Financial Tips from T.Brooks
For the past two weeks I've scoured over hundreds of blog posts, listened to hours worth of podcasts and sermons, read and reread multiple books, and had many conversations with friends and family on financial strategies.
In all the books I read I've reached these simple conclusions:
1. Stay out of debt.
2. Spend less than you earn.
3. Save/invest for the future.
Here are some other little tidbits...
A. Invest at least 10% of your earnings into no-load mutual fund or S&P index-tracking stock. (I personally own FFFFX through Fidelity and VFINX through Vanguard.)
B. Max out your Roth IRA first and then work on maxing your 401k. ($4k contribution limit for the IRA and $15k limit for the 401k)
C. Pay off your debt starting with the debt that has the highest interest rate you have. e.g. Credit cards usually have the highest interest rates.
After you've done those things then I would really encourage you to read these books if you're looking for a healthier financial life: The Automatic Millionaire, The Richest Man in Babylon, Wealth Without Risk, Winning The Loser's Game, and The Wealthy Barber.