AdministratorAugust 17, 2020 at 8:57 am
Great post. I wanna add a few things that should be covered in 2020
1. College should be OPTIONAL. I never finished and neither did many people I know and a lot of us make more money than those that went. College is mostly useful if you plan to work for other people forever. Otherwise it’s not worth the debt. Don’t put yourself $100k in debt to make $30k per year. You’ll probably die in debt after the interest turns that $100k into $150k+ over the life of the student loan.
2. MULTIPLE SOURCES OF INCOME need to be part of the family plan. That can be done via real estate, dividend investing, online business, etc. It is disastrous to only rely on a single source of income.
3. Invest in stocks, crytocurrency, real estate, etc. If you understand inflation, then you also understand that holding cash is a liability that loses 2% of it’s value yearly on average, while investing generates 7% – 10% ROI yearly on average.
4. Learn the difference between good debt, bad debt, assets, and liabilities.
5. Buy a mutli unit property and research “House Hacking”. You basically get paid to live in your property instead of paying to live in it.