Follow These 2 Rules To Build Wealth, According to Self-Made Millionaire Jeremy Schneider
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Gabrielle Olya
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Molly Sullivan
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Jeremy Schneider retired at 36 and now has a net worth of over $4 million. In a recent Instagram post, the Personal Finance Club founder shared his two personal rules for building wealth. The first rule is “simple but not easy,” while the second is “easy but not simple.”
Here’s what they are.
Rule 1: Live Below Your Means
Schneider said that to build wealth, you must spend less money than you earn.
“Rule number one is simple,” he wrote. “I think pretty much everyone gets the concept of spending less money than you make. But it’s definitely not easy.”
Schneider noted that this is a particularly difficult rule to follow when an unexpected expense pops up or a spending temptation gets the best of you.
“Sometimes life happens and you need to spend more money,” he wrote. “Sometimes your impulses get the better of you and you want to spend more money. There’s a million reasons why it can be incredibly difficult to spend less than you make. That’s why living below your means is simple but not easy.”
Rule 2: Invest Early and Often
Like many other experts, Schneider believes that investing consistently is key to growing your net worth.
“Rule number two — investing — is actually incredibly easy,” he wrote. “One time I was playing cards with some friends and one of them wanted to know how to invest. We pulled up her Fidelity account on her phone and with about four clicks she was optimally investing her money. It was very easy.”
However, understanding the best way to invest is more complicated than just clicking a few buttons.
“Before you know which four clicks to make and why you’re making them, you have to sift through a ton of complexity,” Schneider wrote. “From Wall Street traders frantically screaming buy and sell to crypto day traders claiming to get rich quick, how do you sift through what is real and what is nonsense? That’s why investing is easy but not simple.”
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