You wouldn’t abandon your motorcycle on the open road, yet so many of us are abandoning our financial future without even realizing it. I'm sharing a story of the time I accidentally made $900 in investment dividends and how it made me realize that investing equals freedom: for my bank account, my time, and my future. Investing and motorcycles have a lot in common, surprisingly, so I'm putting this conversation in that context to make it more fun and interesting. Discovering $900 in dividends was like when you take a new route on your motorcycle and discover an incredible new place you want to go back to again and again - you just need to figure out the route first. And at the end of the episode I'll share with you a house and packing update and the manifestation principle that is giving me freedom this week.
Here's how we're investing for financial independence:
1. Look at your bank account and figure out what you can afford to set aside on a monthly basis. If you can do $20 - great. If you can do $20 a week, even better. It's less about how much money, and more about time in market. The sooner you invest the more you can take advantage of compounding and increase your investments over time.
2. Open a brokerage account. Something like Fidelity - check what is appropriate for your country. Set up automatic deposits from your bank to this brokerage account. Make sure the transfer hits within a day or two of getting paid. Pay yourself FIRST by investing.
3. Pick your investments - Warren Buffet recommends low-cost S&P 500 index funds for beginners - which means by buying one stock you actually buy the market and get dividends automatically. But remember to reinvest those dividends!
4. Next thing, keep doing it - rain, hail or shine. Monthly investing no matter the economic conditions is called Dollar cost averaging (another strategy recommended by Warren Buffet). Slow and steady investing ain't glamorous but neither are motorcycle helmets.
5. Next, feed your mind content that will empower you. Do this by downloading the yahoo finance app. Read articles even though they don’t make sense. The words will sink in, you will understand them over time, and become more and more proficient in these topics. Knowkledge is power. And you're more powerful than a 2000 CC engine.
Before long, you will have another income stream in addition to your 9-5. Basically a side hustle without the hustle.
Kickstands up! let's go!
🩷Instagram: https://www.instagram.com/melissahussong/ ABOUT: Melissa Hussong is a freedom-obsessed business coach, podcast host, and motorcycle momma. She helps women earn more, work less, and build businesses that fuel the life they actually want. As host of the Full Time Freedom podcast, Melissa shares life and business hacks, motorcycles, motherhood, and mindset shifts to help you go further, faster. She's a certified motorcycle coach and creator of the Motorcycle Mindset Academy.