1. TERM Life Insurance
- Life insurance gives your family choices by providing financial security in the event of your death. If anyone depends on your income right now, you need term life insurance. It protects your family by replacing your income—which makes term life one of the most important parts of your financial game plan.
2. Emergency Fund to cover at least 6 months of expenses
- Emergency funds are the backbone of strong personal financial plans. By building up a savings buffer—called an emergency fund—you can be prepared to pay for unexpected emergencies without having to turn to credit card debt, family loans, or other borrowing options that create unnecessary stress.
3. Investment Account(s)
- The path to building wealth starts with understanding that there are other types of income and then converting your earned income into the other types of income as efficiently as possible. Investing ensures your present and future long-term financial security.
4. Additional Stream(s) of Income besides primary occupation
- An article published by Inc. found that 65% of self-made millionaires have 3 sources of income, 45% have 4 sources, and 29% have 5 or more sources of income. Creating multiple streams of income isn’t just a survival technique, it’s also a strategy for building wealth.
5. Spend an hour a day on personal development (e.g., books, podcasts, YouTube)
- What you become is far more important than what you get. Interestingly, what you become directly influences what you get. Think of it this way: Most of what you have today, you have attracted by becoming the person you are today. You can have more if you become more.
6. Bonus: Be kind to yourself. Be kind to everyone
- It is not until we look inward and begin treating ourselves with compassion and kindness that we can positively impact the world. We should treat everyone with dignity and kindness, not because they deserve such treatment, but because we deserve to experience the freedom that comes with the knowledge of having done the right thing.
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