Andrei Jikh runs a personal finance YouTube channel focusing on investing and financial minimalism, which has amassed more than 2 million subscribers. Jikh uses the tagline “Magic of Finance” as a reference to his skills as a magician. He has been featured on shows like “Steve Harvey” and Nat Geo’s “Brain Games.”

                By                    Gabrielle Olya

What’s the one piece of money advice you wish everyone would follow?

Figure out your “why.” I wanted to buy the ultimate luxury money could ever buy: freedom. I calculated my expenses (food, transportation, housing, entertainment, etc.), then multiplied my yearly lifestyle cost by 25. That’s the golden rule of 4%. If you can save 25 times your yearly income and invest that at 4%, you have achieved “financial independence.” At that point, your money will grow faster than you can spend it — assuming you don’t inflate your lifestyle — and the infinite money glitch will be unlocked! If you want to be extra safe, aim for 30 times yearly expenses.

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What’s the most important thing to do to build wealth?

Building wealth is about investing in yourself first. Before thinking about YOLO-ing into some risky crypto, focus on increasing your income and the rest will come much easier.

What’s your best tip for fighting the impacts of inflation?

If you’re on the older side, look into I bonds. [These are] bonds indexed to inflation and right now they’re paying a 9.6% interest. If you’re younger, investing in the S&P 500 has always been profitable over a 20-year rolling period. Just stay invested and don’t try timing it. If you have a bigger risk appetite, put 10% of your net worth into bitcoin and you’ll most likely outperform the stock market.

What’s the biggest mistake people make when it comes to money?

We look up to people that have luxury cars and mega mansions, but their lifestyles depend on their income. If their income disappears, so does their lifestyle. Instead, focus on living below your means and buying the ultimate luxury money can buy first — the fancy stuff comes later.

Jaime Catmull contributed to the reporting for this article.

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