My Takeaway from the Path to Financial Freedom

My Takeaway from the Path to Financial Freedom

1. Budget and get out of debt so you can invest (Ramsey baby steps)
2. Save and pounce on opportunity.
3. Invest for growth with no fees. (Buffett, Bogle, etc.)
4. Preserve Wealth and family business (trusts) (Kohler, Kiyosaki)
5. Taking Risks is much more dangerous with debt. (Buffett, Ramsey, Bogle, Etc.)
6. Don't invest the eating money (Buffett, Ramsey, Bogle, etc.)
7. Starting over again, I would just invest every spare penny in the SNP500.  50% Roth and 50% brokerage.
8. Take advantage of market downturn.  20% discount now 10-2022.  Buy all SNP500 you can. (Buffett, Ramsey, Bogle, etc.)
9. Do not jump out of the market, get in good funds and ride the wave (Buffett, Ramsey, Bogle, etc.)
10. Diversify in the market outside the family business. Invest your 30% earnings.
11. Be an owner not an operator (Kiyosaki Trump)
12. Create multiple income streams.
13. The market belongs to everyone if we do not invest 20-30% of everything we earn, we are missing our fair share. (Richest man in Babylon)
1. 401K forced this (my employer and I invest in the market 20-30% of income)
2.  Pensions used to be your share of the business but were risky. (Read about pension on the books during bankruptcy)
14. A business is worth around 5x its average yearly profits over the last 7 years. (Buffet, Koch, BizBuySell, Kiyosaki)
1. This is true of outright purchase as well as stock market price (P&E, intrinsic value - Buffet)
15. Measure success, do we need to adjust the plan (net worth statement over time)
16. Everyone just Follows a process!!

Start with a Journal, here is how I do it.

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