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FIRST: HAVE A BUDGET BY TRACKING YOUR EXPENSES AND REDUCING UNNECESSARY SPENDING.
No joke, without exaggeration…if you JUST do this one step, and skip the rest of this video, trust me, you’ll be ahead of probably 99% of the ENTIRE US population.
SECOND: CREATE AN EMERGENCY FUND OF AT LEAST 3-6 MONTHS WORTH OF YOUR EXPENSES.
Having a this type of 3-6 month emergency fund means you won’t have to rely on credit cards to pay your way through any type of unexpected event, you won’t have to sell stocks or other investments at a time where they might have declined in value, and you won’t have to take on high interest debt if something were to happen.
THIRD: TAKE ADVANTAGE OF RETIREMENT PLAN MATCHING.
Many employers offer what’s called a 401k employer match, where they will match your contribution, dollar for dollar, up to a certain amount in a 401k retirement account.
FOURTH: BEGIN TO PAY OFF off ALL HIGH INTEREST RATE DEBT.
The FIRST is called the “Avalanche Method” – This works by paying off the HIGHEST interest rate debt first, and then working your way down until everything is completely paid off. The SECOND method is the Dave Ramsey approach, and that’s called the snowball method. This works by paying off the smallest BALANCE, first, regardless of the interest rate, and once that’s paid off, using that extra money to pay off the rest.
FIFTH: USE THAT MONEY TO INVEST BACK INTO YOURSELF…SO THAT YOU CAN MAKE MORE MONEY.
This could be buying books, this could be learning a new skill, this could be investing back into your business…self education and improvement, in my opinion, is absolutely vital at this stage.
SIXTH: INVEST IN A ROTH IRA
This is an account that allows you to invest your after-tax money, and when you’re 59.5, all the profit you make within that account is completely TAX FREE.
SEVENTH: INVEST IN A TAXABLE ACCOUNT
This means that you have your brokerage account where you just buy / invest in long term assets, only once you’ve done the previous 6 steps.
This isn’t meant to be something you do in a week, some people could potentially take YEARS to get to the point where they have all of this in order…but I gotta say, from what I’ve seen, nearly EVERY wealthy person I’ve met follows these steps and that allows them to focus on the FINAL part of this video, by increasing their income even further…and subscribing if they haven’t done that already.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/