The Budget to FI channel is where I summarize some of the best books pertaining to personal finance and financial independence. My goal is to condense this information into digestible bits and motivate you to take action on building your path toward financial freedom.
Book Summary - Everyday Millionaires by Chris Hogan
In this episode, we will be summarizing the book Everyday Millionaires by Chris Hogan. This book will teach you that ordinary people are becoming millionaires. You’ll understand how these millionaires live on less than what they make, stay away from debt, invest, and most importantly, are disciplined. They’ve studied 10,000 U.S. millionaires and have summarized their best practices to achieve this. The backgrounds of these people are astonishing. They aren’t famous, did not come from wealth, but instead are your average joes.
What You’ll Learn:
How these individuals became millionaires
Living on less than what you earn
Staying away from debt or eliminating it
Remaining disciplined in their spending habits
Everyday Millionaires Worksheet:
Step 1: Build your budget (understand how much money is going into your account and how much money is going out):
Step 2: After understanding your budget, save $1k in an emergency fund account (savings account). *Eventually build this to 3-4 months of expenses
Step 3: Setup your 401k at your employer and create a Roth IRA if you haven’t yet. If your employer doesn’t offer this, then create your Roth IRA at an investment institution (Fidelity, Schwab, etc.). Automatically invest at least 15% into growth stock mutual funds (funds: VOO, VTSAX, FXAIX) of your monthly income into this retirement account.
Step 4: Create a plan to begin paying off your debt (besides the mortgage):
Step 5: Map out your retirement with goals. Use the RIQ tool on Dave Ramsey’s website. This will give you a goal of how much you should be investing each month to reach it.
Step 6: Pay off your mortgage:
Step 7: Live freely and give to charities.
4 Mar 2024
Book Summary - One Rental At A Time: The Journey to Financial Independence Through Real Estate by Michael Zuber
In this episode, we will be summarizing the book One Rental At A Time by Michael Zuber. This book will teach you how to buy and hold rental properties to create a second income that will eventually allow you to quit your daily job.
What You’ll Learn:
Michael and Olivia’s story on how they reached Financial Independence
How to think as a rental property investor
What not to do when buying properties
Key Principles to stay on track
Never giving up
Worksheet Here! (https://docs.google.com/document/d/11jsF2Ys7ERkF8WemQwogzcPXsnQuj4pJFSfUelhmdDU/edit?usp=sharing)
17 Feb 2024
Book Summary - Set For Life by Scott Trench
In this episode, we will be summarizing the book Set For Life by Scott Trench. This book is a guide to helping individuals retire early from their nine-to-five and reach financial freedom with the advice from Scott Trench.
In this summary, you'll learn the following key takeaways to set yourself up for a path to achieve financial freedom.
Key Takeaways:
Staying Frugal
Building Reserves
Buying a Property
Making More Money
Financial Freedom
Investing
Tracking Your Progress
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