The Millionaire Mission with Brian Preston | Buffini Podcast Blog
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Taking control of your financial freedom is easier than you think! On a recent episode of “It’s a Good Life,” Brian Preston, host of The Money Guy Show, shared some top tips to help you identify your blind spots, overcome the fear of making wrong decisions and take the guesswork out of what to do with your next dollar. Here are some of the main takeaways:
Start early
Time is the most important ingredient when it comes to building wealth – that’s why it’s crucial to start your journey as early as you can. Remember: Every dollar for a 20-year-old has the potential to become $88 at retirement, and the smallest decisions eventually add up. As Albert Einstein once said, “Compound interest is the eighth wonder of the world. He who understands it earns it, and he who doesn’t pays it.”
Cover your highest deductible
Whether it’s auto insurance, homeowner’s insurance or medical insurance, you need to figure out what your highest deductibles are and then focus on covering those first. If you do this, you won’t be derailed or forced to make bad decisions in an emergency situation, such as an accident.
Max-out your employer match
If your employer offers a 50 to 100% guaranteed rate of return by putting $1 into a 401K, make sure you do it. Take advantage of that free money!
Pay off high-interest debt
High-interest debts include credit cards, personal loans or even student debt. It’s important to remember that if you’re paying 25% on a debt, that’s two and a half times what you’re hoping to make out of an S&P 500 investment.
Build emergency reserves
Cash is a really valuable resource because it’s the margin that keeps you from having to make desperate decisions. If you build emergency cash reserves of three to six months (or, if you’re retired, 18 months or beyond) you will always be protected from the chaos of life by a rainy-day fund.
With simple strategies and a structured approach, you can become an automatic wealth-building machine. If you want to learn more about Brian Preston’s nine-step system for achieving financial success and maximizing life in every phase, listen to the latest episode of “It’s a Good Life.”
