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Self-Made Millionaire at 33 Reveals a 2-Part Financial Freedom Strategy to Achieve Wealth

At 33, Erik Smolinski, a self-made millionaire and former Marine, shares the financial principles that helped him build a seven-figure fortune. Smolinski’s approach to financial independence can be broken down into a simple, two-part “financial freedom road map,” which emphasizes saving, investing, and consistent income growth.

Part 1: The Three Wealth Levers

  1. Savings Rate: Smolinski stresses the importance of saving a portion of your income, no matter how small. He advises starting with as little as $10 a month to build the habit, reinforcing that waiting for a bigger paycheck is a mistake. The key to success is consistency, which leads to long-term financial security.
  2. Investing: While saving is crucial, Smolinski notes that “you can’t save your way to wealth.” Instead, the power of investing is what accelerates wealth accumulation. Putting money into the stock market starts the “compounding clock,” and the earlier you begin, the better. For those just starting, Smolinski suggests opening a brokerage account and consistently investing, even if it’s a small amount.
  3. Income Growth: Increasing income is the third key factor. Smolinski recommends pursuing promotions, switching jobs for higher pay, or starting a side hustle. The additional income can be reinvested, multiplying the impact of the other wealth levers. He points out that an extra $100 invested monthly can make a massive difference in the long run.

Part 2: The Action Plan

Smolinski’s strategy is about taking concrete steps toward wealth-building:

  1. Open a Brokerage Account: To start investing, Smolinski suggests researching reputable brokerage platforms and transferring whatever amount you can afford. For beginners, passive investing in index funds is a smart, low-risk strategy.
  2. Consistency Is Key: Building wealth isn’t just about starting; it’s about maintaining momentum. Automating investments and regularly contributing will help grow your nest egg over time. While it may feel strange at first to allocate money you could otherwise spend, Smolinski insists that making those small sacrifices leads to bigger rewards.
  3. Set Financial Goals: Having a clear vision for your financial future helps you stay motivated. Smolinski’s goal was to become a millionaire by 30, and reverse-engineering his path through consistent saving and investing made that goal a reality. By cutting unnecessary expenses and visualizing how each dollar contributed to his financial freedom, he stayed on track and built wealth faster than he initially expected.

Building wealth is a process that anyone can start, regardless of income. By focusing on these wealth levers and taking consistent action, financial freedom becomes an achievable reality.

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