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Building Wealth Series - Ep. 1 - Getting Your House In Order
Manage episode 373738537 series 3480399
المحتوى المقدم من Keith DeGreen. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Keith DeGreen أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.
In this episode, I talk about my experience as an investment advisor and a serial entrepreneur, highlighting the conflict between prudent money management and entrepreneurship. I emphasizes the importance of proper money management before investing and share my personal financial story. I strongly emphasizes the importance of getting one's financial house in order, starting with eliminating consumer debt. I discuss the importance of building a cash reserve before investing. I recommend having a cash reserve equivalent to 6 to 12 months of living expenses and explains that it should be money that cannot go down in value and can be easily accessed in case of emergencies. I review the importance of budgeting and outline the steps to create a budget. I advise listeners to define their after-tax income, list fixed expenses, and calculate variable expenses. I briefly mention that employer-sponsored retirement accounts and regular IRAs are common starting points for investing, as they allow individuals to use pre-tax dollars to invest. I also review the benefits of using tax-deferred retirement programs, such as a 401k or IRA, to accumulate wealth.
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