income each month to investing

Warren Buffett - Investing is his skill but time is his secret

Time in the market beats market timing

8. Spending

As your income grows the temptation is to improve the materials in your life

Buy quality things that you need and will last

Don’t waste it on nonsense flash items

You don’t need to try and keep up with everyone else

This will pay off big time as you get older

9. Saving

Always keep an emergency fund

Enough to get by for 3-6 months

You never know what surprises are around the corner

It’ll help you sleep at night and not have to sell any investments

Don’t oversave as your cash in the bank will lose value over the long term

10. Debt

Avoid debt unless it’s to make more money or to buy a family home to live in

Debt is what gets most people into trouble

Steer clear of this and you’ll be better off

You won’t become a millionaire if you go bankrupt due to debt

Be patient and it’ll happen

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