Part of the reason I’ve taken on this project is to try and distill the seemingly endless amount of information available on this topic into the essential as distinguished from the non-essential. To select the advice that is fundamental and indispensable to wealth creation and then expound on that information to develop a repeatable path applicable to anyone.
The exercise of condensing a topic that is both large and complex into a compact summary has been done in various areas of human knowledge, including personal finance. That said, I don’t honestly think it has ever been done perfectly. Or even, 100% satisfactorily.
What do I compare it to? Fitness. Two decades ago, I believe fitness was in the same place personal finance was. And then a landmark publication was written, that arguably changed the entire fitness world. This piece of writing was one of the best examples of distilling a complex, multidimensional, socially polarizing, often highly personal, and in almost all cases subjective, into a short, only essential prescription for success. The definition of fitness in 100 words that Crossfit founder Greg Glassman published in the early 2000’s, in my opinion, is a masterpiece. And an effort worth replicating across human knowledge.
https://journal.crossfit.com/article/what-is-fitness
In the attempt to duplicate its efficiency, below is my attempt to define personal finance in 100 words. Said another way, how to become financially independent (wealthy) in 100 words.
World-Class Personal Fitness Finance in 100 Words
Spend less than you earn. Save 20% minimum. Be ruthless in cutting spending. If it doesn’t hurt, you’re not saving enough. Eliminate and Avoid debt.
Build multiple streams of income. Maximize income from all sources.
Invest early and often in appreciating assets. Buy low fee, diversified, tax efficient index funds. Avoid actively managed funds. Max your 401K or equivalent retirement plan.
Be the CFO of your life. Learn about finances. Only use fiduciary advisors. Review budget and track your spending monthly using Balance Sheet and Income Statement.
Protect your assets with insurance and estate planning.
Don’t wait. Just get started.
As with the fitness definition, time will prove how instructive this definition to be.
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