Budget To FI

In this episode, we will be summarizing the book Everyday Millionaires by Chris Hogan.  This book will teach you that ordinary people are becoming millionaires. You’ll understand how these millionaires live on less than what they make, stay away from debt, invest, and most importantly, are disciplined. They’ve studied 10,000 U.S. millionaires and have summarized their best practices to achieve this. The backgrounds of these people are astonishing. They aren’t famous, did not come from wealth, but instead are your average joes. 

What You’ll Learn:

Everyday Millionaires Worksheet:
Step 1: Build your budget (understand how much money is going into your account and how much money is going out):

Step 2: After understanding your budget, save $1k in an emergency fund account (savings account). *Eventually build this to 3-4 months of expenses

Step 3: Setup your 401k at your employer and create a Roth IRA if you haven’t yet. If your employer doesn’t offer this, then create your Roth IRA at an investment institution (Fidelity, Schwab, etc.). Automatically invest at least 15% into growth stock mutual funds (funds: VOO, VTSAX, FXAIX) of your monthly income into this retirement account.

Step 4: Create a plan to begin paying off your debt (besides the mortgage):

Step 5: Map out your retirement with goals. Use the RIQ tool on Dave Ramsey’s website. This will give you a goal of how much you should be investing each month to reach it.

Step 6: Pay off your mortgage:

Step 7: Live freely and give to charities.

In this episode, we will be summarizing the book One Rental At A Time by Michael Zuber. This book will teach you how to buy and hold rental properties to create a second income that will eventually allow you to quit your daily job.

What You’ll Learn:

Worksheet Here!

In this episode, we will be summarizing the book Set For Life by Scott Trench. This book is a guide to helping individuals retire early from their nine-to-five and reach financial freedom with the advice from Scott Trench.

In this summary, you'll learn the following key takeaways to set yourself up for a path to achieve financial freedom.

Key Takeaways: