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The Formula to Build Wealth & Riches [9-Step Guide]
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Step #1: "Pay Yourself First"
You might catch the famous Warren Buffet mentioning this phrase during his investment talks.
This means:
- You save and/or invest
- You pay your bills
- You spend the money that’s leftover
It is that easy.
You might catch the famous Warren Buffet mentioning this phrase during his investment talks.
This means:
- You save and/or invest
- You pay your bills
- You spend the money that’s leftover
It is that easy.
Step #2: Always Look Ahead
This encompasses 2 things:
- Building a short-term emergency savings fund
- Reviewing your 5-year plan
This encompasses 2 things:
- Building a short-term emergency savings fund
- Reviewing your 5-year plan
Step #3: Create your own Mind Tricks
Examples:
-Pay yourself first
-Hot state rules
-Eat before grocery shopping
-Go to cash – and cut up the cards
-Track (and review) your daily spending
-Physically imagine your wealthier future self
-You spend your time not your money
Examples:
-Pay yourself first
-Hot state rules
-Eat before grocery shopping
-Go to cash – and cut up the cards
-Track (and review) your daily spending
-Physically imagine your wealthier future self
-You spend your time not your money
Step #4: Live like an Undercover Millionaire
-Adopt a growth mindset
-Work as hard as you can
-Save and invest as much as possible
-Stay away from “bad” debt
-Never show-off your wealth status through material possessions
-Be as humble as you were in the beginning
-Adopt a growth mindset
-Work as hard as you can
-Save and invest as much as possible
-Stay away from “bad” debt
-Never show-off your wealth status through material possessions
-Be as humble as you were in the beginning
Step #5: Tackle Retirement Now
Start envisioning how you want your future lifestyle to look.
- How much money will you spend per year?
- Where will you live?
- Which car will you drive?
- When will you retire (if ever)?
- How large (or small) will your future family be?
Start envisioning how you want your future lifestyle to look.
- How much money will you spend per year?
- Where will you live?
- Which car will you drive?
- When will you retire (if ever)?
- How large (or small) will your future family be?
Step #6: Become the Household CFO
Make sure you know everything possible about your household budget.
The more you know about your family finances, the more likely you will stick to your budgeting plans.
>>>> Don’t spend more money than you earn.
Make sure you know everything possible about your household budget.
The more you know about your family finances, the more likely you will stick to your budgeting plans.
>>>> Don’t spend more money than you earn.
Step #7: Slash that Debt
Benefits of being debt-free:
- Peace of mind
- Less stress
- Potential to improve credit
- Increased flexibility to invest
- Increased financial security
Bottom Line: Make it a point to start chipping off debt.
Benefits of being debt-free:
- Peace of mind
- Less stress
- Potential to improve credit
- Increased flexibility to invest
- Increased financial security
Bottom Line: Make it a point to start chipping off debt.
Step #8: Increase Income
Tips to save:
- Meal prep & don’t eat out
- Cut the cord
- Review your spending & budget in-depth
Tips to earn more:
- Negotiate for a higher salary
- Request for a promotion
- Consider switching to another, higher-paying job
- Start a side hustle
Tips to save:
- Meal prep & don’t eat out
- Cut the cord
- Review your spending & budget in-depth
Tips to earn more:
- Negotiate for a higher salary
- Request for a promotion
- Consider switching to another, higher-paying job
- Start a side hustle
Step #9: Talk to a Financial Planner
The key here is to consult a fiduciary financial planner.
What is a fiduciary?
- Bound by law
- Ethical standards
- Act in best interest of client
The key here is to consult a fiduciary financial planner.
What is a fiduciary?
- Bound by law
- Ethical standards
- Act in best interest of client
Building wealth is certainly not a walk in the park.
However, as you start reading through this guide hopefully you'll see that anyone can start building wealth at any age, any time, and anywhere.
Check out the full in-depth guide below!
https://themillennialmoneywoman.com/building-wealth/
However, as you start reading through this guide hopefully you'll see that anyone can start building wealth at any age, any time, and anywhere.
Check out the full in-depth guide below!
https://themillennialmoneywoman.com/building-wealth/
