Tying It All Together

You’ve reached the last lesson in this course. Congratulations!

Before I leave you, here’s a list of the most important points that I hope you take away from this:

• Review your finances on a regular basis. Track your net worth and your cash inflows & outflows — once a month is a great rhythm to keep
• Always keep an emergency fund on hand, holding at least three months of living expenses. Keep that money in a no-risk and easily accessible account. I recommend a high-interest savings account
• Enroll in employer matching programs (read: free money) if they’re available to you
• Pay off your entire credit card bill and all other high interest rate debt (5%+) before starting to invest your money
• Don’t take risks with money that you need in the next few years; for that, stick to a high-interest savings account
• When it comes to investing, start early and make regular contributions — even if its just a small amount every month
• Invest your savings in low-cost index funds which track the overall market (couch potato strategy)
• Keep your eyes on the long-term horizon, and don’t sell your investments when things look bleak — time in the market beats timing the market. Be patient!
• Use tax-sheltered investment accounts as much as possible (read: pay less taxes)
• Automate your plan as much as possible. Use auto-deposits to make your plan happen seamlessly and to reduce the risk of busting your budget
• A financial plan is not a static thing. Adjust yours as time passes
• Building wealth is a marathon, not a sprint; don’t try to turn your life upside down and do everything at once. Take it step by step
• Comparison is the thief of joy — the net worth of others is no reflection of your self-worth
• Build the life you want, then save for it

So Long… Partner

Thank you for sticking with me ’till the end.

Now that you’ve heard me drone on and on (and on) for 20+ lessons, I’d love to hear from you.

Was this course helpful for you? Was it too short, too long, or just right? How could I improve this guide? For any feedback, random thoughts, or just to say hi, feel free to shoot me an email at themeasureofaplan@gmail.com.

If you’d like to support what I do, you can buy me a coffee or beer by clicking the little blue button below. Any contributions are an immense aid in keeping this site up and running with fresh & free financial content!
 

P.S. — I’ve included two last posts in this series. The first has a few book recommendations, and the second has some online recommendations. These are fantastic resources to go through if you’d like to continue your personal finance education.