17 Ways to Maximize Your Wealth
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1. Pay Yourself First
Society tells you to:
- Spend
- Consume
Instead, use your paycheck to:
- Pay off credit debt
- Invest for your retirement
- Add to your emergency fund
- Add to your investment portfolio
Never live bigger than your paycheck.
That's financial suicide.
Society tells you to:
- Spend
- Consume
Instead, use your paycheck to:
- Pay off credit debt
- Invest for your retirement
- Add to your emergency fund
- Add to your investment portfolio
Never live bigger than your paycheck.
That's financial suicide.
2. Build Multiple Income Streams
Don't rely on just 1 income.
Income streams include:
- Earned income
- Rental property income
- Second business income
- Active and passive income
- Dividends and interest income
Never put your eggs in 1 basket.
Diversify your income now.
Don't rely on just 1 income.
Income streams include:
- Earned income
- Rental property income
- Second business income
- Active and passive income
- Dividends and interest income
Never put your eggs in 1 basket.
Diversify your income now.
- Recommended Reading:
29 Best Passive Income Ideas
[Earn $1,000+ Per Month]
Get started here: themillennialmoneywoman.com
29 Best Passive Income Ideas
[Earn $1,000+ Per Month]
Get started here: themillennialmoneywoman.com
3. Invest in Yourself
The best investment you can make is in yourself.
How to level up:
- Read more
- Take a course
- Exercise regularly
- Listen more, talk less
- Learn from past mistakes
The highest ROI is when you invest in yourself.
The best investment you can make is in yourself.
How to level up:
- Read more
- Take a course
- Exercise regularly
- Listen more, talk less
- Learn from past mistakes
The highest ROI is when you invest in yourself.
4. Educate Yourself on Basic Financial Literacy
In 2019, lack of financial literacy cost Americans more than $307 billion.
Financial literacy teaches you how to:
- Earn
- Save
- Invest
- Spend
- Borrow
- Protect
Improve your financial literacy today.
Save money tomorrow.
In 2019, lack of financial literacy cost Americans more than $307 billion.
Financial literacy teaches you how to:
- Earn
- Save
- Invest
- Spend
- Borrow
- Protect
Improve your financial literacy today.
Save money tomorrow.
5. Build Healthy Habits
Successful habits could include:
- Frugality
- Positivity
- Networking
- Setting goals
- Taking action
- Reading books
- Waking up early
It takes around 66 days for a new behavior to become a habit.
Take the steps today to make a better tomorrow.
Successful habits could include:
- Frugality
- Positivity
- Networking
- Setting goals
- Taking action
- Reading books
- Waking up early
It takes around 66 days for a new behavior to become a habit.
Take the steps today to make a better tomorrow.
6. Eliminate Credit Card Debt
Credit card debt is bad because of:
- High-interest rates
- Could damage your credit score
Credit card debt can drain:
- Your budget
- Your savings
- Your future portfolio
You rob your future self with credit card debt.
Credit card debt is bad because of:
- High-interest rates
- Could damage your credit score
Credit card debt can drain:
- Your budget
- Your savings
- Your future portfolio
You rob your future self with credit card debt.
7. Build a Solid Credit Score
Benefits:
- Better chance for loan approvals
- Better insurance rates
- Lower interest rates
How to boost your credit score:
- Pay on time
- Pay off your debt
- Keep a low credit utilization ratio
Good credit score = more money in your wallet.
Benefits:
- Better chance for loan approvals
- Better insurance rates
- Lower interest rates
How to boost your credit score:
- Pay on time
- Pay off your debt
- Keep a low credit utilization ratio
Good credit score = more money in your wallet.
8. Develop & Stick to a Budget
To build a budget, start by:
- Tracking your income
- Tracking your expenses
Figure out where your money is:
- Coming from
- Going to (and how much)
Manage your money before it manages you.
To build a budget, start by:
- Tracking your income
- Tracking your expenses
Figure out where your money is:
- Coming from
- Going to (and how much)
Manage your money before it manages you.
9. Invest 20%+ of Your Income
Use the power of compound interest to build your wealth.
How to invest:
- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options
The best time to invest is today.
Use the power of compound interest to build your wealth.
How to invest:
- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options
The best time to invest is today.
10. Build Your Network
79% of millionaires spend 5+ hours monthly building their networks.
The No. 1 success predictor is the quality of your network.
Take a few minutes daily to reconnect with your network and maintain your relationships.
Your network is your net worth.
79% of millionaires spend 5+ hours monthly building their networks.
The No. 1 success predictor is the quality of your network.
Take a few minutes daily to reconnect with your network and maintain your relationships.
Your network is your net worth.
11. Don't Buy New Cars
Most new cars lose up to 60% of their value 5 years after you first purchase them.
Millionaires buy used cars because:
- They are cheaper
- They've already depreciated
- They can invest the "saved" money
Don't invest in negative returns.
Most new cars lose up to 60% of their value 5 years after you first purchase them.
Millionaires buy used cars because:
- They are cheaper
- They've already depreciated
- They can invest the "saved" money
Don't invest in negative returns.
12. Build an Emergency Fund
Prepare for unexpected expenses.
Surprise expenses could include:
- A vet bill
- A new roof
- Medical bills
Don't use your credit cards to pay for emergencies.
Use your emergency fund.
Prepare for unexpected expenses.
Surprise expenses could include:
- A vet bill
- A new roof
- Medical bills
Don't use your credit cards to pay for emergencies.
Use your emergency fund.
13. Find High-Quality Mentors
93% of millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Mentors are the ultimate shortcut to success.
93% of millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Mentors are the ultimate shortcut to success.
14. Prioritize Your Health
Donβt take your health for granted.
Begin to:
- Meditate daily
- Exercise regularly
- Drink enough water
- Stick to healthy foods
- Block negativity/toxicity
Adopt a healthy routine today.
You can't enjoy wealth if you have bad health.
Donβt take your health for granted.
Begin to:
- Meditate daily
- Exercise regularly
- Drink enough water
- Stick to healthy foods
- Block negativity/toxicity
Adopt a healthy routine today.
You can't enjoy wealth if you have bad health.
15. Start a Business
66% of millionaires built a business.
If you want to be wealthy, play the odds in your favor and become an entrepreneur.
You'll need:
- Sacrifice
- Hard work
- Long nights
The reward could be:
- Money
- Freedom
- Fulfillment
Start your journey today.
66% of millionaires built a business.
If you want to be wealthy, play the odds in your favor and become an entrepreneur.
You'll need:
- Sacrifice
- Hard work
- Long nights
The reward could be:
- Money
- Freedom
- Fulfillment
Start your journey today.
16. Don't Spend More Than You Make
Income does not equal wealth.
As you earn more money, save more money.
You will be tempted to spend more money because you can, but don't allow your mind to trick you.
Control your expenses before they control you.
Income does not equal wealth.
As you earn more money, save more money.
You will be tempted to spend more money because you can, but don't allow your mind to trick you.
Control your expenses before they control you.
17. Read
People who read 7+ books per year are 122% more likely to become millionaires.
Warren Buffett reads 80% of his day and Bill Gates reads 50 books per year.
Read books on:
- History
- Biographies
- Personal development
If you want to succeed, you have to read.
People who read 7+ books per year are 122% more likely to become millionaires.
Warren Buffett reads 80% of his day and Bill Gates reads 50 books per year.
Read books on:
- History
- Biographies
- Personal development
If you want to succeed, you have to read.
Thanks for reading!
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If you enjoyed this thread:
- RT the first tweet
- Follow me: @The_MMW
Want more actionable advice?
Get exclusive tips that I only share with my email subscribers π
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