You don't need a self-help guru to make you RICH.
Here are 13 strategies that can change your life:
Here are 13 strategies that can change your life:
1. Adopt a Growth Mindset
The 2 types of mindset:
1. Growth
2. Fixed
Growth mindset:
- Build wealth
- Learn new skills
- Build relationships
Fixed mindset:
- I canβt do this
- Iβm going to fail
- This will take me forever
π To change your reality, change your mentality.
The 2 types of mindset:
1. Growth
2. Fixed
Growth mindset:
- Build wealth
- Learn new skills
- Build relationships
Fixed mindset:
- I canβt do this
- Iβm going to fail
- This will take me forever
π To change your reality, change your mentality.
2. Pay Yourself First
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
Process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
π Use money to make money.
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
Process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
π Use money to make money.
3. Create Multiple Income Streams
The average millionaire has 7 income streams.
They could include:
- Royalties
- Capital gains
- Rental income
- Interest income
- Business income
- Dividend income
π Don't put all your eggs in 1 basket.
Diversify your income today.
The average millionaire has 7 income streams.
They could include:
- Royalties
- Capital gains
- Rental income
- Interest income
- Business income
- Dividend income
π Don't put all your eggs in 1 basket.
Diversify your income today.
- Recommended Reading:
How to Create 7 Multiple Streams of Income
Learn more π
themillennialmoneywoman.com
How to Create 7 Multiple Streams of Income
Learn more π
themillennialmoneywoman.com
4. Build an Emergency Fund
Be prepared for unexpected expenses.
Surprise expenses could include:
- A roof replacement
- Medical emergencies
- A broken car gearbox
π Avoid high-interest credit cards to pay for emergencies.
Use your emergency fund.
Be prepared for unexpected expenses.
Surprise expenses could include:
- A roof replacement
- Medical emergencies
- A broken car gearbox
π Avoid high-interest credit cards to pay for emergencies.
Use your emergency fund.
5. Become a Master Budgeter
π Assign a purpose to every dollar.
Some examples:
- 529 plans
- Business accounts
- Retirement accounts
- Emergency savings fund
- Joint / Individual accounts
Want to be like the pros?
Automate the process.
π Assign a purpose to every dollar.
Some examples:
- 529 plans
- Business accounts
- Retirement accounts
- Emergency savings fund
- Joint / Individual accounts
Want to be like the pros?
Automate the process.
6. Avoid Bad Debt
Getting out of debt is:
- 20% knowledge
- 80% a change in habit
Changing your financial habits include:
- Earning more
- Spending less
- Investing more
π To live debt-free, you may have to adopt a lean life.
Getting out of debt is:
- 20% knowledge
- 80% a change in habit
Changing your financial habits include:
- Earning more
- Spending less
- Investing more
π To live debt-free, you may have to adopt a lean life.
7. Become Financially Literate
For every $100 spent on education, 2 cents are spent on financial literacy.
The real crisis is:
- Financial illiteracy
- Bad money management
- Lack of financial education
π If you are financially literate, your future is yours for the taking.
For every $100 spent on education, 2 cents are spent on financial literacy.
The real crisis is:
- Financial illiteracy
- Bad money management
- Lack of financial education
π If you are financially literate, your future is yours for the taking.
- Recommendation:
Want to improve your financial literacy?
Then join thousands of others that get my weekly financial tips and tricks via email π themillennialmoneywoman.com
Want to improve your financial literacy?
Then join thousands of others that get my weekly financial tips and tricks via email π themillennialmoneywoman.com
8. Find a Quality Mentor
86% of Millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
π Find these successful people and learn from them.
Chances are, youβll go where they go.
86% of Millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
π Find these successful people and learn from them.
Chances are, youβll go where they go.
9. Donβt Procrastinate
Tips to kill procrastination:
- Write down your goals
- Break down large tasks
- Celebrate the small victories
- Find an accountability partner
There is no such thing as the perfect time.
π Use today to build the stepping stone for your future.
Tips to kill procrastination:
- Write down your goals
- Break down large tasks
- Celebrate the small victories
- Find an accountability partner
There is no such thing as the perfect time.
π Use today to build the stepping stone for your future.
10. Start a Side Hustle
Building a side hustle will take:
- Hard work
- Dedication
- Long nights
The reward will be:
- Fulfillment
- Freedom
- Time
π Start by monetizing your passion.
Building a side hustle will take:
- Hard work
- Dedication
- Long nights
The reward will be:
- Fulfillment
- Freedom
- Time
π Start by monetizing your passion.
11. Invest
There never is the βperfectβ time to invest.
The main thing is to start today.
My advice?
- Invest automatically
- Avoid higher-risk investments
- Choose low-cost investment options
π Allow compound interest to build your wealth.
There never is the βperfectβ time to invest.
The main thing is to start today.
My advice?
- Invest automatically
- Avoid higher-risk investments
- Choose low-cost investment options
π Allow compound interest to build your wealth.
12. Choose Your Friends Carefully
Think about your 5 closest friends.
Soon, youβll realize that:
- You think the same thoughts
- You have the same goals
- You offer similar advice
π People inspire you, or they drain you.
Choose them carefully.
Think about your 5 closest friends.
Soon, youβll realize that:
- You think the same thoughts
- You have the same goals
- You offer similar advice
π People inspire you, or they drain you.
Choose them carefully.
13. Avoid Lifestyle Creep
Never allow lifestyle creep to eat away your 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.
π Control your expenses before they control you.
Never allow lifestyle creep to eat away your 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.
π Control your expenses before they control you.
Thanks for reading!
If you enjoyed this thread:
- Retweet the first tweet
- Follow me: @The_MMW
This account exists to help you build a better financial future.
If you enjoyed this thread:
- Retweet the first tweet
- Follow me: @The_MMW
This account exists to help you build a better financial future.
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