Thread by @FluentInFinance

Retirement isn't an age, it's a number in an investment account!!!

Schools won't teach you this but I will, so here are 15 tips everyone should know about money (to retire before 65):

1) The best way to become financially free is to become financially literate

Educate yourself on finance and your wealth will grow in abundance

The wealthy invest in these 4 assets:
• Stocks
• Real estate
• Businesses
• Self-education/Self-improvement

You should too.

2) Your time is more valuable than money:

If you make $20/ hour, a new car isn't $50,000, it's 2,500 hours of your time or 357 days of work.

By framing purchases in time instead of dollars, you can make better-informed decisions with your hard-earned money.

3) Penny pinching won't help you:

Saving $5 on a coffee won't help you retire much earlier.

Choosing an affordable home, downsizing to a smaller space or a less expensive car will save more and build more wealth.

Overspending on big-ticket lifestyle decisions matters the most

4) The reality of 9 to 5 jobs:

A 9 to 5 job may provide reliable income but it's unlikely to make you very wealthy.

Those who create significant wealth have multiple streams of income, such as investments in real estate, stocks, or businesses.

Money is a tool for the wealthy.

5) Who you choose to marry has significant financial implications on your wealth.

Making the right choice can be incredibly beneficial, but choosing the wrong partner can cost you money, legal fees, time, and peace of mind.

6) Health is Wealth:

Medical bills can be a significant financial burden, so focus on healthy habits to prevent health issues that lead to high medical bills.

Prioritize your health with proper nutrition and exercise, which also have a positive impact on your productivity.

7) The Car Payment Trap:

A car is a depreciating asset that loses value over time, and purchasing an expensive car can be a poor financial decision.

Rule of thumb: If the cost of your car payment exceeds the value of your credit score, reconsider your purchase.

8) Compound interest is the best money hack:

Compounding interest is the process of earning interest on both the original investment and the accumulated interest over time.

By reinvesting your returns, your money grows at an exponential rate, rather than just a linear rate.

9) 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.

10) Generational wealth is a myth:

~70% of families lose their wealth by the 2nd generation

~90% of families lose their wealth by the 3rd generation

Teaching yourself and your children personal finance are a must because many schools don't teach it.

11) Teach kids money:

Warren Buffet has a children’s cartoon where he teaches:
• Wealth
• Money
• Investing
• Business
• Personal Finance

There are 26 episodes!

4 Board Games to teach kids about money:
• Payday
• Monopoly
• Cashflow 101
• The Game of Life

12) The Wealth-Building Blueprint:

It’s not about how much you make, it’s about how much you save and invest.

• Find ways to increase income,
• Find ways to reduce expenses,
• Invest the rest.

13) Retirement isn't an age, it's a number in an investment account.

If you start investing early, you may be able to retire in your 40s.

3 popular retirement accounts:

14) Become a millionaire, the lazy way:

1) Invest $11 a day into an S&P 500 index fund

2) Sit back and let compound interest work its magic

3) After 30 years, you can expect to have over $1 million (based on historical averages)

15) Schools won't teach you how to build wealth, so I will! These threads take time to write so if you found it helpful, please:

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