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How to Get Rich from Nothing
12 Wealth Building Strategies
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12 Wealth Building Strategies
// Thread //
1. Build Multiple Income Streams
The average millionaire has 7 income streams.
They could include:
- Rental property income
- Second business income
- Active and passive income
- Dividends and interest income
Don& #39;t put all your eggs in 1 basket.
Diversify your income today.
The average millionaire has 7 income streams.
They could include:
- Rental property income
- Second business income
- Active and passive income
- Dividends and interest income
Don& #39;t put all your eggs in 1 basket.
Diversify your income today.
2. Use the System in your Favor
The wealthy use:
- Tax deductions
- Tax advantages
- Personal liability protection
Know how to structure your business:
- S Corp.
- Limited Liability Co.
- Limited Liability Partnership, etc.
Build a lasting empire today.
The wealthy use:
- Tax deductions
- Tax advantages
- Personal liability protection
Know how to structure your business:
- S Corp.
- Limited Liability Co.
- Limited Liability Partnership, etc.
Build a lasting empire today.
3. Adopt a Growth Mindset
The 2 types of mindset:
- Growth
- Fixed
Growth mindset:
- Build wealth
- Learn new skills
- Build relationships
Fixed mindset:
- I can’t do this
- I’m going to fail
- This will take me forever
To change your reality, change your mentality.
The 2 types of mindset:
- Growth
- Fixed
Growth mindset:
- Build wealth
- Learn new skills
- Build relationships
Fixed mindset:
- I can’t do this
- I’m going to fail
- This will take me forever
To change your reality, change your mentality.
4. Invest
Allow compound interest to build your wealth.
My advice?
- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options
There never is the “perfect” time to invest.
The main thing is to start today.
Allow compound interest to build your wealth.
My advice?
- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options
There never is the “perfect” time to invest.
The main thing is to start today.
5. Pay Yourself First
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
The process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Use money to make money.
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
The process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Use money to make money.
6. Build an Emergency Fund
Be prepared for unexpected expenses.
Surprise expenses could include:
- A roof replacement
- Medical emergencies
- A broken car gearbox
Avoid high-interest credit cards to pay for emergencies.
Use your emergency fund, not credit cards.
Be prepared for unexpected expenses.
Surprise expenses could include:
- A roof replacement
- Medical emergencies
- A broken car gearbox
Avoid high-interest credit cards to pay for emergencies.
Use your emergency fund, not credit cards.
7. Become a Master Budgeter
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.
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.
8. Find a Quality Mentor
93% of millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Find these successful people and learn from them.
Chances are, you’ll go where they go.
93% of millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Find these successful people and learn from them.
Chances are, you’ll go where they go.
9. Choose your Friends Carefully
Think about the 5 closest people you hang out with.
Soon, you’ll realize that:
- You think the same thoughts
- You have the same goals
- You offer similar advice
People inspire you, or they drain you.
Choose them carefully.
Think about the 5 closest people you hang out with.
Soon, you’ll realize that:
- You think the same thoughts
- You have the same goals
- You offer similar advice
People inspire you, or they drain you.
Choose them carefully.
10. Set a POA [Plan of Action]
Millionaires monitor their goals daily.
They conquer their goals by:
- Developing a specific POA
- Writing down their goals
- Tracking their progress
- Reviewing their goals
When was the last time you reviewed your goals?
Millionaires monitor their goals daily.
They conquer their goals by:
- Developing a specific POA
- Writing down their goals
- Tracking their progress
- Reviewing their goals
When was the last time you reviewed your goals?
11. Don’t Procrastinate
Tips to kill procrastination:
- Break down large tasks
- Celebrate the small victories
- Write down your future goals
- Find an accountability partner
There is no such thing as the perfect time.
Use today to build the stepping stone for your future.
Tips to kill procrastination:
- Break down large tasks
- Celebrate the small victories
- Write down your future goals
- Find an accountability partner
There is no such thing as the perfect time.
Use today to build the stepping stone for your future.
12. Steer Clear of Debt
Getting out of debt is:
- 20% knowledge
- 80% a change in habit
Changing your financial habits include:
- Earning more
- Spending less
- Investing more
Let& #39;s defeat debt NOW.
Start building wealth today.
Getting out of debt is:
- 20% knowledge
- 80% a change in habit
Changing your financial habits include:
- Earning more
- Spending less
- Investing more
Let& #39;s defeat debt NOW.
Start building wealth today.
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