Millionaire Mission: A 9-Step System to Level Up Your Finances and Build Wealth

Millionaire Mission: A 9-Step System to Level Up Your Finances and Build Wealth by Brian Preston is a book that aims to help readers achieve financial freedom and abundance by following a simple and proven process. 

The author of the book has helped thousands of people improve their money management abilities and achieve their financial goals. He is also a financial planner, podcaster, and wealth builder.

The Financial Order of Operations, a set of nine steps that instruct readers on how to divide their income, set aside money for the future, make wise investments, pay down debt, and have fun, is the book's central idea. 

The author compares this procedure to the mathematical acronym PEMDAS, which aids in the solution of complex problems by decomposing them into manageable steps. The Financial Order of Operations was created to guide readers in avoiding common blunders, overcoming anxiety, and making wise financial decisions that will produce transformative wealth.

The nine steps of the Financial Order of Operations are:

Keep Your Financial Life Out of The Ditch (Cover Your Highest Deductible)

The goal of this step is to have enough cash on hand to cover any emergencies or unforeseen costs that might throw your financial plan into a loop. According to the author, you should have $500 to $1,000 in a savings account that is unrelated to your primary checking account. This will stop you from utilizing credit cards or loans to pay for things like car repairs, medical expenses, or home maintenance.

Love That Free Money (Max-Out Your Employer Match)

This step aims to utilize any employer-sponsored retirement plans that provide matching contributions. The author suggests that readers contribute enough to their 401(k), 403(b), or other plans so that their employers will fully match their contributions. This is essentially free money that will boost your retirement savings and lower your taxable income.

The Joneses Are Broke and Miserable (Pay Off High-Interest Debt)

Any debt with an interest rate higher than 10% should be canceled in this step. The author admonishes readers against falling into the pitfall of comparing oneself to people who appear to have more money or nicer stuff but are mired in debt. 

The debt avalanche strategy, recommended by the author, is paying off the debt with the highest interest rate first, then moving on to the next one, and so on, until all high-interest debt has been eliminated.

Rainy Day Done Right (Build Emergency Reserves)

In this step, you'll create a bigger emergency fund, one that can pay for three to six months of costs. In contrast to the fund in step one, which is intended for minor crises, the author explains how this one is different. 

This fund is for significant occurrences that could drastically alter your way of life or income, such as losing your job, becoming ill or injured, or going through a divorce. You'll feel secure and at ease knowing that you have this fund in case something unforeseen occurs.

Tax-Free Armageddon (Max-Out Tax-Free Growth with Roth and/or HSA Contributions)

This stage involves increasing your potential for tax-free development through Roth IRA and/or Health Savings Account (HSA) contributions. According to the author, these accounts provide special advantages that other retirement accounts do not. 

While HSAs allow you to save for medical costs tax-free and invest the remaining funds for long-term growth, Roth IRAs allow you to take your money tax-free in retirement.

Max-Out Retirement Options (Take Your Finances to the Next Level)

Increase your employer-sponsored retirement plan contributions in this stage, or if you don't already have access to one, start an individual retirement account (IRA). According to your age and financial objectives, the author suggests setting aside 15% to 20% of your gross income for retirement. 

He also explains the distinctions between standard and Roth accounts and how to pick the right one for your circumstances.

Building That More Beautiful Tomorrow (Leverage Hyper-Accumulation)

By making investments in assets other than retirement accounts, you can quicken the process of building your wealth in this step. The author advises considering opportunities such as brokerage accounts, real estate, business ownership, or alternative assets that can produce passive income or capital growth. 

He further urges readers to diversify their investments, perform frequent portfolio rebalancing, and avoid investing emotionally.

Funding Abundance Goals (Prepay Future Expenses)

Saving for particular objectives that will improve your life or provide you joy, such as purchasing a home, touring the world, covering the cost of higher education, or making charitable contributions, is the focus of this step. 

The author exhorts readers to set lofty aspirations for themselves, to prepare in advance for them, and to be flexible and practical in the process. Along with advice on how to achieve these goals, he offers advice on how to save money, invest it, and prevent overspending or lifestyle inflation.

Debt-Freedom (Prepay Low-Interest Debt)

This phase entails paying off any outstanding debt with an interest rate under 10%, such as any mortgages, student loans, or auto loans. This stage is optional, the author explains, and it depends on your particular preferences and risk tolerance. 

Some people would prefer to keep some debt and invest the additional cash, while others might prefer to be entirely debt-free and benefit from the freedom and security that comes with it.

The book Millionaire Mission will motivate you to take charge of your finances and increase your wealth using the money you already have. It will show you how to adhere to a straightforward and tested procedure that will assist you in avoiding errors, overcoming fear, and coming to wise judgments. 

Additionally, it will inspire you to put out your best financial effort and concentrate on the things that are most important to you.

FAQ

"Millionaire Mission" is a guide to financial freedom. It presents a nine-step system for building wealth with the money you already have.

The book simplifies the process of financial planning and wealth creation. It helps readers understand how to make their money work harder than they do.

The Financial Order of Operations is a process outlined in the book that demystifies managing money. It provides a clear path to build transformative wealth with the tools already available.

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