Turn your wealth-building plan into action
from The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J.L. Collins
How to Apply This
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Determine whether you are in the wealth accumulation or preservation stage.
You are in the wealth accumulation stage if you have less than 25X your annual expenses invested. If you have more, you are in the wealth preservation stage. -
Determine how much you can invest every month.
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Decide where you're going to invest your money.
If you're in the wealth accumulation stage, you should focus on investment funds and individual stocks. If you're in the wealth preservation stage, you can diversify with bonds and real estate. -
Have goals for how much you want to have invested.
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Evaluate your results every quarter.
Make adjustments in your investments when necessary.
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