2020-01-27
J.Christ
Invest in companies with high moats (Warren Buffet Advice). What this means is companies where the barriers to entry are so high it is near impossible to compete with them and there are not cheap or easy alternatives. Just look through Warren Buffets investing history to find a list of companies.
Make investing/savings automatic. People suck at doing things consistently so automate savings like you automate bill pays. When you don’t actively think about it you will be amazed how easy it gets.
Bonus advice: Live below your means. If you can afford a house of 600k, try to buy a house considerably less fix it up and turn it into a rental property or flip it. If you can afford a 100k car, buy a used one for 50k. Then take the additional income and invest. By the time you want the 100k car that extra 50k should have grown to the point the dividends or income from a business should make the car payments for you. Point being it’s not about being cheap it’s about using the excess funds to build passive income to afford the better things without work later.
