If you want to build wealth, here are the 7 assets [REQUIRED] for financial freedom.
I call it the “Wealth Stack”.
Let’s dive in…
//thread 🧵
I call it the “Wealth Stack”.
Let’s dive in…
//thread 🧵
If you’re taking the time to read my words, chances are good you are ready to earn more
— to find ways to build the kind of long-term wealth that can change your life.
Trust me when I say I know exactly how that feels.
— to find ways to build the kind of long-term wealth that can change your life.
Trust me when I say I know exactly how that feels.
If you want to move forward, however, you’ll have to do a little more work from here.
Why?
Because you need a “mindset switch” that puts you in a position to think about money differently.
Why?
Because you need a “mindset switch” that puts you in a position to think about money differently.
Here’s some more advice that can help:
- Stop looking in the rearview mirror.
- Reflect on things that have happened in your life but don’t let them define who you are today.
-Always make your future bigger than your past
- Stop looking in the rearview mirror.
- Reflect on things that have happened in your life but don’t let them define who you are today.
-Always make your future bigger than your past
You won’t move forward until you let go of all the negative feelings and fears that are holding you back.
With that in mind, do whatever you have to do to change your mindset about building wealth.
Trust me — it will be worth it!
With that in mind, do whatever you have to do to change your mindset about building wealth.
Trust me — it will be worth it!
~How to Build Your Wealth Stack~
Once you’re in the right frame of mind, you can start building the “Wealth Stack” piece by piece.
This stack is a framework for building the financial life you have always wanted, but try not to skip ahead!
Once you’re in the right frame of mind, you can start building the “Wealth Stack” piece by piece.
This stack is a framework for building the financial life you have always wanted, but try not to skip ahead!
If your goal is building wealth that can
- help you escape your 9 to 5 job
- have more time to pursue your hobbies
- quit worrying about money
- provide for your family
Here’s exactly what I suggest you do…
- help you escape your 9 to 5 job
- have more time to pursue your hobbies
- quit worrying about money
- provide for your family
Here’s exactly what I suggest you do…
Step 1: Get Your CYA Fund in Place
The first thing you should do is build up your CYA fund, which means:
“Cover Your A$$”
Not: “see you later.”
Some people would refer to this fund as an emergency fund, which also works.
It doesn’t really matter what you call it.
The first thing you should do is build up your CYA fund, which means:
“Cover Your A$$”
Not: “see you later.”
Some people would refer to this fund as an emergency fund, which also works.
It doesn’t really matter what you call it.
It serves one purpose and one purpose only:
Cover your butt when 💩 happens.
Because it will.
And you'll be ready for it.
Cover your butt when 💩 happens.
Because it will.
And you'll be ready for it.
Step 2: Open a Roth IRA – Tax Free Lovin’
Opening a Roth IRA is another important step you should take early on, and there are several reasons why:
Opening a Roth IRA is another important step you should take early on, and there are several reasons why:
1) Opening this account early gives you more time for your investments to grow and compound. 📈
2)Learning to build wealth means your income could grow substantially.
And the govt stops letting you contribute to a Roth if you earn too much.
Take advantage while you can!
2)Learning to build wealth means your income could grow substantially.
And the govt stops letting you contribute to a Roth if you earn too much.
Take advantage while you can!
Step 3: Start a Personal Equity Fund
This step could seem cheesy, but it’s crucial!
The Personal Equity Fund is an important component of the Wealth Stack because it allows you to learn and grow.
This step could seem cheesy, but it’s crucial!
The Personal Equity Fund is an important component of the Wealth Stack because it allows you to learn and grow.
This account is predicated on the idea that YOU are your best investment.
It sounds so cliche, but it’s 100% true.
If you’re able to improve yourself or learn new skills, building wealth suddenly becomes a lot easier.
It sounds so cliche, but it’s 100% true.
If you’re able to improve yourself or learn new skills, building wealth suddenly becomes a lot easier.
Step 4: Open an Investment Account
One of the best ways to learn about investing is through basic trial and error.
You open an account and you play around with a few ideas you’ve had.
