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Ditch your debt

How to avoid financial traps?

Follow this six-step strategy to take control of your finances and build generational wealth

1. AVOID BAD DEBT

Bad debt kills dreams. Why would you pay 25% in interest if most banks won’t pay you more than 2% when you lend them money? Student loans, car loans, mortgages, personal loans, and credit card debts are all bad for you as a consumer. Your desire to look rich robs you of the opportunity to build generational wealth.

2. SAVE FIRST

Regular savings prevent you from living paycheck-to-paycheck. Build an income buffer by saving between $500 to $1K every month in accounts that guarantee an ROI. Start with CDs, HYSA, and bonds. You can earn as much as 5% on HYSA and Special CDs! Ask me how.

3. SPEND WISELY

Why would you spend $10k to make $100 in cashback, miles, or points? Never spend money you don’t have or spend to impress people. No one gives a sh*t about you. To avoid buying junk you don’t need, ask yourself this Q: What will go wrong if I don’t buy this item? If nothing, don’t buy it.

4. INCOME STREAMS

Whoever controls how much you make controls your future. Multiple sources of income allow you to break out of the rat race, quit your job, and retire early. Do something that brings in extra cash regardless of what you have to do.

5. TAX EFFICIENCY

Tax alone can keep your family poor for generations. Max out all tax-advantaged accounts such as 401(k), IRAs, and HSA to pay less tax and grow your net worth fast. If you cannot max them out, you are living above your means.

6. INVEST REGULARLY

Investing regularly is what builds wealth even if it is a small amount. Invest in mutual funds, index funds, ETFs, bonds, real estate, or large-cap stocks for dividends. My favorite Index funds are QQQM and VTI

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