4 Dead Simple Steps to Become Financially Free

23:28And I want you to make sure that you're doing this. The next thing I want you to do, step three, is I want you to take your monthly expenses and multiply them by six. What is this going to give us? This is going to give us the ultimate amount that you need to have in your emergency fund. And you may be saying to yourself, okay, perfect. But I don't know what my monthly expenses are. You got two options then. You can either track your monthly expenses or you can do the same formula, but with your monthly income. And you can then just have a little bit of extra in your emergency fund as you start to progress here.

24:00But if you don't know your expenses, I'm going to show you how to figure out what they are. First is you can pull out your last three months of bank statements and you can add up the expenses for those last three months and divide by three. I've done this a number of different times. I do this a lot of times every single year at the end of the year is I will pull like a spreadsheet, a CSV of my bank statements. and then I will take that number and divide it by 12. That gives you the average of what you are spending on a yearly basis month by month, okay? That gives you one burn rate that you can utilize.

24:31And many of you may be saying to yourself, yeah, but you know, the last couple of months they've been really crazy. There's been a lot of expenses going on. Guess what? That's gonna happen every single month. That excuse just doesn't work anymore because for many of us, you're gonna have those irregular months. You gotta make sure that you're doing what happened over the course of the last three months. If you want to stretch it out to six months, it's even more accurate. If you want to stretch it out to nine months, it's even more accurate. And so this exercise does not take long, especially if you just pull your bank statements.

24:59You can go look and see how much you're spending. Then if you feel as though you are overspending in areas as you're doing this exercise, then you can start to highlight things you want to cut out. And that is a great time to do it while you're starting to do this exercise of figuring out what your emergency fund needs to be. Now, when you build out your emergency fund, we have something called the 136 method. where I teach you how to simplify this and how to build out your emergency fund in phases. So it's not one big daunting thing where you have to save six months of expenses. How the heck am I ever going to do that?

25:30Let's do this in phases, okay? First, I want you to build up the one. That is one month of expenses inside a high yield savings account. If you want my favorite high yield savings accounts, they are linked down below in the show notes. Make sure you go check those out. There's some great ones out there. I love SoFi and Ally right now. There's a bunch of other good ones. CIT Bank has had some really high rates as of late, but go check those out. Okay. And you want to put this in a high yield savings account because you're going to get 100x what you would get at a Chase or a Wells Fargo or a Bank of America.

26:00Those are banks that I am not interested keeping my savings in. You can do checking if you want to, but my savings, that's not what I'm interested in whatsoever. Okay. So that's the starting point right there is making sure that we utilize that. Then, as we start to think about this, and as we get to the point in time where we have one month of expenses, we want to pay off any high interest debt that you have, any debt above a 6 % to 7 % interest rate. Let's get rid of that, like credit cards, like personal loans, like student loans, those types of things. If they have a high interest rate, let's get rid of those, okay?

26:31Then we get to three months. So you've already got one month of expenses built up. Now we want to build it up to three months of expenses. This is going to allow us to really take care of a lot of things that could happen. If your kids get hurt, you know, they break their arm and you got to take them down to the ER and you have a$500 bill that just popped up out of nowhere and you weren't anticipating it, the three-month emergency fund takes care of it. Or if your car breaks down, you need new brake pads, and all of a sudden you got a leaky oil pan and this is going to cost you$2 ,000, well, that three-month emergency fund is going to help you take care of that.

27:02Or if you have, you know, a water heater that goes bad and all of a sudden it floods your entire your garage, well, you've got the money there to help take care of that. This, my friends, reduces stress and anxiety with your money. So then you can build wealth intentionally and not make decisions out of scarcity, not make decisions out of a place or a position where you feel as though everything is stressful. No, I'm going to remove that stress from your life and I am going to put cash on hand there with that three-month emergency fund so that you can make these choices that are actually going to be beneficial for you and your family.

