13 PILLARS of FINANCIAL SUCCESS
Liver King has his 9 ancestral tenants, but don’t worry, I’m not gonna get all weird and cult-like and ask you to eat raw bull testicles. I just want everyone to live the life they WANT to live.
If you can master these 13 Financial Pillars of Success, you’ve mastered money:
Spend Intentionally
Don’t just spend because you’re bored. Spending money is a terrible hobby. You are voting with every dollar you spend. Do you want temporary joy now or do you want freedom down the road?
Save Consistently
Saving isn’t a one time thing, especially in the United States. It’s something that has to be built slowly over time. When I say, “Save $2,000 for an emergency,” I don’t mean do it tomorrow. I mean start slowly and build your safety net over time.
Invest Early and Often
The earlier you invest, the more time you have to build your wealth. It’s not about picking a perfect time to invest or a perfect stock. It’s about consistency. Have a plan. Stick to it.
Research First
Before you do ANYTHING involving big ticket purchases, research first. Gonna move? Research the HOA fees/utilities/property taxes. Gonna switch jobs? Research pay, benefits, time off, the ability to work remote. Gonna invest? Research the fundamentals. Blind trust, especially with investments, is how people get screwed.
Delay Gratification
You don’t need a treat after every bad day you have. That’s how people end up in debt. You don’t need every fancy thing right now because you WANT it. That’s how people never retire. Life is meant to be lived and enjoyed, but when we go from balance to excess, we get into serious financial trouble.
Automate Everything
Your willpower is limited. Your memory is hazy, especially if you’ve got a stressful job, kids, elderly parents, endless bills, errands to run, etc. Set up your savings, investments and bills to run on autopay so you don’t forget to pay a bill. THIS DOES NOT MEAN DON’T CHECK YOUR BILLS. Always scan your credit card bill to watch for fraud.
Diversify
One stock, one asset, one income, one strategy. Not enough. You need to insulate your portfolio, you need various types of investments, you never put all your eggs in one basket. Too risky.
Ignore the Noise
Every day there’s a new outrage, a new headline, a new video on social media telling you about this MUST HAVE STOCK. Hot Tip: By the time you’re hearing about a hot stock, it’s usually too late. Filter out everything. Focus on your plan.
Repeat Relentlessly
Success = boring. You have to do something over and over and over, consistently. It’s not always flashy and fun.
Budget without Punishment
A budget isn’t prison. It’s a tool. You aren’t trying to restrict yourself or deprive yourself of EVERYTHING now, you’re trying to cut back on waste and excess and prioritize spending on things that you actually love.
Adjust as Needed
Your money habits in your 20s won’t be the same when you’re in your 30s, 40s, or 50s. Your investing strategy won’t be, either. Your lifestyle will change. Things will happen. Stay flexible.
Learn
Investing isn’t always a one and done (unless you’re the VOO and Chill type of investor). There are always new niches, companies, asset types, or strategies you can learn about. There’s always more to learn. Stay up to date - that’s how you stay ahead.
Share the wealth/knowledge
Zero gatekeeping. When you learn something that benefits you, pass it on. Share it with a friend or a family member. We all get rich together.
If you can do these 13 things, you’ve got a better grip on your finances than most Americans.
