Ep574: Andrew Stotz – 12 Steps to Financial Independence

By Andrew Stotz | 07/22/2022 |

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12 Steps to Financial Independence

In this episode, Andrew Stotz explains the 12 steps to financial independence.

Download the 12 Steps to Financial Independence cheat sheet.

1. Have no written financial plan

Solution: Create a plan and follow it

2. Allow others to complicate your investing

Solution: Keep investing simple

3. Think short term; start too late

Solution: Start early; time really is money

4. Want to get rich quick in the market

Solution: Get real about stock market return

5. Rely on others too much

Solution: Do it yourself

6. Make big mistakes early in life

Solution: Avoid mistakes when you are young

7. Do not save enough money

Solution: Build wealth through savings

8. Underestimate the impact of fees

Solution: Keep financial costs low

9. Take too much risk

Solution: Diversify to reduce risk

10. Ignore bonds in favor of stocks

Solution: Own both stocks and bonds

11. Trade too much

Solution: Trade infrequently

12. Try to time the market

Solution: Stay invested and watch it grow

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About the show & host, Andrew Stotz

Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.

Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.