Investment advisor Mickey Kim summarized the concept of mapping financial freedom on an index card that first pioneered by Harold Pollack. Follow these 8 simple rules to achieve your financial freedom:
- Strive to save 10 percent to 20 percent of your income
- Pay your credit card balance in full every month
- Max out your 401(k) and other tax-advantaged savings accounts
- Never buy or sell individual stocks
- Buy inexpensive index funds
- Make your financial adviser commit to the fiduciary standard
- Buy a home only when financially ready
- Insurance—make sure you’re protected
(ibj.com)