Welcome to another enlightening episode of the Building Your Money Machine Show. Today, we're going to explore the six essential assets you should own by your 40s to set yourself up for financial success — and trust me, these insights are game-changers.
In this episode, we'll start with the foundation of any robust financial portfolio — cash and liquidity. Having a "peace of mind fund" that covers 9-18 months of expenses is crucial. We'll debunk the myth that "cash is trash" and explain how to smartly manage your liquid assets through high-yield savings accounts or money market accounts.
Next, we'll delve into diversified ETFs and index funds. These investments offer a balanced mix of safety and growth, reducing risk by spreading your money across a broad range of stocks. They’re liquid, historically reliable, and require minimal initial investment.
If you're in your 40s, this is your "millionaires decade," a pivotal period where strategic financial decisions can either catapult you towards wealth or steer you away. We’ll discuss how to evaluate your current financial standing, outline your long-term goals with a financial vision statement, and eliminate destructive debts.
IN TODAY'S EPISODE, I DISCUSS:
- The crucial relationship between health and wealth
- Building a “peace of mind fund” for financial emergencies and opportunities
- Investing in diversified ETFs or index funds
- Evaluating and crafting a detailed financial vision statement and eliminating destructive debt
- Developing and testing a personalized financial plan
RECOMMENDED EPISODES FOR YOU
If you liked this episode, click here to enjoy these and more:
https://melabraham.com/show/
- Ten Tiny Habits That Build Real Wealth (REALISTIC)
- Why A Million Dollars Doesn't Make You Rich
- The F.U.N.D. Method For Building & Managing Your Emergency Fund
- Why Smart People Are Not Always Rich
- Why The F.I.R.E Movement Is A Pipe-dream
RECOMMENDED VIDEOS FOR YOU
If you liked this video, you'll love these ones:
- Ten Tiny Habits That Build Real Wealth (REALISTIC): https://youtu.be/U2xunyOe-tg
- Why A Million Dollars Doesn't Make You Rich: https://youtu.be/S1Wn2n5jIo0
- The F.U.N.D. Method For Building & Managing Your Emergency Fund: https://youtu.be/oWFGkpLySag
- Why Smart People Are Not Always Rich: https://youtu.be/KknyOr-IU8A
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