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4 steps to be financially free. Take your monthly income and multiply by 300. This is how much you need invested to replace your income. Take your monthly income and multiply by 0.2. This is the minimum amount that you should be investing every single month. Take your monthly income and multiply by 3. This is how much money you should keep in a high yield savings account as your emergency fund. Take your monthly income and multiply by 0.5 and that's how much you should be spending on necessities, things like housing, groceries and transportation. If you enjoyed this follow me for more personal finance content.