The Personal Finance Podcast - How to Put Together a Bulletproof Investment Plan (Set it and forget it!)

Episode Date: August 25, 2021

68. How to Put Together a Bulletproof Investment Plan (Set it and forget it!)  We launched a Youtube Channel! Check it out here. Master Money on YouTube. Got questions? Ask me on Instagram Here. @mastermoneyco This is the fastest way to get a response from me. You can also ask questions on TikTok @mastermoneyco Sponsors Thank you to Mint Mobile for sponsoring the show! Check them out at mintmobile.com/PFP Thanks to Policygenius for their support! Get free life insurance quotes at Policygenius.com Thanks to our sponsor Manscaped (Manscaped.com) for sponsoring this episode of the podcast. Use code PFP20 at checkout for 20% off + Free Shipping! Want to Support the Show? Follow on Spotify or Follow and Leave a 5-Star Review on Apple Podcasts! Today We Discuss:  How to put together an investment plan.  How to decide what to invest in.  How to find the motivation to invest.  Why investing is life-changing.  More Episodes You Will Love:  The Stairway to Wealth (Where to Put Your Money In Order!) How to Become a Roth IRA Millionaire How to Become a 401(k) Millionaire Savings Rate Episode! Why Index Funds Are King (Plus My Favorite Index Funds!) Savings rate chart!  The Fastest Way to pay off Debt  How to Run the Numbers on a Rental Property  How to Spend Money on Things That Bring You Value (Live Your Best Life!) Check out all the Stuff I Recommend!  M1 Finance Open a Roth IRA Personal Capital Free Wealth Management + Budget App and Fee analyzer!  CIT BANK (Best Savings Account) Best Personal Finance Books  The Simple Path to Wealth - J L Collins  The Millionaire Next Door - Thomas Stanley I Will Teach You To Be Rich - Ramit Sethi  Rich Dad Poor Dad - Robert Kiyosaki ** Some links may be affiliate links and we earn a small commission at no extra cost to you. We only recommend products we truly believe in.  Check us out on social fam!  Twitter Dollar After Dollar Instagram www.thepersonalfinancepodcast.com www.dollarafterdollar.com Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the Personal Finance Podcast, we're going to talk about how to put together an investment plan. This is everybody and welcome to the Personal Finance Podcast. I'm your host, Andrew founder of Dollar After Dollar.com. And today on the Personal Finance Podcast, we're going to be talking about how to put together an investment plan. If you have any questions about this episode, hit me up on Instagram. I'll leave a link to it in the show notes. follow us on Spotify, Apple Podcasts, or whatever podcast player, you love listening to

this podcast too. And if you want to help out the show, leave a five-star rating and review on Apple Podcasts. So today, we're going to actually talk about how you can go about putting together your investment plan. Because a lot of people start out investing. They're like, I have no idea what I'm doing. I have no idea what to do. And I have no idea how to put a plan together so that I'm actually moving

forward and building true wealth. And the reason why your financial plan is so important, specifically when it comes to your investment plan, is because what it does is it keeps you grounded. Your investment plan actually allows you to make sure that when you're having troubled times or your investments aren't going the way that they should be that you think, then you have a plan in place that you can go back and look at it and say, this is why I'm doing what I'm doing. This is why I'm getting through these recessions so that I can continue to build wealth in

the long run and ensure that my family is set for life. And that is the biggest thing that you want to be able to do. So your investment plan is your resource. It's the place where you put your plan together and all you have to do after you have this plan in place is execute. And you can automate everything so that once this plan is in place, all you have to do is just have automatic transfers sent from your bank account to whatever brokerage account you're going to if you're saving up for real estate for real estate and be able to implement

that plan. every single month without having to lift a single finger. And that's the power of having an investment plan like this, because what a lot of people do is they start investing, and maybe they'll dabble a little bit into dividend stocks. Then they start buying a couple of index funds or a couple of ETFs. Then they start buying some individual stocks. Then they buy a little bit of REITs or some real estate.

