How To Build Wealth
I truly believe that being wealthy starts with a healthy mindset and body. You have to think you can become wealthy and really believe it! Trust me, you were not born just to pay bills.
The first step is to study how others have become wealthy. Literally, read about how millionaires become wealthy. I have done some of the work for you. You have to do the rest. Most importantly, you have to take action!
Many millionaires invest in real estate and have multiple streams or sources of income. I know what you are thinking, you need money and good credit to invest in real estate. That is not always the case and you can work on your credit just like I did. Read these credit score tips. Also, you may contact us for credit repair services.
1. In order to build wealth you must create long lasting habits. Learn how to manage your money. Wake up early, save 20% of your income, read books, and invest. We want you to build multiple streams of income so that you can save 20% of your income. This 20% can be used as for an emergency fund. When you have saved enough, you can reward yourself and travel. In order to properly save 20%, you must come up with a budget. Calculate your monthly expenses and subtract it from your income. See what is left over. If you do not have 20% left over, it may be time to change your spending habits, add another source of income, and diversify your investments.
2. Multiple streams of income may include selling items online via FB or eBay, turning a side hobby into a business, selling food, selling baked goods, selling artwork, learning photography, blogging, taking paid surveys, virtual assistant, tutor, using social media to make money, driving for Uber or Lyft, becoming a brand ambassador like I did, creating a Youtube channel, selling digital products online, the possibilities are endless. I encourage you to find something you love doing or are passionate about and try to see if it can be turned into a business.
3. Make a plan to pay off high interest debt as soon as possible. A tip that may help is consolidating credit card debt into a new credit card with an introductory 0% APR. You should only do this to pay a lower interest rate and monthly balance in order to pay the card of quicker. I did this by selecting a credit card through a credit union with an extremely low interest rate and monthly payment. I did a balance transfers from multiple credit cards to one card to pay one monthly payment instead of multiple.
4. Invest as much as you can. You can invest your spare change. I used to think you needed a lot of money to invest but that is not true. A good app to start with is Acorns or Robinhood. Robinhood even starts you with free stocks. I personally use Robinhood to invest because they do not charge commission. Using Robinhood, you can invest cryptocurrency like Bitcoin, stocks, and if you want something more advanced you can do options trading. Options trading is something you can start today. There is a signals chat you can join to learn how a trader turned $20K into 2 Million. A more advanced broker for options trading is TD Ameritrade but they do charge commission. You can options trade on Robinhood for free.
5. Mutual funds are also a good investment for long term portfolios and 401(k) retirement savings plan accounts. You can create your own savings plan and invest in real estate using mutual funds. I learned that you can invest for a little as a dollar. A good brokerage account for long term investing is Charles Schwab. They have a promotion where you can get $100 for opening an account with them by clicking on the link.
If you are in the Philadelphia area and want to know more about financial empowerment and money management, you can check out http://www.bridgestowealth.org/. I highly recommend them.