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.

Step #2: Always Look Ahead

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

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

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?

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.

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.

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

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

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/