Wealth

# Wealth

## The Long Game Nobody Teaches You

Schools teach almost nothing about building wealth. The financial services industry teaches what benefits the financial services industry. Friends and family teach what worked for them, which may or may not apply to your situation. The result is that most people approach the most consequential set of decisions in their financial life — how to save, how to invest, how to protect, how to grow — with a combination of intuition, marketing, and inherited assumptions rather than a coherent framework.

The gap between people who build genuine wealth over a lifetime and people who do not is rarely a gap in income. It is a gap in decisions. The person who starts investing at 25 instead of 35. The person who invests in low-cost index funds instead of high-fee actively managed funds. The person who maximizes tax-advantaged accounts before investing in taxable ones. The person who protects their wealth with appropriate insurance rather than absorbing catastrophic losses. The person who has a plan and follows it rather than reacting to market movements with the emotions that market movements are designed to provoke.

These decisions are learnable. This skill teaches them.

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## The Foundation Before the Strategy

Wealth building strategies that are applied without a financial foundation fail predictably. The investment portfolio that has to be liquidated to cover an emergency. The retirement savings that get raided for a home repair that a proper emergency fund would have handled. The investment returns that are erased by high-interest debt that should have been eliminated first.

The foundation is not glamorous. An emergency fund of three to six months of essential expenses, liquid and accessible. High-interest debt eliminated before significant investing begins. Basic insurance coverage that protects against the catastrophic losses that would require liquidating assets. A spending system that ensures the money intended for inve...