But what they're doing here is they don't really have a plan in place. So they're just buying a little piece of each thing. And maybe they're somewhat diversified. But if you have a plan in place as to why you're doing what you're doing, it is so much more powerful. An example would be there's a lot of dividend investors out there who are aggressively trying to buy dividend stocks. What they're looking to do with their plan is they're looking to replace their income

with dividend income. So a company spits off a dividend and pays them quarterly and they figure out, hey, here's how much I need to live off every single year. And this dividend is something that I want to be able to live on. So how much do I need? And they put a plan together. They figure out how many stocks are going to have to buy based on the averages and things like that and the plan is in place so once it's set up all they know that they have to do is each time

they get paid they take a portion of how much they get paid go out and buy more dividend stocks buy more income for themselves and each time that they go out and buy an investment or each time you go out and buy an investment you know you're one step closer to financial freedom you know how amazing that is every single time that you invest a dollar you're one dollar closer to financial freedom. You're giving yourself the power. You're giving yourself the next step so that you can build wealth so that your income can be replaced by your investments. And that's the entire goal here, so that you can have your time back, and you can have your freedom back. That is why we do what we do here. And here at the Personal Finance podcast, we want as many of you as possible to become free

as soon as possible. That's the entire goal. That's why we teach you guys this stuff. Because this is so incredibly important is learning how to put together an investment plan. So if you don't have an investment plan in place, but you've been investing for a long time, this is a great episode. Or if you're brand new to investing and you've never invested before, this will show you how to figure out how to put together a plan so that you don't have to worry about it anymore. Because once your plan is in place, it's a set it and forget it type of thing. So if you're interested in putting together a investment plan, let's get into it. So the first thing you want to do when you're putting your plan together is you want to find a...

your why. What is the reason you actually want to start investing? Because if you try to rely on your motivation long term, your motivation is always going to fail. But if you have a reason and you have something that actually ignites the fire in your gut so that you continually investing when it gets hard, that's extremely powerful. And so you want to be able to find that why. Maybe you don't want to work at your job anymore. You're sitting in a cubicle right now listening to this podcast and you're saying, I hate this job and I want to get out of this job as soon as possible. Well, investing is the route to get there. Or maybe you want to build wealth for your kids and your family long term, where you can

hand down a large lump sum to your kids and they don't have to worry about money in the long run. That's an amazing reason. Or you just want to provide for your family and be able to afford everything your family needs. That's a great reason as well. Or maybe you want to invest to help people and you want to go out and help people and give to organizations that matter to you.

That's another amazing reason. to invest. Or maybe you have personal goals, things like maybe you want to own a sports team one day, so you know you have to start investing tons of money to be able to do that. Or you want to travel the world and you want to see the whole world so you want to have the freedom and the flexibility to be able to do that. There's so many reasons and so many whys out there and each one of you is going to have somewhat of a different why. And that is why it is so important to actually write this down and put it into writing. If you do this in a Google Doc or somewhere where you can actually look at it and check it once every couple of weeks just to see what is my why what is the

reason why i'm doing this why do i need to stay disciplined then that is an extremely powerful thing to do this this week on instagram we'll have a poll tell me what your why is what is your why what is the reason why you do this because this is something that every single person needs to know when they start investing the second thing to do is find out where you stand financially now the reason why you want to do this secondly is to find out where you stand financially is because you want to know how much extra cash do I have every single month. So this is why if you're early on in turning your finances around, you need to have some sort of budget.

There's a couple of ways that we talk about budgeting here. There's the reverse budget, which is where you save money off the top and pay yourself first, and then all the money that's left over after you pay yourself and invest the amount that you think you need is left for spending, on your expenses, on your housing, on your transportation, on your food, all that other stuff. The other way, which I think is more efficient, but more time consuming, is a line by line item budget.

