Two things I’d do if I was starting my wealth journey over:
1. Invest every year the max into a Roth IRA (even back door)
2. Invest in 1-2 quality dividend stocks
Agree or disagree?
Investing is simple.
The problem most people have is trying to time the market.
That never works.
Instead, just dollar cost average into a stock and expect to continue buying over time.
Your average will eventually be the low.
But this isn’t a short term strategy.
Advice I wish I’d ignored when I started investing:
“Only invest in index funds”
While index funds grow +10% on avg per year, growth stocks can catapult your portfolio.
Starting over, I’d include 1-3 individual stocks (ie. META, AVGO, TSLA) and dollar cost average into them.
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4 Financial lies holding you back:
1. You need a high salary
2. You need 20% down payment to purchase real estate.
3. Hold off investing until your debt is paid off.
4. You need to be an expert to succeed at investing.
Which lie you holding you back?
It’s 2035:
Your bills are paid by your investments.
You don’t hate Mondays.
You’re no longer in financial survival mode.
The version of you starts with the decisions you make today.
What amount of money do you need to retire?
You need 25x annual expenses which is:
$50k/yr = $1,250,000
$100k/yr=$2,500,000
$200k/yr=$5,000,000
Invested monthly (30 years, 8% return):
$1.25 MIL = $888/mo
$2.5 MIL-$1.775/mo
$5 MIL = $3,550/mo
Thoughts?
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