5 Simple Steps To Financial Freedom 8 months ago

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A lot of people overcomplicate personal finance and getting your money in order. In this video, I will be outlining the five simple steps to financial freedom that anyone can follow.

1️⃣ Look at your current financial situation.

Take a look at your income and expenses over the last 3 months. If you are consistently spending as much or more than you are earning, the very first thing you need to do is get your spending under control.

2️⃣ Eliminate bad debt.

Not all debt is bad debt. Responsible credit card use can improve your credit score and save you money on things like car insurance. What I am referring to here is the high interest credit card debt, medical bills or student loans. You want to pay off high interest debt before investing.

3️⃣ Save $1,000 quick.

The next step is to save $1,000 in a separate savings account. Personally, I like Ally Bank. Since they are an online bank, the rates are much better than traditional banks. Eventually, you want to save up enough to cover 6 months of expenses as an emergency fund.

Ally Bank ▶︎ https://www.ally.com/bank/online-savings-account

4️⃣ 401k contribution.

If your employer matches your 401k contributions, you should contribute at least as much as they will match. This is free money that is being offered to you.

Remember, not all 401k's are created equally!

Learn More Here ▶︎ https://www.thinkadvisor.com/2018/06/05/best-401k-plans-ranked-by-investors-j-d-power-2018/

5️⃣ Invest in a fee free Roth IRA.

The next step is to invest in a Roth IRA that does not charge any fees. This will allow you to grow your money tax free. M1 Finance is a great option for a fee free Roth IRA.

⭐ Learn More About Roth IRAs ⭐
M1 Finance Retirement Accounts ▶︎ https://www.m1finance.com/retire/?referrerCode=mP88Q
Free IRAs Offered By M1 Finance ▶︎ https://www.m1finance.com/free-ira/?referrerCode=mP88Q
What Is A Roth IRA ▶︎ https://www.rothira.com/what-is-a-roth-ira

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DISCLAIMER: Ryan Scribner, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Ryan Scribner’s results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence.

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