Get Lit: 10 Steps To Financial Security & Wellness

Ramit Sethi, author of “ I will teach you to be rich” recently tweeted out: 3 signs someone is financially sophisticated. They know their numbers cold: Savings rates, asset allocation, debt payoff date, goals. Creative, even extravagant spending on the things they love. Not penny pinchers. They have a point of view. They actively work on their money psychology. If you don’t know these numbers, you worry about spending (whether it’s too much or too little), and you avoid living your life because, ya know, money, well - I hope this short podcast will help. November is financial literacy month in Canada. I could hit you with statistics on Canada's debt ratios, our salaries, and who’s budgeting or not, but we can save that for the written reports. Instead, here are the 10 steps to financial independence. Wherever you are in your journey, explore each step on your own for more details. Sign up for newsletters, follow money influencers on social media, read Ratehub.ca’s blog, and if you immerse yourself in the subject, I promise you will get to where you want to be faster. Knowing your money is good for your bank account, and your mental health will thank you even more. The problem isn’t having wealth, it’s when wealth becomes a source of fear, greed, and dictates how you behave. Wealth is a tool, so let’s sharpen our knives and cut the fruit fresh from the tree. So, set the goal, practice the habits and you’ll achieve success. It’s all a journey. Take any small steps and you’re moving in the right direction. Step 1: Paying off debt & negative net worth Step 2: Zero net worth - budgeting Step 3: A plan for your paycheque Step 4: Starting your emergency fund Step 5: Setting up sinking funds Step 6: The value of your first 100k Step 7: FIRE: Financial independence, retire early Step 8: On housing - house vs. apartment Step 9: Insurance on your wealth Step 10: Plan to die with zero

You can listen to Get Lit: 10 Steps To Financial Security & Wellness online on Radio and Podcast. Open the player on this page to stream the available audio.

Get Lit: 10 Steps To Financial Security & Wellness is an episode from Real Money Talk - A fresh take on personal finance by Tyler Wade.

This episode is 15:27 long.

This episode was published on Nov 12, 2021.

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