Rich Habits Podcast 56: The 3 Phases of Building Financial Freedom
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Mar 18, 2024 Delve into the three phases of building financial freedom, from overcoming debt and increasing income to strategic saving and investing. Learn the significance of hitting the $100k milestone and transitioning to an investor mindset. Explore ways to accelerate income through diversifying investments and investing in fine art for financial security.
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Earn Hard to Fix Negative Net Worth
- If you have a negative net worth, earn as much money as possible to fix your debt situation quickly.
- Adopt a lean and disciplined mindset by working hard now to build a strong financial foundation later.
Save 20% and Invest First $100k
- Create an honest budget and save at least 20% of your income to invest.
- Build an emergency fund first, then invest consistently in index funds until you reach $100,000.
First $100k Is The Hardest
- The first $100,000 invested is the hardest but crucial to building wealth.
- Compound interest lets your money work for you, increasing your passive income significantly.