The 50% Rule

Key Takeaways

  • If you get a raise or your income increases for some reason, use the 50% Rule to take half of that increased income and save it or pay down debt.
  • Many times when we have an increase in income, we spend it on things we don’t really need. That new increase in money very quickly gets spent away when it could be used to help in other areas.
  • Even if the money you are saving or paying down debt with doesn’t seem like a lot, it can make a big difference in the long run.

The “Freedom To” Future

Key Takeaways

  • The current generations heading in to retirement no longer like to use that word as it holds a negative connotation, instead, think of that life transition as freedom from to freedom to.
  • The Millennial generation has a different outlook from previous generations in terms of how they want their life to look and when they want to retire. They are also saving more money than any of the previous generations.
  • It’s important to have a plan and a path set out to achieve your “freedom to” future, and making good decisions about your money throughout that plan is a big part of it.

All Together Now – The Wealth Portal

Key Takeaways

  • There are many apps out there that can help you track your finances separately, but it’s cumbersome and time consuming.
  • A wealth portal puts all your finances in one place, providing you with a quick summary that you can easily glance over once a week to ensure nothing is amiss.
  • Using a wealth portal puts control back in your hands to view your finances in one place, thus saving you time and energy for other important things.

Save First, Spend Second

Key Takeaways

  • If you want to build wealth successfully, you need to save first and spend second.
  • The rule of thumb when it comes to saving is to save about 15%.
  • If you spend first, you can get used to the niceties in life, and then it can be very hard to have to go backwards later on in life when you find you haven’t saved enough.