🔓 This is how American financial advisor Brenan Schlaebaum built his wealth

Brenan Schlaebaum, author of 'A Roadmap to Financial Freedom', revealed 14 practical and simple steps that allowed him to pay off his debts by age 24, achieve his first million by 30, and reach financial freedom by 32. Here’s the complete plan👇

💡 1. Track every dollar

Monitor where your money goes for 30 days, as management starts with awareness.

📊 2. Divide your money using the 50/30/20 rule

50% for necessities 🛒

30% for lifestyle 🎟️

20% for savings, investments, and debt repayment 💰

🏦 3. Open two accounts

Bill and investment account (70%)

Entertainment spending account (30%)

🚨 4. Create an emergency fund

Start with $1,000 and then grow the fund to cover 4 to 6 months of expenses.

💳 5. Pay off bad debts (the avalanche method)

Start with the highest interest debt, and focus on paying it off first.

🛡️ 6. Protect yourself with insurance

Don't be reckless: health, car, life, and long-term disability insurance.

📈 7. Start investing

Open a retirement account, then invest in a personal account, and launch a separate investment account.

💹 8. Invest simply

Low-cost index funds

Automatic monthly investment

Reinvest profits

This step alone earned him millions of dollars!

💳 9. Improve your credit scores

Don't delay payments

Keep card usage low

🏠 10. Stick to the 25% rule for housing

Rent or monthly payment should not exceed 25% of net income.

🔎 11. Monthly financial review

30 minutes a month to review accounts, investments, and pay off cards.

📉 12. Get smart discounts

Negotiate with service providers (Internet, phone, insurance), send:

"I want to cancel, the price is too high"

⏳ 13. Invest early

Invest $500/month from age 25 = $1.7 million

The same investment from age 35 = $745,000

The difference? 💸 time!

❌ 14. Avoid these mistakes

Lifestyle inflation

Ignore retirement

Accumulation of debt

Buy investments based on 'the trend' only