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This page outlines a step by step guide to help you achieve Financial Independance.

First, some high level thoughts:

• Keep your investments simple.
  • Invest in inexpensive and well diversified mutual funds or ETF equivalents.
  • Take the time to actually understand what you investing in.
• Be comfortable on how much risk you’re willing to take.
• Think about taxes and take advantage of tax benefits.
• Save 10% or more. Don’t think about it, just do it.
  • If possible, max out your 401k or equivalent employee contribution. If an employer is matching your 401K, that’s free money to you!
• Fees matter! Avoid actively managed funds. 90% of “experts” do not beat the market.
  • If you want to engage with a financial advisor, find a flat fee/hourly based financial advisor, not one that charges for AUM (assets under management).
  • Here’s a good video explaining this concept: Rob Berger - Fees matter
• Ignore FOMO (fear of missing out).
  • Invest in high risk and volatile investments with only the money you can afford to lose. Ex: A specific company, bitcoin, NFTs, etc.

1. Read “Your Money or Your Life” by Vicki Robin & Joe Dominguez

You can buy it by clicking here. You can also get it from your library or where ever you buy your books.

Why we recommend it: It gets you to prioritize what’s important in life. Don’t take any financial action, but understand the concepts. We would also suggest doing the “life points”.

2. Read “Retire Before Mom and Dad” by Rob Berger

You can buy it by clicking here. You can also get it where ever you buy your books. Keep this book. It’s your reference document.

Why we recommend it: The book gives a great step by step way to achieve FI. We have other books to recommend below in this document.

3. (optional) Read “The Life-Changing Magic of Tidying Up” by Marie Kondo

You can buy it by clicking here. You can also get it from your library or where ever you buy your books.

Why we recommend it: It reduces your stuff/clutter.

4. Read some things and watch some videos

Why we recommend doing this: It gives some overview and concepts on what’s to come. You don’t have to watch or listen to everything now, but do so in parallel. 1. Subscribe to Our Rich Journey on YouTube. 2. Subscribe to Rob Berger on YouTube. 3. Subscribe to The Moneyguy show on YouTube and their podcast. 4. Watch the 3 Fund Portfolio here. 5. Listen to the Dough Roller Podcast. Listen in this order 1. Episode 303 - 4 Pillars of Financial Success 2. Episode 296 - The 7 Levels of Financial Freedom 3. Take the 31 day money challenge: Episodes 8 to 38 4. Then, at your leisure, listen to every episode. They’re all great!

5. Start managing your budget and expenses - Use Quicken Simplifi OR YNAB (You Need A Budget)

Simplifi: Signup and create a free trial here. There’s a bunch of helpful resources here.

YNAB: Signup by clicking here and click on the “Start Your Free Trial”. For help in understanding the tool, follow and watch Nick True on YouTube.

Add all your checking accounts, all your savings accounts, and all your credit cards.

Why we recommend it: It is an excellent budgeting tool to manage your “transactional" money. The philosophy of giving your money a job is life changing.

Alternatives: Although we feel paying for Simplifi or YNAB is worth every penny, there are alternatives. You can sign up for Mint or use Personal Capital (coming up below).

6. Aggregate your wealth For this next step, you can do step a ($150 version with PlanVision) or step b (free version with Personal Capital). We actually recommend doing both as we feel that each step gives different benefits.

   1. Signup with PlanVision (Mark Zoril) Signup by clicking here. Tell Mark we sent you. We are not affiliated with him. We just believe in what he’s doing.

   Why we recommend it: Mark is a professional financial planner who is both knowledgable and inexpensive. The amount of knowledge and advice you get is well worth the PlanVision price. 2. Signup with Personal Capital Signup by clicking here. This is a free service. Add ALL of your accounts and assets here. Checking, Savings, Credit Cards, Brokerage, 401Ks, IRAs, Real Estate, Car, etc. Literally all of your assets. DO NOT sign up for their paid service. For a nice video overview, check out Rob Berger.

   Why we recommend it: It gives a great overview of your overall wealth. It also helps you understand how you're allocating your invests as well as what fees you’re paying.

7. Based on recommendations from PlanVision, you’ll (potentially) open some new accounts.

   1. Checking Account
      1. We recommend Schwab for a number of reasons (great service, free ATM withdrawals, to name a couple). You can use our referral. We don’t receive any compensation for this.
   2. Emergency Fund Account
      1. We recommend Bask, Live Oak, or Ally Savings. These online banks that give you higher savings rates and have excellent customer service. This account will be for your cash/emergency fund.
   3. Brokerage Account
      1. We recommend opening a Schwab account. You’ll be able to trade any ETF commission free.
   4. 401K
      1. Open this account when appropriate. It mostly depends on your employer. Typically you have no choice on where this account is opened (Vangurad vs. Fidelity, etc).
   5. IRA and Roth IRA
      1. Open these accounts when appropriate. We recommend Schwab.

8. Save, Save, Save

   1. Compounding goes a LONG way... See this video.

9. Open an account at Credit Karma. Signup by clicking here. Signup for each adult family member. No need to purchase anything on their site.

Why we recommend it: Monitor your credit score.