I grew up poor, but I will make sure that my family and children never experience poverty again.
Here's how you can do it for your family:
Here's how you can do it for your family:
β’ Avoid lifestyle creep
Having cars, houses, and material possessions is not synonymous with wealth. It is likely a debt.
Real wealth is often hidden. It is in assets and investment accounts.
Buy appreciating assets, live frugally and you will be able to build wealth.
Having cars, houses, and material possessions is not synonymous with wealth. It is likely a debt.
Real wealth is often hidden. It is in assets and investment accounts.
Buy appreciating assets, live frugally and you will be able to build wealth.
β’ Upgrade Your Network
Your network is your net worth.
A great group of people around you can change the trajectory of your life and lead you to a successful life.
Your network should talk about business, money, and how investments are the key to building wealth.
Your network is your net worth.
A great group of people around you can change the trajectory of your life and lead you to a successful life.
Your network should talk about business, money, and how investments are the key to building wealth.
β’ Avoid Debt
Liabilities are your lender's passive income. All of your money is used to repay them.
Lenders also make money from you by charging exorbitant interest charges and different fees.
Pay off your debt, invest in assets, and make your money work for you.
Liabilities are your lender's passive income. All of your money is used to repay them.
Lenders also make money from you by charging exorbitant interest charges and different fees.
Pay off your debt, invest in assets, and make your money work for you.
β’ Pay yourself first
Do not save what is left after spending, but spend what is left after saving.
Prioritize investing and building wealth before money goes out towards entertainment.
You take care of your future self by putting money aside today.
Do not save what is left after spending, but spend what is left after saving.
Prioritize investing and building wealth before money goes out towards entertainment.
You take care of your future self by putting money aside today.
β’ Implement healthy financial habits
Becoming good with money has more to do with your behaviors than your intelligence.
You cannot build wealth without having healthy financial habits.
Some great habits:
- Budget
- Save money
- Live below your means
- Invest in assets
Becoming good with money has more to do with your behaviors than your intelligence.
You cannot build wealth without having healthy financial habits.
Some great habits:
- Budget
- Save money
- Live below your means
- Invest in assets
β’ Create multiple streams of income
Relying on one source of income is steps away from being broke.
Find different ways of making money.
The more income streams you have, the more you can invest.
Relying on one source of income is steps away from being broke.
Find different ways of making money.
The more income streams you have, the more you can invest.
β’ Be patient and disciplined
Building wealth is not a get-rich-quick scheme. It takes time and discipline.
Learn to control your emotions and use the power of compound interest to your advantage.
Building wealth is not a get-rich-quick scheme. It takes time and discipline.
Learn to control your emotions and use the power of compound interest to your advantage.
β’ Become financially literate
It is crucial to understand how money works. Education is free to all of us.
All you need is a phone and the internet.
You can:
- Read books
- Listen to podcasts
- Ask advice from experts
It is your responsibility to manage your money.
It is crucial to understand how money works. Education is free to all of us.
All you need is a phone and the internet.
You can:
- Read books
- Listen to podcasts
- Ask advice from experts
It is your responsibility to manage your money.
β’ Increase your income
Instead of worrying about how you will save $5 on a coffee or $15 on Netflix, focus on increasing your income.
Cash flow is king if one wants to reach millionaire status.
The more income you have, the more assets you will buy.
Instead of worrying about how you will save $5 on a coffee or $15 on Netflix, focus on increasing your income.
Cash flow is king if one wants to reach millionaire status.
The more income you have, the more assets you will buy.
β’ Buy index funds
Index funds are the simplest way to build wealth.
They are:
- Diversified
- Less risky
- Great performers
- Passive
An example:
If a person invests in $VOO at $200/mo. for 50 years with a return of 8%, That person will end up with $1,586,344.
Index funds are the simplest way to build wealth.
They are:
- Diversified
- Less risky
- Great performers
- Passive
An example:
If a person invests in $VOO at $200/mo. for 50 years with a return of 8%, That person will end up with $1,586,344.
β’ Invest
Saving alone can only get you so far. You need to multiply your money.
This can only be done by investing. Investing allows your money to work for you.
Buy in assets like:
- Real estate
- Stocks
- Business
There is no path to wealth creation without assets.
Saving alone can only get you so far. You need to multiply your money.
This can only be done by investing. Investing allows your money to work for you.
Buy in assets like:
- Real estate
- Stocks
- Business
There is no path to wealth creation without assets.
β’ Budget
What does not get tracked cannot get measured.
When you don't track your expenses, you will always have money issues.
A budget is a tool that shows where your money goes and where your priorities are.
It makes you more intentional about your spending habits.
What does not get tracked cannot get measured.
When you don't track your expenses, you will always have money issues.
A budget is a tool that shows where your money goes and where your priorities are.
It makes you more intentional about your spending habits.
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I write about
- Personal Finance
- Investing
- Wealth
Follow me @AccentInvesting to get more tips.
Subscribe and get a free guide on 5 ETFs to hold for life: bit.ly
I write about
- Personal Finance
- Investing
- Wealth
Follow me @AccentInvesting to get more tips.
Subscribe and get a free guide on 5 ETFs to hold for life: bit.ly
I invest $300 per week in the S&P 500.
π 10 Yrs - $219,535
π 20 Yrs - $706,824
π 30 Yrs - $1,788,431
Don't miss out! Simplify your financial journey with our guide to index funds.
Get your copy today.
accentinvesting.gumroad.com
π 10 Yrs - $219,535
π 20 Yrs - $706,824
π 30 Yrs - $1,788,431
Don't miss out! Simplify your financial journey with our guide to index funds.
Get your copy today.
accentinvesting.gumroad.com
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