Last week, I introduced the "Richest Blogger Single Advice" series in which we will cover interviews with nothing less than the Richest Bloggers out there.
I based my choice on the famous Net Worth Tracker from my US fellow J. Money.
Today, it's time for my Swiss friend RetiredAt50 to answer THE question: "How can I
be rich like a millionaire as you managed to do it?".
This guy must have done something correctly to have a net worth above the 1.5 million of CHF mark in the bank! Let's listen to him.
RA50 single advice to build wealth
"My #1 advice is always maximizing the savings rate by having automatic transfer from your personal account to a saving or broker account just after you receive your pay check.
For the #2, is to have an investing strategy and stick to it, it can be an active capital gain, a mix of capital gain and dividend return or 100% dividend return.
All have different risks associated, but our mix strategy has been working fairly well for the last 10 years, clearly having the chance of being at the end of financial crisis.
The #3 is always re-invest the dividend received.
The #4, is not to have debts, so pay back your debts as quickly as possible, we are FREE of debts...
The last point that helped us being millionaire at 40, is to have some luck; we have been expatriated for 5 year in total for the last 9 years, that clearly helped the savings rate (+100% vs. home base savings rate).
So in conclusion, there are 4 major rules that must be followed and a bit of luck."
Smart 4 rules that we got here.
If you have any questions or want to discuss some points more deeply, feel free to comment in the section below. RA50 should be around to answer them, so should I.
Next week : "FrugalTrader from Million Dollar Journey" interview
Correction! Next interview will be published by the end of August (see note below).
After the Swiss point of view, I've decided to bring you someone from the country I love above all: Canada!
In 3 weeks, our fellow Canadian Mustachian FrugalTrader who blogs at milliondollarjourney.com will share his single recommendation.
Can't wait to read about the advice of an East Coast guy!
Short note: holiday break
The blog is going to be calm during the next 3 weeks as we enter our holiday period.
I will see you again by the end of August, ready to start a new year talking about Financial Independence and other fancy things!
Enjoy the summer folks!