And the way I do it is with a zero-based budget. If you haven't heard the episodes where we talk about budgeting, I'll leave some of them in the show notes. But being able to do that and budget out your money shows you exactly where your money is going. It shows you exactly what your money needs to do. And budgeting actually creates freedom. A lot of people see it as restriction, but budgeting creates freedom. Why? Because now your money is doing exactly what you wanted to do.

and you can figure out how much extra cash do I have that I can deploy to my investments so that I can buy more freedom for myself. That's why it creates freedom. So you need to figure out how much extra cash you have so that you can set your plan in place because let's say, for example, that you want to retire in 10 years.

Well, if you've listened to any of our savings rate episodes, we've talked about that before. And if you want to retire in 10 years, you need to save 60% of your income if you stay at the same income level. Well, all of a sudden, you're going to realize, well, maybe I need to adjust my goals or that's something I can hit.

It just depends on how many incomes you have, how many people are in the household, that type of thing. But this will actually give you a big picture and a big goal to go for so that you know, hey, I only have a couple hundred dollars extra every single month to invest. Maybe I need to increase my income. Because once I increase my income,

now I have more cash to invest. So maybe I should go back to my employer and go negotiate my salary. These are the types of things that if you're tracking, you can make the best next step. you can make the best decision for you in your personal situation that you wouldn't have otherwise if you didn't know any better. So that's why doing this and putting together some sort of budget.

It could be the reverse budget where you don't have to think about it and just save off the top. Or it could be line by line where you can get really efficient with it and save the maximum amount of money each month towards investing. And if you're new to investing, the key is every extra dollar you have, especially in the beginning, it's worth it to start throwing at investments. reason why is the most difficult time in an investor's career is the beginning because you got to get compound

interest going and if you haven't listened to the episode where we talk about your first hundred thousand dollars what it takes to actually get your first hundred k that episode talks about how big of a slog and a grind it is to actually get to your first hundred k but once you hit that level all the sudden compound interest starts working for you and the snowball begins to grow and over time that snowball is going to start paying you more and more cash until it's large enough where you don't have to work anymore. But getting to that level, especially early on, you're going to have to sacrifice at some point in time. Now, we always talk about we want to use our money for things that we love and ensuring that we're

actually spending our money on things that we value. And that is completely true. But at the beginning, at some point in your life, you're going to have to sacrifice financially in one place or the other. And my favorite way to do it is as early as possible. That way, you get it over with and you can start to coast later on. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be.

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Start your search at autotrater.ca. Canada's car marketplace. Now, after you figure out where exactly you stand financially, the next thing you've got to do is figure out what is your time horizon? Because finding your time horizon is extremely important. How fast do you want to retire or figure out financial independence? Are you pursuing financial independence or retiring early? Or do you want to work even longer?

you like your job. Maybe you're an attorney and you really like your job and you want to work for a long period of time. Or maybe you're a physician and you love helping people and you don't see yourself ever retiring. Well, that's something where you could take your foot off the gas a little bit. You don't have to invest as much money as someone else who wants to retire in 10 years. So there's a difference in goals and those differences will actually tell you, well,

how much do I need to invest? Now, I'll link it down in the show notes, but I have a savings rate chart on our website where it talks about here's how much you need to save every single month based on percentages if you want to retire in X amount of years. So it starts from five years to 10 years to 15 years to 20 years and tells you what percentage of your income do you need to save if you want to retire an X amount of years? Because that's truly what's going to dictate how aggressive you need to be and it's going to dictate what you actually have to do to be able to save enough to actually reach your goals.

So once you have that number in place, make sure you write it down on your investment plan so that if it's too aggressive or it's too light, then you can make adjustments as needed. Because part of having an investment plan is making the right adjustments. And it's not adjusting it every single year, but it's making the right adjustment so that you know exactly what you need to be doing every single time. The next one, figure out how you respond to risk. So this is extremely important because what a lot of people do is they think they're a genius investor in a bull market.

And Mark Cuban has a very famous quote where he says, everyone's a genius in a bull market. Meaning when the market's going up, everyone's making money and everybody thinks they're an amazing investor. What happens is when the market goes down, all of a sudden people start to panic. And those investors who are amazing investors all of a sudden don't know what to do. And when people panic, they make bad decisions. And a bad decision in a recession or when there's a market dip is to sell. because selling means that you are selling low and buying high.

