Financial Planner. Blogger. Money Enthusiast. Vegan.
St. Louis, MO
Joined January 2020
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Are your personal finances a mess? Here’s where you start. adkinsfinancialplanning.com/…
"Stop wasting money, build equity!" is the biggest lie in personal finance. Renting is roughly a break-even when you run out all of the math. Repairs, closing costs, insurance, taxes, interest, upgrades, utilities, ... It adds up.
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Returns:
Small business > Real estate > Stocks > Mutual Funds > Bonds.
Risk:
Small business > Real estate > Stocks > Mutual Funds > Bonds.
Time Investment:
Small business > Real estate > Stocks > Mutual Funds > Bonds.
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The biggest indicator that you will become a millionaire is your savings rate.
Literally just don’t spend all of your money, avoid debt in depreciating assets, and invest in something that appreciates. You will retire financially fine.
My take on mortgages:
Personal residence - 15 year.
Investment properties - 30 year.
Why? Your personal residence is a liability that you pay for. Investment properties are assets that someone else pays for for you.
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How to retire in 10 years:
Pay off all debt on depreciating assets.
Save an emergency fund of 3 month's expenses.
Pay off your home.
Create passive income through index funds and rental real estate that covers the rest of your expenses.
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If you’ve never been to coastal Alabama, it’s a fantastic value. If someone showed me this and told me it was a Caribbean island, I’d believe them.
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If your doctor said, “If you don’t set up a passive income stream of $1,000 per week in the next 6 months, you will die,” what would you do?
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I can’t give you a surefire formula for success, but I can give you a formula for failure: try to please everybody all the time.
-Herbert Swope
2 months vegan today. Down 30 pounds. 135,000 gallons of water saved.
Best decision I’ve ever made.
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