About this Video

• Video Title: Spare me 11min. and I'll double your net worth (yes DOUBLE)
• Channel: Investing Simplified - Professor G
• Speakers: Professor G
• Duration: 00:11:11

Introduction

This video outlines ten actionable steps to improve finances and build long-term wealth. The speaker emphasizes building assets rather than focusing solely on cash savings and income.

Key Takeaways

1. Own Assets, Not Just Income: The core principle is to shift from working for money to making money work for you through assets like stocks, real estate, or businesses.
2. Track Every Dollar: Use budgeting apps to monitor income, expenses, debt, net worth, and savings rate, creating a zero-based budget.
3. Destroy High-Interest Debt: Prioritize paying off high-interest debt (over 7-8%) before investing, using methods like the debt avalanche method or refinancing.
4. Automate Savings and Investing: Automate transfers to an emergency fund (3-6 months of expenses) and investment accounts (401k, Roth IRA, brokerage account), treating investing like a bill.
5. Invest in Index Funds/ETFs: Build a foundation with index funds or ETFs before venturing into individual stocks or higher-risk investments. Dollar-cost averaging is recommended.
6. Grow Income-Earning Power: Invest in yourself through education, certifications, or side hustles to increase income streams.
7. Live Below Your Means: Avoid lifestyle creep as income increases, focusing on saving and investing rather than immediate consumption.
8. Get Financially Educated: Read books and follow trustworthy resources to improve financial knowledge.
9. Have a Wealth-Building Plan: Set clear financial goals, track progress, and adapt strategies as needed. The speaker offers personalized financial coaching.
10. Long-Term Wealth Focus: Prioritize long-term net worth growth over short-term gains.

1. The video suggests broad market ETFs such as VU (for the S&P 500), SCHD (for dividends), QQQM (for tech growth), and VT (for global exposure).

2. The video recommends the following books: The Psychology of Money by Morgan Housel, I Will Teach You To Be Rich by Ramit Sethi, Rich Dad Poor Dad by Robert Kiyosaki, The Essays of Warren Buffett, and Dear Shareholder by Lawrence Cunningham.