Instead, what are you supposed to do? Buy low, sell high. So when a market takes a dip, what a season investor does is they go in and they start buying and they start buying as much as they possibly can. And maybe it dips lower to 50% and they start buying more. That's what you need to be doing because stocks are on sale or real estate is on sale or businesses are on sale. So you're looking for deals is what you're trying to do when you're an individual investor. So you have to figure out how you respond to risk.

Do minor fluctuations make you panic? If there's just a 5% pullback in the market, does that make you panic or do you even think about that? If there's a 5, 10, 15, 20% pullback in the market, I don't even think twice about it. Why? Because I'm in this game for the long run. I'm in this game forever. So for me, investing in the long run, I know the stock market goes one direction in the long run.

It goes up. If you don't believe me, pull out your stock app in your phone, turn your phone sideways to the longest time period your phone possibly lets you go to, and look which direction that market goes. Or you could pull up a stock market chart from the origination back to the Great Depression in 1929 and look which direction the market goes. Because over time, the market ebbs, it flows, it goes up, it goes down, but it always goes up if you are a long-term investor. Now, could it go down in the long run? absolutely, but historically, for the last hundred years, it's gone one direction. And all we have is historical data to go off of. So figuring out how you respond to market fluctuations is key because it tells you what

you need to start investing it. And not only that is when the market dips or when there's movements in the market, do your emotions start to flutter up? Not just your emotion as a fear if it dips down, but when it goes up, do you start to get greedy and you start to get really excited when the market goes up and you're starting to make just a little bit of money? Or do you jump in on trends? Let's say for example, the GameStop trend that just happened about a year ago where a bunch of people just started buying into GameStop for no reason because it's a meme stock. Well, that's an example of people getting greedy,

trying to jump in on a trend when it really makes absolutely no sense. So this is where you've got to see, how do I respond to risk? Do I get emotional when I invest? Because if I do, I need to adjust the way I invest. The next step is to research your options. So how many individual holdings do you want to have? See, what happens for a lot of people, like I said, is they take a piece of the buffet all the way down, but they never really actually get a large lump sum of cash into one individual investment. Now, yes, diversification is extremely important, but there are specific investments that you can buy to make sure you're truly diversified without having to buy a little piece of every single thing. The people who are most successful in investing find success in one area,

and then they move on to the next thing. See, when I started off, I didn't just buy a little bit of everything. I started off buying stocks, figuring out how the stock market works, and then moving on to the next steps later on in life. So then I would start to move into real estate and buying businesses and all these other things. But I didn't do it all at one time

because I have to understand what I'm doing, which is one of the most important keys when you're investing, is to actually have an understanding of what you're doing so that I don't make mistakes. Warren Buffett said he had two rules when he was investing. Rule number one is to never lose money. Rule number two is to never forget rule number one. See, you can make mistakes,

but they don't have to be your mistakes. You can learn from other people's mistakes. So you can watch what other people do and learn from their mistakes. So mistakes can happen, but they just do not have to be yours. And that is the key, is to understand how to figure out,

well, what should I be doing based on my temperament, research the correct options, and then go after what makes you excited and what you actually understand. So what options are out there? There's obviously individual stocks. So in the stock market, there's all different types of stocks and mutual funds that you can buy from index funds and ETFs, which are my personal favorite because they're extremely diversified. And we have a full episode on those if you haven't heard that episode.