27:35I want you to build generational wealth for you and your family. And the only way to do that is with something like this emergency fund. Okay. So that's how we're going to think about that is to three months. Once you get to three months, I want you to split it off half to investing, half to emergency fund until that emergency fund gets all the way up to six months. This is going to allow you that over the long haul and over time, you're going to build an emergency fund that's going to protect you against the ultimate thing you don't want to happen, which is job loss. And job loss takes, let's get real here, everybody.

28:05Look, if you're watching on YouTube or if you're watching on Spotify or wherever else, let's look at each other in the eyes right now. It takes a lot longer than it used to to find a job. And if you're in a career, white collar, blue collar, I don't care what it is. You want to work somewhere that has the possibility of you staying long term. And so you don't want to just take any willy-nilly job. You want to take a job that's going to help you long-term, that's going to help you and your family fuel the fire, and the fire for you is that financial independence. You want that financial independence, and guess what?

28:36Every paycheck that comes in gets you a little bit closer. It inches you a little bit closer. Every day you drive into work and come home, you're one day closer to that financial independence. You've got to stay motivated. You've got to stay getting after it when you're doing this stuff. And so for me, I want to remind you, day after day, week after week, month after month, it feels like you're grinding, but you can do this. You could absolutely make this happen and you can transform your life. Now, because of this, we need that six month emergency fund in place because if you lose your job, you wanna have enough time and runway available so that you can actually choose the career opportunity that's best for you so that you can scale your income again and get to that point in time again.

29:16Then if you have to use your emergency fund, we're just gonna recycle this and start all over again. Don't worry about spending it. You are going to be in a point in time where you will be a-okay. Now, if six months feels as though it is still too tight for you and you want to have more in your emergency fund, maybe you're a business owner, maybe you have variable income, you don't know what's going to happen next, more power to you. We call this the SWAN number. So beyond six months, what is your sleep well at night number? SWAN. Well, for some of you, it could be a year. For some of you, it could be two years.

29:48I want you to sleep well at night, though. So figure out what that number is, identify what it is, and continue to save until you hit it. That's the goal. That's what most people want to do. Morgan Housel, the author of Psychology of Money, has stated, I've seen him state this in interviews, saying, hey, this is irrational, but I like to save way more than 12 months of cash on hand in my emergency fund. Makes me feel better. Makes me sleep well at night. And I feel as though this is a good position to be in. So what is your SWAN number? How do you want to think about this? And then go from there, okay?

30:17Next is let's talk about the fourth number I want you to target when it comes to financial freedom. And the fourth number is taking your monthly income and multiplying it by 0.55. Okay? What is this number going to get you? This is the amount that you should be spending on essential expenses. Things like your rent, your food, your mortgage, your car payment, your debt payments, your medical expenses. all of these are going to fall into that category. Now, in reality, I like for you to have a range between 50 to 60%. And so this is right smack in the middle of that 0.055. And this is a guardrail.

30:57This means that it helps you stay within these specific parameters. Now, if you're way above 60 % of your income being spent on essentials, you may have one or two problems. This is going to tell you right away what's going to happen. You either have a spending problem, which many of you, if you're making over$100 ,000 per year, could possibly have a spending problem. Not everybody, but some of you could. There's a lot of high earners out there that live paycheck to paycheck. Listen, we have another podcast that is just for high earners, and many high earners out there are living paycheck to paycheck.

31:29It's called Henry's, high earner, not rich yet. And when you think about something like this, you want to make sure that if you are above that 50 % to 60 % range, then you've got to figure out what to do. But the second option is if like you're spending 80 or 90 % of your income on essentials and you're like, I can't cut back anymore. Well, then you don't have a high enough income for your current lifestyle. Let's say you have three kids and you're making$50 ,000 per year and you live in a high cost of living area. Well, that's why you're spending all of your money on essential expenses. And people who don't have a high enough income, you can only cut back so much.

