11/07/2023
I wish I had known these 8 insights earlier... I'd have a lot more money 😒
1️⃣ Create a Plan
- When do you want to retire?
- How much passive income do you want?
- How much do you need to invest to hit your goal?
Create a plan that answers these questions then automate the entire process so you can become rich on autopilot.
2️⃣ Ignore the noise
Every 3 months, there will be a new hot stock.
Every 6 months, people will say a recession is coming.
Every 12 months, you will hear about a new get-rich-quick scheme.
Stick to your plan, ignore the noise and stay the course.
Future you will thank you.
3️⃣ Don't waste time buying individual stocks
Unless you have time to burn researching individual stocks, I would stick to index funds and ETFs.
Over the long haul, you will perform better than most people picking individual stocks.
The best part?
Spend 15 mins/yr doing it.
4️⃣ Investing, when done right, is BORING
I remember checking my portfolio every 7 minutes... and nothing would change.
After implementing my automated investing strategy:
- I automatically invest $2K+/mo
- I forget to check my portfolio for weeks
- Build wealth on autopilot
5️⃣ Avoid High Fees
The average MER in Canada is 2.53%.
Here's how much a 2.53% fee costs after...
10 yrs = $13,278
20 yrs = $87,368
30 yrs = $342,609
40 yrs = $1,096,315
Your lack of knowledge costs you $1.1M.
(Assumptions: $6K/yr contributions, 9% annual return)
6️⃣ Don't Skip an Emergency Fund
You don't need an emergency fund... Until an emergency happens.
I've heard too many stories of people falling into debt because they:
- Had no 3 to 6-month emergency fund
- Wanted to invest every penny they had
- Didn't save for short-term goals
7️⃣ Have a Personal Development Fund
Invest 5% of your income into personal development to increase your earning potential:
- Books
- Courses
- Coaches
The fastest way to turn $1,000 into $10,000-$100,000 is by investing in your own skills, education and mindset.
8️⃣ Don't wait to invest, invest & wait
John is 25 and starts investing $500/mo
By 55, he has $1,031,421
Anna is 35 and starts investing $1,000/mo
By 55, she has $718,259
John invested $60,000 less than Anna but has $313,162 more by 55 years old.
STOP WAITING, INVEST NOW.
⤵️
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