All of a sudden, you’re learning what works and what doesn’t.
One of the best ways to learn about investing is through basic trial and error.
You open an account and you play around with a few ideas you’ve had.
All of a sudden, you’re learning what works and what doesn’t.
I highly suggest you start investing BEFORE you full understand how it works.
Start investing $100 per month to learn how it works.
Even that amount will eventually turn you into a millionaire:
goodfinancialcents.com
Start investing $100 per month to learn how it works.
Even that amount will eventually turn you into a millionaire:
goodfinancialcents.com
Step 5: Open a Self-Directed 401(k)
Have you ever heard of Robert Kiyosaki’s “Cashflow Quadrant”?
According to Kiyosaki, 4 basic quadrants lead to wealth
- being an employee
- becoming self-employed
- being a business owner
- becoming an investor.
Have you ever heard of Robert Kiyosaki’s “Cashflow Quadrant”?
According to Kiyosaki, 4 basic quadrants lead to wealth
- being an employee
- becoming self-employed
- being a business owner
- becoming an investor.
The Casflow Quandrant was an instrumental framework that helped me understand how to go from broke to rich.
Check out this video where I break it down for you:
youtu.be
Check out this video where I break it down for you:
youtu.be
Step 6: Protect Your ASSets
This next topic is pretty boring, but it’s just as important as the rest.
You need all kinds of insurance to protect your assets.
If you fail to do so, you’re making yourself vulnerable to losing some of the wealth you’ve created.
This next topic is pretty boring, but it’s just as important as the rest.
You need all kinds of insurance to protect your assets.
If you fail to do so, you’re making yourself vulnerable to losing some of the wealth you’ve created.
In this step, I’m talking about making sure you have enough
- health insurance
- car insurance
- homeowners or renter’s insurance
- life insurance
- health insurance
- car insurance
- homeowners or renter’s insurance
- life insurance
Step 7: Create a Self-Managed Income Producing Asset
This final step is the Holy Grail of the Wealth Stack.
This is creating an income-producing asset you can live on for the rest of your life.
Sometimes income-producing assets are passive, and other times they’re not.
This final step is the Holy Grail of the Wealth Stack.
This is creating an income-producing asset you can live on for the rest of your life.
Sometimes income-producing assets are passive, and other times they’re not.
An example of a self-managed income-producing asset:
* A portfolio of rental properties that provide monthly income
* A portfolio of dividend stocks
* A product you created that you can sell over and over again
* A business, either brick and mortar or online
* A portfolio of rental properties that provide monthly income
* A portfolio of dividend stocks
* A product you created that you can sell over and over again
* A business, either brick and mortar or online
What Should You Do Now?
All the steps of the Wealth Stack are important, but for different reasons.
Some steps put you in a position to build wealth.
Others force you to learn important lessons you can’t get without doing something yourself.
goodfinancialcents.com
All the steps of the Wealth Stack are important, but for different reasons.
Some steps put you in a position to build wealth.
Others force you to learn important lessons you can’t get without doing something yourself.
goodfinancialcents.com
Many of us are wired to look for shortcuts, but you have to go through all of it to get where you want to be.
So, what should you do now?
For the most part, you should see where you are in the Wealth Stack and go from there.
So, what should you do now?
For the most part, you should see where you are in the Wealth Stack and go from there.
If you’re still on step one, that’s perfectly okay.
We all have to start somewhere — even if that somewhere is the very beginning.
Learn more about the Wealth Stack on my Youtube channel:
youtu.be
We all have to start somewhere — even if that somewhere is the very beginning.
Learn more about the Wealth Stack on my Youtube channel:
youtu.be
If you enjoyed this thread, I’d appreciate a RT of the first tweet.
I create content on:
- Wealth hacking
- Income acceleration
- Online business and entrepreneurship
Follow me for a fun journey towards financial freedom:
@jjeffrose
I create content on:
- Wealth hacking
- Income acceleration
- Online business and entrepreneurship
Follow me for a fun journey towards financial freedom:
@jjeffrose
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