Be intentional with your money

This is what I just learned from a youtube video talking about what you should be doing with your money. (They're all kind of the same, but it's probably is still important to put the notes down somewhere.)

Notes are:

Step 1: Optimizing your investment strategy

Tax advantage account (IRA, 401K), max out, invest

529 plan is for education, can be used for anyone

Backdoor IRA for high income people

Taxable brokerage account (once you max out the above)

DO NOT try to time the market, consistency is the key

Short term goal is < 5 yr, keep in cash, CD

5-9 year goal is medium term

> 10 yrs is long term, can be more stock heavy

Step 2: Leverage passive income, less reliant on job income (more of stock, dividend)

Real state is a lot more complex

Step 3: Create your financial independence plan: what is the life you are building

putting number on those goals

(having kids, move, travel, any hobby that costs money)

The rule of 25 (based on 4% rule)

Update beneficiary

Simple term life insurance, if you have dependence

Be intentional with your money

Resist the urge of panic sale (of your stocks)