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Everybody is trying to get rich quick with Crypto, the stock market, etc.
There's no such thing as a surefire "get rich quick" pipeline.
But there is a real solid way to become financially stable in the long term.
I present to you, a step by step guide to financial stability..
There's no such thing as a surefire "get rich quick" pipeline.
But there is a real solid way to become financially stable in the long term.
I present to you, a step by step guide to financial stability..
1. Get a job and make a plan to get a better job.
You don't need to be a surgeon or attorney to build wealth. But you do need some solid income.
First, get a job. Any job. Then think and pray about a realistic path to be a welder, teacher, data scientist, etc. Pursue that path.
You don't need to be a surgeon or attorney to build wealth. But you do need some solid income.
First, get a job. Any job. Then think and pray about a realistic path to be a welder, teacher, data scientist, etc. Pursue that path.
2. Don't have a kid until you get married.
In 99.9% of cases, this is totally determined by your own choices. Kids are expensive and you should have a solid financial foundation before you do one have.
In 99.9% of cases, this is totally determined by your own choices. Kids are expensive and you should have a solid financial foundation before you do one have.
3. Budget carefully and build a $1500 emergency fund
Be smart and budget. Live in the cheapest housing you can. Brew your own coffee. Buy food on sale, etc
While budgeting, put aside $1500 to only touch in unexpected "emergencies." Work shoes got a hole? Trip to hospital? etc.
Be smart and budget. Live in the cheapest housing you can. Brew your own coffee. Buy food on sale, etc
While budgeting, put aside $1500 to only touch in unexpected "emergencies." Work shoes got a hole? Trip to hospital? etc.
4. Get out of debt / don't go into debt.
Debt can be a tool to get degree, build a company, etc. But its also a threat to your financial stability that needs to be used with caution, if ever, and combated aggressively once it exists.
Debt can be a tool to get degree, build a company, etc. But its also a threat to your financial stability that needs to be used with caution, if ever, and combated aggressively once it exists.
5. Save 6 months of expenses for a job-loss / giant emergency fund
Job loss happens. Markets change, pandemics hit, etc. Give yourself a 6-12 month window where you can plan your next move without changing your lifestyle.
Job loss happens. Markets change, pandemics hit, etc. Give yourself a 6-12 month window where you can plan your next move without changing your lifestyle.
6. Invest for retirement.
No matter how young, and once you're done with 1-5 on this list, start. Compounding interest is powerful with time.
10-20% of income should be invested in low risk mutual funds. Not bonds. Not Tesla. Not Bitcoin. Mutual funds.
Eventually, hire a CFP.
No matter how young, and once you're done with 1-5 on this list, start. Compounding interest is powerful with time.
10-20% of income should be invested in low risk mutual funds. Not bonds. Not Tesla. Not Bitcoin. Mutual funds.
Eventually, hire a CFP.
7. Buy a condo or house.
If you are debt free with a solid career path budgeting carefully and saving 10-20% for retirement, then own property! Property isn't a great investment, but housing costs will be applied towards ownership of a valuable asset.
If you are debt free with a solid career path budgeting carefully and saving 10-20% for retirement, then own property! Property isn't a great investment, but housing costs will be applied towards ownership of a valuable asset.
Step X. Get married.
Get married when you find the right guy or gal.
Yes for love and for your spirit. But marriage is good for finances because the cost of a king size bed and cooking for two is offset than a second additional apartment.
Plus dual income. That's sexy.
Get married when you find the right guy or gal.
Yes for love and for your spirit. But marriage is good for finances because the cost of a king size bed and cooking for two is offset than a second additional apartment.
Plus dual income. That's sexy.
This isn't necessarily easy. It will require work. There are struggles that will happen along the way.
And yes, there are specifics in here that can and should be tweaked to individual circumstances.
But this is a good blueprint that is a general path forward for all.
And yes, there are specifics in here that can and should be tweaked to individual circumstances.
But this is a good blueprint that is a general path forward for all.
tHiS iS sO mUcH LiKe DaVE rAMsEy aRE yOu cOpYIng hIM??
Yeah its similar. No I'm not "copying" him.
Dave Ramsey's advise isn't complicated. He preaches basic facts that unfortunately aren't knowledge.
The only semi controversial thing he teaches is no debt ever ever ever.
Yeah its similar. No I'm not "copying" him.
Dave Ramsey's advise isn't complicated. He preaches basic facts that unfortunately aren't knowledge.
The only semi controversial thing he teaches is no debt ever ever ever.