32:04There's not much more that you can cut back on. So then you have to make the choice, I am going to figure out a way to increase my income. I'm not going to patty cake this for you guys. You have the two options. It's either increase your income or it's decrease your expenses. And if you can't decrease them anymore, and I know how difficult it's being, you probably feel as though you're grinding. There's people out there working two or three jobs just trying to make ends meet. But we've got to find a way. We've got to find a way to get to the point in time where you can increase your income so you don't have to be in this situation anymore.

32:39In this situation, I've been there. I've been there where I'm living paycheck to paycheck. And I'm like, I don't know what I'm going to do. I was making$30 ,000 per year and I didn't even have kids yet. So I can't imagine for some people out there what you have to struggle with. I know what it feels like. And so I want you to realize that you can do this, but it's going to take a little elbow grease. It's going to take a little planning and it's going to take a little understanding of what to do next to increase that income. Increasing your income when you have a low salary is a really, that honestly should probably be a podcast topic that we cover.

33:11If you guys want me to cover that on a podcast, let me know down below. I would love to hear from you if you want me to cover that topic. So just let me know and I will definitely do that if we get enough people reaching out. So that's the big three I want you to think about. Now, if you're overspending, attacking the big three, housing, food, transportation is going to be a big one. Also, some of you may realize, well, I'm in a season of life where I'm saving for a wedding or I'm saving up for daycare right now and I'm spending a huge portion of my income on daycare. Okay. This is a season. This is a season of life.

33:41As long as these seasons don't just keep coming up every single year, but you're in a season of life where maybe it's temporary, then that's okay. Reduce the amount that you're saving to 15 % if you can only do that or 17%. You know, it's not a big deal if you can't quite get to that 20 % amount. and you can't quite get to this certain stage, or you can't quite keep it at that 55 % or 60%, then that's okay. You're in a season, but you gotta realize you gotta reduce it down at some point in time over the course of the next four years, okay? So I want you to have a plan to do that. I want you to have a plan to think about that.

34:15Listen, I care about each and every single one of you. I'm saying this stuff because I want you to be successful. I want you to be successful in every single thing that you do. And so when we start to think about reducing some of those expenses, We just want to make sure that we are doing this in a way that makes sense for us. So those are the four dead simple steps to becoming financially free. If you calculate those four things, you're going to be on a great track to becoming financially free. Now, there's so many more things that you could be doing, but don't worry about that. Don't stress about that.

34:44Just start with these four and then start to add things to your financial plan as time goes on. Now, in Master Money Academy, we give you a six-month roadmap that transforms your finances in six months or less. So if you want to go deeper, make sure you check that out if you haven't thus far. Now, we're going to go through some of your questions that have been out there. And actually, I'm going to go through two questions from members inside Master Money Academy because I thought these questions were so good that I wanted to dive even deeper on the podcast so that you guys could hear this. So we're going to dive into two questions right after this.

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39:16And with purchase protection on eligible items, biometric security, and pass keys, you're protected at every step. Download the new PayPal app to get started. See paypal.com slash protection terms. All right. So these two questions came from members inside Master Money Academy. And I want to show you because I'm answering questions just like this every single day. But I wanted to kind of dive deeper into this on the podcast. I thought it was really important for everyone to hear this because this is some fantastic financial education that can help you when you're starting to think through some of these scenarios.

39:47So the first one we're going to be talking through is Roger. And Roger is an amazing member inside Master Money Academy. And I'm going to kind of go through his question. And then I am going to dive deep into my thought process on this. Okay. So Roger says, I have a diversified portfolio. And I enjoy buying stocks. Yes, that's probably not great, but I do research, etc. I'm not looking for the next alphabet, but that would be nice. Most of my investments are in index funds and ETFs. At what point does it become an issue with the amount of individual stocks you own? And is there a maximum number I should just stop buying?

40:19I own probably around 20 individual stocks. Again, my highest percentages are in index funds and ETFs. So this is a wonderful question from Roger. And I think for many people out there, you may be asking yourself the same exact thing. How many stocks should I be owning once I get to the point where I'm able to own individual stocks? Now, as a reminder, for anybody who hasn't heard our episode talking about the portfolio pyramid, The stage when you can start to buy individual stocks is after you have your first$100 ,000. So we want you to have your financial foundation of index funds and ETFs for at least your first$100 ,000.

