WWII 006: Your Starting Financial Position, Benjamin Franklin, 3 Year Old Millionaire, End of Year Planning

This episode is all about what financial position you should be in before you start investing. Here are some highlights:

· Stable income
· Living beneath your means
· Generating investible cash
· No credit card debt
· No loan shark debt
· No major upcoming expenses such as college tuition, medical costs etc.
· Have health insurance, car insurance, home insurance etc.
· At least 12 months in emergency cash sitting in a bank account.
· 401(k) fully funded at least to the match, and preferably up to the max
· Figured out how to save money by buying staples in bulk (i.e. Tobias book)
· Prepared for a long-term commitment to what you buy

Beware of little expenses. A small leak will sink a great ship."

Benjamin Franklin

Ask JB:

Doublejay1999 asks:If you have 200k and a 3 year old son, do you spend it on a premium education and getting him to Oxbridge (or Harvard) or do you stick it in the market, for 20 years and tell him he's a millionaire when he's 21 ?

stoopidjonny asks: What are some things you should do with your investments at the end of the year/start of the new year, if any?

Do you have a burning question on investing you would like answered? Click the button below to send it to me and I will answer it on the podcast!




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Thoughts on this podcast? Disagree with me on some point? Something I missed? Leave a comment!

About the Author

Jeremy Scott Bailey is an investor, author, entrepreneur and host of the "What Works In Investing?" podcast now available on iTunes. He is founder and Chief Investment Officer of Burgeón Group, Inc. an investment advisory firm that provides portfolio management services to families and individuals.

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