It's called Index Funds are king. And I'll leave a link to it in the show notes. But that episode will go through the entire thing of why I love index funds. It's a full diversification method where you only have to buy one or two mutual funds and you're set. That's all you need. So if you're new to investing or if you're a lazy investor, you're just buying the market. that's all your buying. There's mutual funds, which usually have a higher fee, which an index fund is a low-cost mutual fund technically, but mutual funds usually have higher fees, then there's individual stocks. So if you like to buy stocks like Amazon or Tesla or Google or Microsoft or Berkshire Hathaway, all of these are individual stocks. And if you're interested in individual companies and researching 10Ks and you know how to read financials, that may be something for you. And then there's dividend stocks. So if you like safer stocks that have been increasing their dividend over, time, maybe dividend aristocrats or something along those lines, and you like the idea of having

cash flow and sharing the profits with companies, then maybe dividend stocks would be something that you're interested in. But when you're looking at the stock market, when you're looking at potential stock investments, you want to determine the criteria that you need for those investments. Now, if you're an index investor, you just index and chill, bro. You just index and chill. Because all you you have to do is just automatically transfer money into the index fund. But if you're an individual stock investor, you need to be following what the market's doing so that you understand, hey, is this company still making money? Is this company doing what it needs to do?

And is the right management in place to make sure that this company is successful for my entire life. So that's the differential there. And then once you determine the criteria for potential investments, then you also have to have a criteria of when to sell. Now, I talked about this in the dividend episode a lot, but in my personal dividend portfolio, one of the reasons why I invest in dividend stocks as well is because I know when to sell a dividend stock. When a dividend is cut with a dividend stock, I'm not sticking around any longer

because my goal is to have a bunch of companies where they increase their dividend over time. So if a company starts to cut its dividend, it's because it can't share the profits or it's not profitable. So I sell the company and move on to the next one. So you have to have a plan in place when you're looking at investments like this to ensure that you know what you're doing. Then you have bonds. Now bonds are something that if you have a long time horizon, you may not need much exposure to bonds, but if you have a shorter time horizon where you're getting ready to retire, maybe you need to look more at bonds. And then there's real estate.

So there's a number of ways to invest in real estate. We have an episode talking about a ton of ways where half of them are passive and half of them are active. But getting involved in real estate means you have to know what you're doing, especially if you're buying property. Because if you don't know what you're doing, you need to know how to run the numbers or else you're going to get yourself in trouble. And we have an episode talking about how to run the numbers as well.

Now, if you're looking at passive, of real estate investing. There's things like Fundrise, where you can do crowdfunded investing, or there's things like REITs, real estate investment trusts, where they trade like a stock and you're buying into those investment trusts. And then there's other options as well, like cryptocurrencies, which is something that we haven't talked about yet on this podcast. We'll have episodes coming up about specific cryptocurrencies and how cryptocurrencies

work and the markets and things like that. But it's something we haven't addressed yet. But that's something if you're very interested in that and you truly believe in the future of cryptocurrency, maybe that's something that you're looking into. as well. And there's a number of different ways that you can invest. But figuring out your options and doing your own research is the best way to do this so that you could put together a bulletproof plan for yourself, your personality, your temperament, all of those pieces. The next step is diversify your options with percentages. Now this is one thing a lot of people don't do is because

they start to just buy a bunch of different stuff. But what you want to do is have some sort of asset allocation. Now, if you've never heard of asset allocation, all that is is what percentage of each thing are you going to buy? So, for example, when I started out, I would buy 90% index funds or 90% stocks and then 10% bonds.

Then I realized, well, the bonds really aren't doing much for me. So I started to actually slowly but surely take the bonds out of my portfolio and leave the ones I already purchased in, but just not buy so much. And I started to phase out that 10% down to 0%.

and then I went 100% stocks because my time horizon was a very long period of time. So when I started off, I had a 90-10 portfolio, 90% stocks, 10% bonds. Yours may look something like 70% index funds, 20% real estate, 10% crypto, something like that. As time has gone on, I started to allocate more funds in different areas, from real estate to businesses to all these other things so that I can actually diversify more of my portfolio even more, but it's because I have an understanding of each of these things, and it took a long time to do so. But once I got this plan in place, then I started adding to it. And once my income started going up, then I would add more to it. See, if you have a plan in place and your income increases

