They had zero invested, and they were setting aside no money for it at all.
Hey,
In yesterday’s email, I analyzed a couple’s finances.
They had zero invested, and they were setting aside no money for it at all.
When I see people not investing, I die a little on the inside.
I recommend people set aside at least $50 a month to invest. But what I don’t want anyone to do is “try harder” to come up with this money. In other words, if it’s the 25th of the month and you’re deciding if you should go out to dinner, or use that money to invest, you’re doing it wrong.
Trying harder almost never works. Even if you can do it once or twice, it becomes mentally taxing to maintain over a long period of time.
It’s easier and FAR more effective to automate your finances.
Want my 3-step paycheck routine for automating your finances? Watch it here.
(By the way, you can work with me directly to set up an automated system in my Money Coaching program. If you’ve seen my Netflix show, listened to my podcast, or read my email yesterday where I fixed a couple’s spending, and you thought, “Hey! I could use something like this!” then Money Coaching might be what you’re looking for. Click here to get started.)
But getting back to investing $50 a month. Do not put this off!
Getting started early with investing is the most important thing you can do for your wealth.
Check out this chart:
The best time to start investing was yesterday.
The second best time is today.
In this example, Smart Sally ends up with $50,000 more even though she invested less! That’s the power of compounding returns.
Not all investing is created equal
In my book, I recommend low-cost index funds for investing. Need to get up to speed on that? Don’t worry. I have you covered. I’ll show you how to become a millionaire right here. No gimmicks. Just math and consistency.
Whatever you do, do not…and I repeat…DO NOT…use a financial advisor who charges a percent of assets.
You don’t have to take my word for it.
Just look at this story I shared from a reader:
TLDR: This woman paid over $7,000 in fees for a paltry return of 0.29% over two years. On the other hand, her self managed account with Fidelity performed better. No fees for assets under management, and no transaction fees.
Does investing talk make your head spin?
Look, investing should be boring. Like, watching-paint-dry-boring. You don’t need some exciting, zany tactic to save money — just the right, tried-and-true moves, and the consistency and patience to see your hard work pay off (literally).
If you have to pay a lot for “advice” or you have anxiety over your accounts, something isn’t right, and I can help with that.
In fact, I have an entire playbook dedicated to investing.
It’s available to all members of my Money Coaching program that I mentioned above. This is the only program where you get to work with me personally. Go here to get started.
We’ll dive into your spending, saving, and investing numbers. We’ll see where we can fine-tune things.
And we’ll create a vision and plan for your Rich Life.
In Money Coaching, you can get answers to your money questions DIRECTLY from me on our monthly calls. We also have a Slack community, which I love to hang out in!
Together, we can create a plan for your money, so that you can live your Rich Life.
"I have been a part of the Money Coaching program since day 1. The biggest benefit I have seen from this course is the accountability and community. I am no longer toiling through my financial goals on my own, as I now have the resources and an extensive community to draw support from. During the monthly call, I get to speak to other community members who are from different seasons of life, economic statuses and parts of the world."
— Jacqueline M. Henry
Figuring things out by trial and error can be expensive and time-consuming. One costly mistake can set you back years.
…or you can tap into my personal expertise and an entire community of people who have “been there, done that,” and are willing to help you.
P.S.Money Coaching can help you live your Rich Life.
You’ll get the best strategies to tackle your financial goals. This goes beyond what’s in my book. Because if you ever get stuck, you can send me your roadblocks and questions, or ask others in the community for support and guidance.
You’ll also get monthly deep dives with me. This is where we cover the biggest psychological barriers that hold you back from living your Rich Life.
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