40:51Then you can start to add in a percentage of individual stocks at like 15 % of your portfolio, somewhere in that range. But 80 % is always going to be that index fund and ETF holding. And then you can start to add in some other stuff. So when we think about stocks like this, I want you to think through, okay, well, when I am going through this phase and when I'm starting to buy individual stocks, How many should I have? How many should I have on hand? When it comes to companies, I like to diversify as much as I possibly can. So I don't have a problem with anybody owning more when it comes to stocks.

41:23Now, with index funds and ETFs, we teach, hey, we want you to have like between one to seven, somewhere in that range. That's okay to have in an index fund and ETF portfolio. But going beyond that, it's just a major overkill. I mean, you're probably just adding in all these different funds. It's really hard to keep track of them all, these expense ratios. How diversified are you? How much overlap is there with those index funds and ETFs? But when it comes to individual stocks, you can almost build up your own little index fund ETF fund of companies that you like. So for Roger, this could be the Roger fund.

41:55For me, this could be the Andrew fund, where I want to build up a little portfolio that I like of stocks, and I like to have more. As long as you can keep up with them, that's what I like to do. So my goal always is if I'm going to build an individual stock portfolio, I want to get into that 15 to 20 stock range where I can build up a diversified portfolio where one stock isn't going to kill me. Now, sure, you could have a separate account that's a home run account. And I think that's actually kind of fun to have is having a separate account where you just save some extra cash that you would have just blown on something else.

42:28Put it into whatever type of accounts you want and invest in some of those stocks that could be home runs. That'd be a fun thing to do. You know, if you want to buy a SpaceX IPO or you want to buy an Anthropic IPO, something like that, that's a really fun thing to do. But when we're investing in our individual stocks, we can build up a little portfolio. For example, a couple of companies that I'll talk about that I own. So I own, this is not advice whatsoever. Please do your own research. But let's say, for example, I wanted to build a portfolio of some tech stocks. I wanted to get some banking stocks in there.

42:57Maybe I wanted to diversify in some healthcare. Maybe I wanted to diversify in some, you know, commodities or something else as well. you could add all these different things in that you want to. And you started to buy maybe some Amazon. Maybe you started to buy some Robinhood stock. Maybe you started to buy some SoFi stock. Maybe you started to buy, you know, adding in some Google or some Alphabet. Maybe you added in some UnitedHealthcare. It doesn't matter what it is. But if you started to diversify this portfolio and you started to diversify it across different industries, all of a sudden you've got this portfolio that can be diversified enough.

43:29Whereas if an industry starts to struggle, It doesn't pull your weight of your entire portfolio down. And I've seen people do this time and time again where they're really successful. We've had Brian Feraldi on this podcast four separate times now and talking about individual stocks. I love individual stocks. I think they're so fun to invest in. But you've got to do the research and you've got to do the legwork when you're doing this. So as you start to increase each stock, you've just got to have an understanding of earnings calls. You've got to understand what's going on with that company so that you know if there is a point in time where I have to sell, I'm going to be able to do this the right way.

44:01Also, when it comes to individual stocks, I want you to, each one that you invest in, have a reason why you're investing them, having an investment thesis for each stock, so that you can ensure that you have a plan in place that you know when you're going to sell and when you're not going to sell. Because if there are reasons for you to sell, you don't want to just do it based on emotion. You don't want to do it based on, you know, oh shoot, NVIDIA had a bad quarter. I'm going to sell it right now. When long-term, it could be a hundred bagger. You want to make sure that you're on pace and you're on target for what your thesis is.

44:32So having a little Google Drive file or having a notes app or something like that where you are journaling why you're buying some of these companies, how long you intend to hold them, and when you're going to reevaluate if you're going to continue to hold them. Also, you want to evaluate, are you going to listen to quarterly earnings calls or you're just going to evaluate them on a yearly basis? What's your strategy here and how you're going to think about that? Now, I love this for many different companies. And so for me, I have been building up an individual stock portfolio again. Again, I know that for the most part, I likely will not outperform the S &P 500, but I enjoy doing it.

