So, without any fancy preamble, here are the 7 seven steps:
|1. Open a low-fee reputable brokerage account.|
|2. Skim 20% off every dollar that comes your way (no exceptions) and send it to your brokerage account|
|3. Wait till you have $1000 saved in your brokerage account|
|4. Buy a single low-fee indexed all-world fund|
|5. Repeat steps 2, 3 & 4 mindlessly (ideally, automate these steps)|
|6. Get on with really enjoying life with the remaining 80% of your income.|
|7. When 4% of your brokerage portfolio’s worth equals your base yearly expenses, then you are 100% financially self-reliant|
NB: This post is not financial advice.
I am not a financial adviser nor do I have any finance advice qualifications.
Please do your own thorough research and/or consult a trustworthy independent financial advisor
Oh, by the way – step 6 is the most important one.
Take care and stay nice!