and you're executing your plan, maybe you're starting to buy index funds and you're putting a couple hundred dollars in an index funds. Well, as we know, over time, 30, 40 years, compound industry starts working and you get an 8, 10% return on those index funds. You're going to be a millionaire, my friend. So what's happening here is maybe your income increases and now all of a sudden you have another $400 a month that you can start investing and you start investing into real estate and you start saving up for your first down payment and you use an FHA loan to do a house hack and you buy a duplex and you live in one side and rent out the other. Well now all of a sudden you're building even more wealth because you're living rent free. So now that you're living rent free you have

more money coming in and now you can start buying more real estate or you can get into another investment criteria. That is the power of doing this. But you have to get good at one section first and have an asset allocation plan so that you don't start wavering from that plan. And the next thing you want to do is set up a time where you rebalance your portfolio. So what that means is, let's say, for example, when I started out, I had 90% stocks and 10% bonds. Well, what's going to happen is as stocks and bonds start to rise and ebb and flow, your portfolio percentages are going to be all out of whack. So what some people like to do is they like to rebalance their portals. If your stocks went way up and your bonds went way down, they sell some stocks to buy more bonds so that they're back to 90% stocks and 10% bonds.

That's all that means is to rebalance your portfolio. Now, if you use a robo advisor, something like Betterment or there's a bunch of other robo advisors out there, then those type of companies for a fee will rebalance your portfolio for you whatever amount of time that you set. But you can do it yourself. You just do it, have a spreadsheet and do the math easily. But just set up a time if you're into rebalancing your portfolio to make sure. that you can rebalance your portfolio. And then beyond that, if you're a passive investor with index funds or something like that, then you just monitor your portfolio. And I like to use a tool called personal capital. I've talked about a number of times in this podcast, but what

personal capital does is it monitors your net worth. You can actually sync up all your investment accounts, your bank accounts, all those pieces so that you can look and see, where am I? Is my net worth growing? And what can I do to ensure that it's growing? Now, for me, I don't check my stock portfolios very much at all. A lot of people think that maybe they check their portfolios once a day or something like that. I maybe check it once a month. And usually the only reason why I'm checking it is to make sure my automatic transfers went through correctly. But beyond that, monitoring your portfolio is just something you want to do. And if you do it on a day-to-day basis, that's something that you always don't want to monitor the ebbs and flows because it's going to

increase the emotions that you have. And when we invest, what we want to do is make sure that we are even keeled with our emotions. And then the last thing you want to do is just make adjustments as needed. So when you're making adjustments, you're looking at your portfolio saying, is this working? And don't look at it over one year or two years. Look at it over a long period of time. But is this investment plan working for me? If it's not, make adjustments. You don't have to make huge rash adjustments. Maybe you start in real estate and realize you hate it. You don't like dealing with tenants or things like that. If you don't like it, sell the properties and move on to the next investment vehicle. But just make adjustments as needed. Do it slowly.

and look over time, how is my portfolio performing? Is it beating the market? Is it not beating the market? Or are you buying the market and stay even keeled? Because most people cannot beat the market. And that's the key to understand. Most people cannot beat the market. So what are you going to do to make sure

that you're either buying the market or getting as close as possible to the market returns? Listen, I hope you guys love this episode on how to develop an investment plan. If you don't have one already, get started on investment plan, and throw it into Google Doc so it's something that you can review each and every year with you and your family. And you can look and say, are we on track?

Is this what we want to be doing? And how do we move forward and increase the amount that we're investing every single year? If you have any questions about this episode, hit me up on Instagram. I'll leave a link to it in the show notes and follow us on Spotify, Apple Podcasts, or whatever podcast player, you love listening to this podcast. And if you want to help out the show, leave a five-star rating and review on Apple Podcast. Thank you guys so much for listening to this episode. I appreciate each and every one of you,

and we'll see you on the next episode. Thank you guys so much for listening. And if this is your first time listening, consider subscribing so you never miss an episode. And share this episode with a friend. And don't forget to leave a rating and review on iTunes as well, because our goal is to bring as much value to you as possible. And we're trying to spread this message that money can buy freedom.

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