45:07I enjoy investing in individual stocks. I like researching companies. I like understanding what's going on. So for me, it's fun. It's a fun thing for me to do. And so I do this in a way where I'm trying to get to the point in time where I'm 20 plus stock. So I'm building on my own little mini fund. That's my goal. And so it's going to be 15 % or less of my portfolio. It's going to be a smaller structure of my portfolio, but it is going to be something that I really, really enjoy doing. And I can do it for the long run. I can do it in a way that makes a ton of sense. And if I've got a couple of home runs in there, that's even more fun for me.

45:35So great question on here, Roger. And I think having 15 to 20 stocks in your portfolio is a great thing. It helps you diversify. But if it's all 20, 15 to 20, you know, in one sector, just consider doing your research on diversifying, you know, even further than that. But again, you can do whatever you feel as though is the right for your investment criteria and your risk tolerance. I just want to make sure that I note that because it's going to come down to really what you want to do. So that's a wonderful, wonderful question. And if anybody's got a question on that, please leave them down below in the comments and I can answer any questions that you have.

46:08All right. The next question is from Brandon. Brandon had a wonderful question about Trump accounts because we had an episode recently talking about Trump accounts and when to use them, when to not use them, those types of things. There's a bunch of loopholes you could do, all that kind of stuff. And again, just remember, anytime we talk about Trump accounts, This is not political. We're talking about getting free money. We're talking about, you know, taking advantage of some of this stuff for your kids. Please just understand this is not political. Okay, so Brandon had a great question talking through a few weeks ago.

46:34The Trump accounts were discussed, and I honestly didn't think of using them with my older kids who wouldn't qualify for the government funds and the Dell matches. And I end up opening one for each kid. But now I'm wondering if I should move what I already have set aside in VOO through a taxable brokerage account for each of them to the Trump account. Changing the contribution is a no-brainer, but not sure if selling, after hitting long-term capital gains and moving it over to Trump account, makes sense. Based on my income, I'd be paying about 15 % tax rate. Not sure if account size plays into it, but one is about$3 ,000 and about a three-year-old, and the other is about$15 ,000, with 60 % of it being contributions.

47:11So this is one of the honest takes that I would have, is if you are gonna go all in on a Trump account, there's a couple of considerations to think through. I actually consider this myself. I have accounts with all of my kids, and each of my kids is in a taxable brokerage account. Each one has their own individual taxable brokerage account, but it's in my name. And then they are the beneficiaries of these taxable brokerage accounts. The reason why I did this was because I want additional flexibility. And Brandon knows this, but I want additional flexibility, and I want to make sure that I am doing the right things in terms of giving them the money at a time that I want to give it to them.

47:47If I have a knucklehead for a son or a daughter and they get to the age of 18 and they realize they want to blow the entire thing on a brand new Rolex or a brand new Birkin bag or a brand new car. Well, all of that hard work that I just put in for compounding is going to go away pretty quickly. And so I want to be cautious about this and I want to be cautious about the way that I think about doing this. And so I know that's not a concern. I'm trying to equip my kids to be very financially savvy. And so hopefully that's not a concern. but it's always in the back of your mind. And many of us, no matter what our upbringing is, we can rebel the other way.

48:23And so we wanna make sure that we are cautious about this. I've seen it happen many times. And so I just wanna think through that before I dive deeper into this. And so for me specifically, when I fund the Trumpet accounts, I'm gonna use a couple of different things like making sure that I can contribute through the business to fund the Trumpet accounts because you get to do$2 ,500 per year through a business, through your employer. And so I will do stuff like that, But I probably am not going to put my main contributions into the Trump accounts currently because your kids get the Trump account at the age of 18.

