Thread by @BrianFeroldi, 1/ My Mission: To Spread Financial Wellness (thread)Here’s what "financial wellness" means [...]

1/ My Mission: To Spread Financial Wellness (thread)

Here’s what "financial wellness" means to me

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2/ Mindset

Humans are programmed to think short-term

Evolutionary, thinking short-term makes sense. It helps with survival.

Financial wellness is all about training yourself to develop a long-term mindset

Not easy -- it takes practice

3/ Mindset

If you join the right tribes, you can’t help but improve

My favs:
@AffordAnything
@ChooseFiFI
FinTwit
@MicroCapClub
@themotleyfoolFool
@visualizevalue

Twitter / Podcasts / Blogs / YouTube -- when used correctly -- are amazing resources https://twitter.com/BrianFeroldi/status/1325081638397759495?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1325081638397759495?s=20

4/ Mindset

Educate yourself - constantly!

Especially about:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="1⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1">Money

https://abs.twimg.com/emoji/v2/... draggable="false" alt="2⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2">Relationships

https://abs.twimg.com/emoji/v2/... draggable="false" alt="3⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3">Health

These 3 categories have an outsized influence on all areas of your life

Books help https://twitter.com/BrianFeroldi/status/1329583081527930887?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1329583081527930887?s=20

5/ Career

In the beginning, focus on growing your income

Do more than what is expected

Become a lynchpin

Find a career that you ENJOY (<- important!) that also has high-income potential

Start a side hustle (<- important!)

Build your talent stack https://twitter.com/BrianFeroldi/status/1322898518995017728?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1322898518995017728?s=20

6/ Career

Network!

@jordanharbinger’s course is great

Ask co-workers you don’t know out to lunch. Pick their brain. Don’t ask for anything in return.

Just focus on developing relationships

7/ Personal Finances

You don’t get rich at work — you get rich at home

Its YOUR responsibility to become wealthy, not your employers

8/ Personal Finances

Track your spending!

@Mint / @PersonalCapital / @ynab / Excel / Google Sheets

I don’t care how, just do it!

9/ Personal Finances

Attack ALL costs

Big 4 especially

https://abs.twimg.com/emoji/v2/... draggable="false" alt="1⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1">Housing

https://abs.twimg.com/emoji/v2/... draggable="false" alt="2⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2">Transport

https://abs.twimg.com/emoji/v2/... draggable="false" alt="3⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3">Food

https://abs.twimg.com/emoji/v2/... draggable="false" alt="4⃣" title="Tastenkappe Ziffer 4" aria-label="Emoji: Tastenkappe Ziffer 4">Education

Eliminate all luxuries - You can always add them back if you truly miss them

Use @FrugalWoods / @mrmoneymustache / @ChooseFi as guides

10/ Personal Finances

You need to know where you stand today

Create an:

https://abs.twimg.com/emoji/v2/... draggable="false" alt="1⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1">Income Statement

https://abs.twimg.com/emoji/v2/... draggable="false" alt="2⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2">Net Worth Statement

https://twitter.com/BrianFeroldi/status/1333044127794163713?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1333044127794163713?s=20

10/ Personal FinancesYou need to know where you stand todayCreate an:https://abs.twimg.com/emoji/v2/... draggable=

Income Statementhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="2⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2">Net Worth Statement https://twitter.com/BrianFero..." title="10/ Personal FinancesYou need to know where you stand todayCreate an:https://abs.twimg.com/emoji/v2/... draggable="false" alt="1⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1">Income Statementhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="2⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2">Net Worth Statement https://twitter.com/BrianFero...">

11/ Personal Finances

The average millionaire has 7 sources of income

Develop new income streams!

12/ Personal Finances

Boost your savings rate

10% is the minimum

20% is achievable for most

50%+ is hard, but not impossible

Go hardcore for a few years, especially in the beginning

It makes a huge difference

13/ Personal Finances

Use your savings to eliminate ALL non-mortgage debt

Then, build an emergency fund of 3+ months of expenses

14) Personal Finances

Max out all retirement accounts

401(k) / 403 (b) / IRA / ROTH IRA / HSA.....etc

Broad-based, low-cost index funds are a great choice

15/ Personal Finances

Protect your family from disaster!

16/ Investing

Once your personal finances are rock-solid, you can focus on growing your wealth

If stock investing bores you, just buy broad-based, low-cost index funds

If stock investing interests you, learn how to invest

17/ Investing

I highly recommend subscribing to @TMFStockAdvisor and @TMFRuleBreakers

I& #39;m biased, but this is where I learned almost everything that I know about investing

Free podcasts:
@AnswersPodcast
@MotleyFoolMoney
@MFIndustryFocus
@MarketFoolery
@RBIPodcast

18/ Investing

What I wish I knew when I first started https://twitter.com/BrianFeroldi/status/1333152044581089282?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1333152044581089282?s=20

18/ Investing

Use checklists, journals, and watchlists! https://twitter.com/BrianFeroldi/status/1336317136181071875?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1336317136181071875?s=20

19/ Investing

Invest in high-quality businesses Part 1 https://twitter.com/BrianFeroldi/status/1324324314053791744?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1324324314053791744?s=20

20/ Investing

Invest in high-quality businesses part 2 https://twitter.com/BrianFeroldi/status/1324359239469588485?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1324359239469588485?s=20

21/ Investing

How to build positions https://twitter.com/BrianFeroldi/status/1275752033325330433?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1275752033325330433?s=20

22/ Investing

It& #39;s OK to suck in the beginning

I sure did! https://twitter.com/BrianFeroldi/status/1322518238014615553?s=20">https://twitter.com/BrianFero...

https://twitter.com/BrianFeroldi/status/1322518238014615553?s=20

23/ Investing

Connect with other smart investors on Twitter

Every Friday, I share a list of follows that made me smarter that week

Follow them!

24/ Investing

Share!

The key to learning faster is to publically share your wins and losses

Peer review is a powerful resource

Like these financial graphics?

I email them daily for free http://brianferoldi.substack.com"> http://brianferoldi.substack.com

Long-term mindset by Brian Feroldi

My Mission: To spread financial wellness.

http://brianferoldi.substack.com

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