Best wishes"The increase in your net worth is equal to your new savings plus your investment gains."
"Maximizing your income is hands-down the best thing you can do for your finances."
"If you get a 7% raise every year, it will take you about 10 years to double your salary."
"Create a list of your most impressive accomplishments and some measure of the company impact."
"The best time to ask for a raise is when your perceived value at the company is high."
"The most important benefit to take advantage of is your retirement savings plan."
"Recognizing that all execs had a master's degree and most had finance backgrounds, I decided to get an MBA."
"The fastest way to increase your pay is to regularly change jobs."
"In 2020, the average employee tenure is about 4 years."
"Selling yourself via your resume and cover letter gets you an interview; selling yourself in an interview gets you a job."
"The easiest way to search for jobs is to work with industry recruiters who will do the work for you."
"Indeed.com is an aggregator of job postings .." "Most of the time, you should be able to find a salary range for your position on Glassdoor."
"If you find a job you genuinely enjoy, it's probably not worth switching to something you hate just so you can retire a couple years earlier."
"You should remember that there are more important things in life than finance."
"If you're currently earning a low income and don't see a clear path to increase it, a career change may be your best option."
"You can increase your income even further by finding a lucrative side hustle."
"Each additional $10,000 after-tax you make through a side hustle, when compounded for 7% investment returns, results in an extra $400,000 over the course of 20 years."
"While increasing income has the greatest potential to accelerate your net worth accumulation, reducing expenses is the most efficient way to save more money."
"By making smarter spending decisions and buying fewer things, you'll not only have more money to save, you also increase your happiness."
"A short commute gives you more time to do what you enjoy in life."
"Recurring expenses like mortgage interest, property tax, utilities, and insurance are all higher for larger homes."
Scientifically proven: "Buying nicer material things typically does not lead to increased long-term happiness."
"As a general rule, the longer you will live in your house, the more it makes sense to buy, with a breakeven point typically between 5 and 10 years."
"After housing, transportation provides the greatest opportunity to cut costs and increase your savings rate."
"By selling our car, we saved $11,500 each year. Making that decision over the course of 30 years of driving compounding for investment returns, results in a $1.1 million difference."
"The average cost of a meal cooked at home was $4.31, a meal kit almost triple that at $12.41, and restaurant delivery nearly 5 times the cost at $20.37.
"Having children is expensive. Regardless of how frugal you are, there is no way around that."
"The performance gap between public and private schools is eliminated when controlling for socioeconomic factors (according to a University of Virginia study).
"Pay off all your credit card debt now."
"The Points Guy is the renowned authority on reward credit cards , so check there to determine what card is best for you."
"Your health is critical to your financial success. The best thing you can do for your health is to exercise on a regular basis."
"A study from Briston University found that working out results in a 20% increase in ability to finish work on time and a 40% increase in motivation to work."
"Like exercise, sleep is important for your long-term health and to protect your human capital."
"You can optimize your insurance expenditure by purchasing it only to protect against losing a life-changing amount of money."
"Life Insurance: You only need it if you have financial dependents. If so, buy term life."
"The Health Saving Account (HSA) is the only investment vehicle which enables you to never pay tax--not at contribution and not at withdrawal."
"Be sure to shop around for insurance every couple years -- to see how much you could save by switching."
"If you want to grow net worth quickly, you will need to rely on significant saving by increasing income and reducing expenses."
"Despite what the financial services industry want you to think, developing and executing on your investment strategy is easy."
"Buy target date funds in your retirement accounts and watch them grow. It really is that simple."
"While the value of equities can drop in the short-term, these fluctuations do not matter for a long-term investor."
"$1 invested in the U.S. stock market in 1871 would be worth $460,000 in July of 2020."
"(Real estate) is only worth doing if you're seeking an extra job as a landlord or house renovator."
"Peer-to-peer (P2P) lending, cryptocurrency, and other recent trends simply have not been proven to have consistent long-term returns of a stock-and-bond portfolio."
"The choice between pre-tax (IRA) and Roth boils down to your income tax rate today vs. what it will be when you withdraw funds in retirement."
"You can check out the Solo 401k page on the Bogleheads wiki for details."
"Setting your asset allocation and putting your money in the right spot should be your first two priorities as an investor."
"Efficient Market Hypothesis. This theory states that the market is efficient, meaning it is correctly priced based on all available information, and it is essentially impossible to beat market returns when adjusting for risk."
"The bad news is that consistently beating the market is virtually impossible for you as an individual investor. But the good news is that you can earn market returns, which are more than enough to make you a millionaire."
"According to the S&P Indices Versus Active (SPIVA) scorecard, almost 95% of actively managed funds fail to outperform their benchmark indexes over a 15-year period after accounting for fees."
"If you have no reason to pick one or the other, go with ETFs, at least in your taxable account."
"If you are a sophisticated investor, this (3-fund portfolio) is likely the approach you want to take."
"If you absolutely insist on paying someone to talk you through your investment decisions, look for an advisor who charges hourly rather than by AUM (Assets Under Management) or go with a lower cost firm like Vanguard Advisory Service. "
"Time in the market beats timing the market."
"Consolidate your investment accounts as much as possible."
"While reducing spending will help you achieve your financial goals, you should spend money on the things that make you happy."
"Keep in mind that the average American under 45 has just $36,000 in net worth."
"It's not uncommon for early retirees to see their health expenditure double."
"Based on the famous Trinity Study, the rule states that a retiree can safely withdraw 4% of their portfolio in the first year of retirement and increase that withdrawal according to inflation each year."
"If you'd like to dive in more on the (withdrawal) subject, the Bogleheads variable percentage withdrawal wiki page has more detail."
"Have a question or just want to fill me in on your net worth journey" Catch me on the Bogleheads Forum or email me at email@example.com"
Jack Bogle's Words of Wisdom: “It is the power of words and books—explaining and dramatizing great ideas and articulating high ideals that is the greatest weapon in the missionary’s arsenal.”