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11) Health is wealth
Many costly medical problems are caused by poor sleep, lack of exercise, or bad nutrition.
Medical bills can be very expensive and can add up over time.
Take care of your health now to avoid high expenses in the future.
12) Everything in life is negotiable:
Negotiating is a very skill when it comes to building wealth.
Whether you're negotiating a raise for work, the price of a car or home, or the interest rate on a loan, learning to negotiate will help you save money and increase your wealth.
13) Teach your child about money:
Warren Buffet has a children’s cartoon with 26 episodes where he teaches:
• Wealth
• Money
• Investing
• Business
• Personal Finance
4 Board Games to teach kids about money:
• Payday
• Monopoly
• Cashflow 101
• The Game of Life
14) Hire your kids tax-free:
If you own a business & have kids under 18, you can pay them $13,850 tax-free & deduct it from your taxable income.
Your child will owe $0 in taxes & you legally avoided tax on $13,850.
They can invest $6,500 of that in a tax-free ROTH IRA.
15) Make your child a millionaire by 25:
• Invest $150/week in an S&P 500 index fund when they are born & nothing more
• By the age of 25 this should grow to over $1 million due to compound interest
*based on an 11% return after the S&P 500's historical average over 96 years
16) Maximize your employer 401k matches so "free money" can compound:
a 401k match is free money from your employer, which grows tax-free until you withdraw it.
This will result in a substantial amount of money over time due to the power of compound interest.
17) Maximize your Roth IRA contributions for retirement:
A Roth IRA can make you a tax-free millionaire, it's the ultimate tax loophole.
Investing $100 a week into your Roth IRA with an S&P 500 Index Fund will change your life
Aim to contribute the maximum, $6,500 per year
18) A car is a depreciating asset (a new car loses ~20% of its value the minute it's driven off the lot)
Don't overspend on an expensive car, just to drive it to a job you hate.
If your car payment is higher than your credit score, you don't need it.
19) Recognize lifestyle creep
Making more money won't fix poor spending habits.
Just because you start making more money, doesn’t mean you should spend more.
Increasing your lifestyle expenses without increasing your income will cause your expenses to build up in the long run.
20) Not negotiating your salary will cost you thousands over the course of your career.
Most employers have flexibility when it comes to salary.
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