Millionaire Habits - How to Achieve Financial Independence, Retire Early, Make a

Transform your financial present and future so you can give back to the people you care about the most
 
In Millionaire Habits: How to Achieve Financial Independence, Retire Early, and Make a Difference by Focusing on Yourself First, popular personal finance educator Steve Adcock delivers a fun, insightful, and hands-on discussion of how to build financial security, retire early, and give back to the community. You'll learn to focus on yourself and your family first, creating personal wealth for the purpose of giving back to others.
 
In the book, the author explains that "saving money" isn't a goal in and of itself, but rather the end product of the personal wealth equation: Wealth = Income + Investments - Lifestyle. You'll discover how to pay yourself first with concrete guidance and practical advice drawn from people who built wealth on modest incomes.
 
You'll also find:
* Strategies for maintaining your physical and financial fitness so you can maximize the value of your assets
* Ways to turn your existing wealth into even more valuable investments that generate continued, passive income
* Methods to help you retire early and enjoy your financial independence at a young age
 
Perfect for young professionals, working families, self-employed people, and anyone else seeking to increase their net worth and get more out of life, Millionaire Habits is the intuitive and engaging personal finance roadmap we've all been waiting for.

List of contents

Introduction xi
 
We Retired in Our 30s in an Airstream RV xiv
 
How To Use This Book xv
 
Part 1: The 10 Habits of Millionaires--the Wealth-Building Time Line 1
 
Habit # 1 Millionaires Say Yes 7
 
Am I Suggesting That You Say Yes to Every Opportunity You Get? 13
 
Habit # 2 Millionaires Are Selfish 15
 
Finances 17
 
The Five Pillars of Financial Selfishness 17
 
Health 19
 
Physical Health 20
 
Mental Health 22
 
Work 23
 
Compensation 24
 
Work-Life Balance 25
 
Recognition 27
 
Habit # 3 Millionaires Maximize Income 33
 
Switch Companies 35
 
Start a Side Hustle 36
 
Ask for a Raise 42
 
What about Investing? 46
 
Habit # 4 Millionaires Pay Themselves First 49
 
How Does Pay Yourself First Work? 51
 
When Is Pay Yourself First Not a Good Idea? 55
 
Habit # 5 Millionaires Automate Everything 59
 
What Should You Automate? 61
 
When Should Each Automation Happen? 62
 
How to Set Up Financial Automation 63
 
Habit # 6 Millionaires Invest (A Lot) 67
 
Stocks 69
 
Bonds 70
 
Index Funds 71
 
Targeted Retirement Funds 73
 
Exchange-Traded Funds (ETFs) 74
 
Mutual Funds 75
 
Real Estate 75
 
Traditional 401(k) 78
 
Roth IRA 80
 
Health Savings Accounts 80
 
Cryptocurrencies 81
 
Active vs. Passive Investing 82
 
The "Passive-first" Investment Strategy 83
 
Long-term Investing Makes Millionaires 85
 
Why Dollar-cost Averaging Works 86
 
Are Stocks Down? Don't Panic! 87
 
Habit # 7 Millionaires Save for Emergencies 91
 
How Much Should You Save? 93
 
How to Set Up Your First Emergency Fund 93
 
Step 1: Separate It 94
 
Step 2: Make It a Priority 95
 
Step 3: Use Automation to Make It Easy 95
 
Where Should You Keep Your Emergency Savings 96
 
What Is An Emergency? 97
 
Habit # 8 Millionaires Create Their Own Luck 101
 
Our Choices Compound 103
 
How to Create Your Own Luck 105
 
Adopt a Positive Mindset 106
 
Take Calculated Risks 107
 
Be Proactive 109
 
Be Open-minded 110
 
Visualize Your Success 111
 
Work Hard 113
 
Build a high-quality Network 114
 
Ditch Your Comfort Zone 115
 
Volunteer 117
 
Habit # 9 Millionaires Control Their Spending 119
 
Your Income Doesn't Equal Your Wealth 120
 
The Five-step Framework to Control Your Spending 121
 
Step 1: Identify All Your Expenses 121
 
Step 2: Decide on Expenses to Cut or Reduce 123
 
Step 3: Create a Spending Plan 125
 
Step 4: Track Your Expenses 126
 
Step 5: Set Financial Goals 127
 
The Difference between Cheap and Frugal 128
 
The 72-hour Rule 130
 
Habit # 10 Millionaires Stay Out of [Bad] Debt 133
 
The Two Types of Debt 134
 
How to Get Out of Debt 139
 
The Debt Avalanche Method 140
 
The Debt Snowball Method 142
 
How to Stay Out of Debt 144
 
Part 2: How to Fire--what Is Financial Independence Retire Early? 147
 
The Simple Math Behind FIRE 153
 
When Have You Achieved FIRE? 154
 
You Can Fall Out of Financial Independence 158
 
Health Care in Retirement 161
 
Healthshares 162
 
Traditional Health Care 164
 
Cobra 165
 
Medicaid 166
 
No Health Insurance 166
 
The Different Flavors of

About the author

STEVE ADCOCK is a former IT worker who, together with his wife, became financially independent at age 35. He teaches others how to achieve financial security and well-being. In his downtime, he and his wife travel the world and enjoy nature living in their off-grid home in the sun-drenched Southwest.

Product details

• Authors: Steve Adcock
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 11.01.2024
• EAN: 9781394197293
• ISBN: 978-1-394-19729-3
• No. of pages: 240
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration; Personal finance, Private Finanzplanung, Finance & Investments, Finanz- u. Anlagewesen, Private wealth management