48:51Now, for some of you, that may be a OK. That could be completely fine is if you want to put their their money in the Trump accounts because you feel as though, you know, there's some tax benefits to it and you think it's be great for them. And it's it's of interest to you. So I think that's completely fine if you want to go that route, because there's a lot of benefits to it. The other thing is to think about the Roth conversion, that you can do the Roth conversion, you know, maybe in their early 20s. if you haven't heard our episode talking about that, we talk about basically one of the biggest benefits is in your early 20s, when you start your real job, you can do a Roth conversion, meaning you can move the money from a Trump account into a Roth IRA.

49:26Well, then all of a sudden you get a bigger lump sum in a Roth IRA that allows you to grow that thing long-term, especially if your kids don't have access to a custodial Roth IRA yet because they don't have earned income, could be a good strategy. And that's something that's worth digging deeper if you haven't done so already. I think that can be very, very powerful. So there's a couple of different reasons why you would do this, and there's a couple of different reasons why you would not. There's also things like qualified education expenses that are penalty-free. There's things that you want to look into like that, that Trump accounts can be utilized for.

49:55First-time home purchases up to$10 ,000. That's another reason if you're saving for your kid's home. And I think there's other cool things that you can do with it. But for me specifically, I'm doing still, I'm not going to move the amount that I have in the taxable over. I will just contribute separately to the Trump accounts if I want to use them that way. And then beyond that, we'll kind of figure it out as day by day and week by week goes. There's also legislation still being passed on this. There's been some recent bills that have come up on this for the Trump accounts and some other things that they're going to do to try to increase the benefit.

50:26And so as those start to progress, I will keep you guys updated so that we can look deeper into them. Again, it's one of those things that if you get the free money, yes, definitely always do that. Free money is great. And if you have the opportunity to take advantage of the Dell free money and or the government free money, that's the way to go for sure. So listen, awesome question again, Brandon. I appreciate you. We just answered that in Master Money Academy too, but I wanted to kind of expand on it here as well because I think a lot of people could get some benefit out of it. Well, listen, thank you so much for listening to this episode of the Personal Finance Podcast.

50:59again to go through the four dead simple steps to becoming financially free. Take your monthly income, multiply it by 300. That's your freedom number. Take your monthly income, multiply it by 0.2. That's your minimum monthly investment. Take your monthly expenses, multiply it by six. That's the minimum amount that you should have in your emergency fund ultimately. And take your monthly income and multiply it by 0.55. And that is the amount that you need to budget for, for essential expenses. So which one of these have you not calculated before? Let me know in the comments below. And thank you so much for listening to this podcast episode.

51:31Again, if you want to dive deeper with me, and if you want to transform your finances over the course of the next six months, consider joining Master Money Academy. I want to invite you to join Master Money Academy and spend some time with me. Every single day now, I am in Master Money Academy answering questions, answering messages. But in addition, we do weekly live coaching calls, we do monthly master classes, and we're even doing challenges. We just finished the Automate Your Money in a Weekend Challenge. There are so many different cool things that we are doing inside Master Money Academy.

51:57I am so excited for this group. We have people from all stages paying off debt, all the way up to really high income earners who are investing over$100 ,000 per year inside Master Money Academy. And I know that I can transform your finances. I'm really good at this. I can transform your finances over the course of the next six months. So if you're interested, it's a seven-day free trial. No skin off my back if you don't like it, but join, check it out inside, see if it's for you. We just moved it over to school. There's some really cool stuff inside of school that I'm excited about that we can do.

52:27So really, really excited for that. You get all the courses, all that stuff. Join for seven days. Check out the courses. Join one of the lives with me. Have a chat with me. Would love, love, love to see you inside Master Money Academy and get to know you because I get to know a lot of our members and it is really, really fun. Again, thank you so much for being here. I truly appreciate each and every single one of you and we will see you on the next episode. Brussels clean up nicely at Sweet Green. maple glazed, roasted, and edges perfectly caramelized Sweetgreen's fall harvest is back on the menu and the season's most overlooked little green vegetable is dressed to be devoured You know what to do Order on the Sweetgreen app