Wealth Strategy & Disclaimer

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉" title="Rückhand Zeigefinger nach rechts" aria-label="Emoji: Rückhand Zeigefinger nach rechts"> I believe in keeping things brutally simple https://abs.twimg.com/emoji/v2/... draggable="false" alt="👈" title="Rückhand Zeigefinger nach links" aria-label="Emoji: Rückhand Zeigefinger nach links">

I try and break things down in its simplest forms.

I want clean clear action items that you can follow to get where you want to go financially

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https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉" title="Rückhand Zeigefinger nach rechts" aria-label="Emoji: Rückhand Zeigefinger nach rechts">. The first step in building wealth is mindset https://abs.twimg.com/emoji/v2/... draggable="false" alt="👈" title="Rückhand Zeigefinger nach links" aria-label="Emoji: Rückhand Zeigefinger nach links">

If you aren& #39;t ready to start living below your means, there really isn& #39;t any reason to start on a wealth building journey

This is the "Do not pass go, Starting Line"

If you are ready - let’s https://abs.twimg.com/emoji/v2/... draggable="false" alt="👀" title="Augen" aria-label="Emoji: Augen"> at my plan

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1. 3 Month Emergency Fund

Start with a positive Cash Flow each month

Set up an automatic savings deposit until you reach your 3 month goal

Plug away as much as quick as you can - sell valuable things, work extra shifts etc

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2. With Cash Flow Surplus Clear High Interest Debt

Anything above 8% Interest Rate (Avg return of the market) - you need to pay off immediately

Think credit card, personal loans, etc

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3. Split Cash Flow 50/50 (Savings / Debt payment)

At this point you have low interest rate debt like car payment, or student loans remaining

Use 50% of Cash Flow for debt / 50% for investing

This is also where I’d start a 401k and take the match

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4a - Investment Strategy

How are you going to invest?

What is your preferred strategy?

Everyone is different but For me its 90% Index Funds / 10% Individual Stocks

I do this because I do not want to take the time to pick individual stocks

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4b - If you are new here are some accounts that can help with investing better then I will be able to

@thewealthdad - index funds
@divcultivator & @calebgregory304 - Dividends
@Theefinanceguy - General Knowledge
@investingwbrady - Options

This Would be a good start

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5. Full Emergency Fund

This step is highly debated in personal Finance Circles

I personally hold a 4 month Emergency Fund

Since having kids we are pushing it slowly out to 6 full months

Whatever you decide is a full emergency fund, now is the time to get there

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6. Cash Flow Producing Assets

Once you are debt free (besides mortgage) now is the time to push into cash producing assets

Think Real Estate, Dividend Stocks, or Cash producing assets

You want to build out Cash Flow

More Cash Flow that buys More assets

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I believe if you follow these easy steps you will

- Get out of Consumer Debt and Stay there
- Build a Full Emergency Fund
- Build Lasting Wealth and financial freedom

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My disclaimer

I love to share my thoughts on wealth building, as this is a hobby and a passion of mine

I am not a trained professional, and I do not give specific advice on specific stocks or investment options. I can tell you what I do, but nothing else

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If you are looking for specifics please DM me

Happy to share products that worked for me, or answer anything specific one off https://twitter.com/messages/compose?recipient_id=226799302">https://twitter.com/messages/...