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What are five things like a mandatory five things that they have to do as far as their personal finance in regards today stuff that we talk about.
Number one, I love the debt snowball, So take off your your smallest debt. Aim to pick that off first. Number two, pick two to four stocks that you're going to invest in for the next ten to fifteen years of your life. Don't deviate from it. Number three, pick an amount that you are going to invest and don't deviate because sometimes people will hear these numbers and like, well, I don't have sixty grand to put into the market.
Start with two hundred, and then once you see the two hundred go to four, you're going to find one thousand or fifteen hundred to then and put into the vehicle. Number three Not to be self aggrandizing, but to watch us every week, because if you do that, you're going to get a higher return on investment than if you watch on the shows. If I made you money, please put yes and chat. Look y'all, get the book. You deserve to be rich. Number four, find one or two
people that you're going to have these conversations with. It's like having a sparing part nerve or someone to work out with. I don't want you to lean on them for accountability. But if like we've stuck together for five years and we kept telling y'all we're going to stick together, right, We've grown collectively and individually as a result. A lot of times I'll see people trying and do this on their own, and because they don't have someone to lean on,
they don't stay in a game as long. And then number five kill the lifestyle creep like I see too many of us get to that first hundred thousand, first two hundred thousand and you get the blonde it on Mike Emery and you want to talk to me about tariffs, go shout with Johnny Dang. I see a lot of y'all come out here and go hit Johnny Dang and hey, how give your discount because people have been coming. I'm like, I know, it's fun to look like you have all
the money in the world. It's more fun to actually have the money in your possession.
That's effect. That's a fact. Now, that was great. That was great for me.
It would be you have to secure your retirement, so you start to invest in your four to one k, have an IRA if you're self employed, have a set plan the things that we talked about, but you gotta have money or later on down the line of forced savings that you don't even think about. That is tax advantage where you're saving money on taxes. And you'll also be able to have a nest egg at some point in time in retirement because it's going to be here
before you know it. So securing your retirement is a major thing. And then if you have kids, you had to plan for them. So we talk about five to twenty nine plan, which is how you can save money for college. Or you can have an UTMA account, which is how you can just save money for your child in general doesn't necessarily have to be used for college, but you want to secure or start to, you know, have some level of security for them, So that's important.
You could put money away to earlier you start the better compounding interest. One of the things that weren't buffet you across the way life insurance. You have to make sure that you secure your life life insurance. We've had a lot of conversations about that. But if somebody's just starting out, that's a great thing to do for sure, you know, foundational purposes.
As far as your financial plan.
I would say dollar cost average into the stock market every single month from a brokerage account. You can open a brokerage account. Put one hundred, two hundred, three hundred, five hundred whatever you can afford. Whatever you can afford. But you know, Ian says two tech two index. You put together your strategy and you might have okay, s and P five hundred, I'm gonna put two hundred dollars into that every single month. I'm gonna put two hundred
dollars in the Microsoft every single month. Put money into the market in a brokerag account. Force yourself for savings every single month. That's important outside of your retirement. Two different things. Your retirement what we call qualified. What's not retirement is non qualified. So non qualified is just regular brokerage. You can use that money whenever. You don't have to wait until you're fifty nine and a half. But you want to do two things simultaneously. And then the last
thing I would say is a state planning. Put together a will if you at the point where trust makes sense, make sure your beneficiaries are listed.
That's important. So those are five things that last.
One for sure if you on your pathway, if you just start now, or even if you haven't just started out, you want to just look to make sure you're doing things correctly. Retirement, college savings, or just savings for your children in general, life insurance dollar cost average into the stock market every single month. And then a state planning. Make sure you have a will, a trust, put beneficiaries on things. Look to see if everything is set up. If you die today, will it be a mess? That's
how you got to gage this. If I die today, is it going to be a mess? Meaning when I say Is it going to be a mess. Is it going to be how they going know with your passwords? Or how they going to know how to get into your bank account? How they gonna know where you have bank accounts at, how they gonna know? So what you should do is have a handbook where it's actually detailed, and you put it with somebody that you trust, your beneficiary.
Your lawyer.
So that way, it's hard enough you die, somebody is gonna have to make funeral arrangements. But just think about that, like you're doing all this stuff, you're acquiring all this stuff. You've got properties over here. If nobody knows about it, Yeah, probate your password or worst case scenario, it can get forfeited, or it's just not even it's just held. There's billions of dollars that's just held in suspense right now because nobody's ever claimed it, because nobody knows about it property.
Think about it. Crypto, same thing.
If you got crypto, nobody the coin base is not gonna call your family like, hey.
You got dollars in ethereum waiting for you. What's your catchphrase? Twenty one word? I got to think about it.
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