Mon Nov 25 2024, by Tyler Gardner

Three Essential Money Lessons from Millionaires

Hello, I'm Tyler, a former financial advisor and portfolio manager. I create financial content for free so that you don't have to pay for it.

1. Saving Too Much Money is a Bad Idea

Once you have a few months of expenses saved in a high yield savings account or a money market fund, it’s time to make a decision. Either invest it or spend it. Grow it for the long haul, or spend it like there is no long haul. Saving it for the sake of saving it is a waste on both ends.

2. College is Not Always Worth It

While we are all programmed to go to college, consider this: if you took that tuition money at 18 and invested it in a low-cost index fund, you would most likely be worth about $4.3 million by the age of 48. Plus, you’d gain an additional four years of time to pursue your passions when you are in your prime mental and physical shape. Getting that headstart on your peers who are burdened with general education requirements? Not a bad deal!

3. Rethink Your Financial Advisor

If you’re paying a financial advisor 1% of assets under management to try and beat the stock market, consider an alternative. You’d be better served by investing in a few key books, learning about dollar-cost averaging, and low-cost index funds. This knowledge can empower you to make informed financial decisions without the hefty fees.

If you found any of this helpful, please like and follow, and I'll keep striving to get you one step closer to financial success.

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