From 18-35, read this if you want to build wealth in the next 5 years:
• Keep the same spouse
The choice of your spouse is the most important financial decision you will ever make.
A couple cannot amass wealth if one of the spouses is a compulsive consumer.
That person will either help you build or destroy your life.
Choose wisely.
The choice of your spouse is the most important financial decision you will ever make.
A couple cannot amass wealth if one of the spouses is a compulsive consumer.
That person will either help you build or destroy your life.
Choose wisely.
• Avoid lifestyle creep
There is a negative relationship between chasing a lifestyle and accumulating wealth.
Do not assume that people who have a lot of material possessions are necessarily wealthy.
Many people are deeply in debt and in a bad financial situation.
There is a negative relationship between chasing a lifestyle and accumulating wealth.
Do not assume that people who have a lot of material possessions are necessarily wealthy.
Many people are deeply in debt and in a bad financial situation.
• Buy assets
You cannot save your way to wealth.
Buy assets such as
- Stocks
- Index funds or ETFs
- Real estate
- Businesses
Assets are the only way to reach financial stability and build wealth.
You cannot save your way to wealth.
Buy assets such as
- Stocks
- Index funds or ETFs
- Real estate
- Businesses
Assets are the only way to reach financial stability and build wealth.
• Stay in the same house for a long time
Most millionaires live in the same house for many years.
They live in low-cost housing in order to save and invest more of their income.
The ability to create wealth is heavily influenced by the household and neighborhood one chooses.
Most millionaires live in the same house for many years.
They live in low-cost housing in order to save and invest more of their income.
The ability to create wealth is heavily influenced by the household and neighborhood one chooses.
• Upgrade your surrounding
Your circle determines whether or not you are successful.
Be around people who discuss
- Investments
- Businesses
- Making money
- Personal growth
Your circle determines whether or not you are successful.
Be around people who discuss
- Investments
- Businesses
- Making money
- Personal growth
• Don't drive off with your wealth
Buying a new car is not a sign of wealth.
Cars are depreciating assets. Instead, buy a reliable used car and invest more of your earnings.
Over 33% of millionaires own used cars, with 25% owning vehicles that are four years or older.
Buying a new car is not a sign of wealth.
Cars are depreciating assets. Instead, buy a reliable used car and invest more of your earnings.
Over 33% of millionaires own used cars, with 25% owning vehicles that are four years or older.
• Create a budget
It is a tool that gives each of your dollars a purpose.
A budget helps you
- Track your expenses
- Set financial goals
- Plan for the future
It is a tool that gives each of your dollars a purpose.
A budget helps you
- Track your expenses
- Set financial goals
- Plan for the future
• Practice frugality
No matter your income, it is impossible to build wealth if you always live beyond your means.
Below are some tips to save more:
- Cook at home
- Buy groceries in bulk
- Cancel any subscriptions
- Use cash back apps and coupons
No matter your income, it is impossible to build wealth if you always live beyond your means.
Below are some tips to save more:
- Cook at home
- Buy groceries in bulk
- Cancel any subscriptions
- Use cash back apps and coupons
• Educate yourself about money
Financial literacy is essential for wealth creation.
Invest in your financial education with the following:
- Read books
- Read magazines
- Listen to podcasts and interviews
- Take courses
- Financial education blogs
Financial literacy is essential for wealth creation.
Invest in your financial education with the following:
- Read books
- Read magazines
- Listen to podcasts and interviews
- Take courses
- Financial education blogs
• Get a regular source of income
There is no way to build wealth without a steady stream of income.
The more income you have, the more you can invest in assets and build wealth.
There is no way to build wealth without a steady stream of income.
The more income you have, the more you can invest in assets and build wealth.
• Generate multiple income streams
One source of income is to be one step away from poverty.
Most millionaires have seven sources of income, which are as follows:
- Rents
- Interest
- Royalties
- Capital gains
- Earned income
- Profits from businesses they own.
One source of income is to be one step away from poverty.
Most millionaires have seven sources of income, which are as follows:
- Rents
- Interest
- Royalties
- Capital gains
- Earned income
- Profits from businesses they own.
• Improve your skills
The value you create has a direct impact on your earnings.
Improve your skills to
- Get a promotion
- Receive better job offers
- Increase your opportunities
The value you create has a direct impact on your earnings.
Improve your skills to
- Get a promotion
- Receive better job offers
- Increase your opportunities
Invest passively
Index funds are one of the best ways to invest passively.
Your salary has an expiration date.
If you can't make money while you sleep, you'll never be wealthy.
Index funds are one of the best ways to invest passively.
Your salary has an expiration date.
If you can't make money while you sleep, you'll never be wealthy.
• Avoid debt
Avoid debt at all costs because of the high interest rates.
Borrowing gives lenders a portion of your freedom.
If you have debt, prioritize paying it off in order to invest more money.
Avoid debt at all costs because of the high interest rates.
Borrowing gives lenders a portion of your freedom.
If you have debt, prioritize paying it off in order to invest more money.
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I write about
- Personal Finance
- Investing
- Wealth
Follow me @AccentInvesting for more tips.
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I write about
- Personal Finance
- Investing
- Wealth
Follow me @AccentInvesting for more tips.
Subscribe to receive a free guide on the top 5 ETFs to hold for life: bit.ly
Investing in index funds is the simplest way to build wealth.
Start your investing journey today: accentinvesting.gumroad.com
Start your investing journey today: accentinvesting.gumroad.com
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