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Building Wealth Series - Ep. 1 - Getting Your House In Order
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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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