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Here is a step by step strategy for building wealth starting with $0 and low income. This will help you help you create financial freedom starting from broke - the easy way. It's important to understand that being rich and having financial independence are very different.
Being rich is about making a lot of money. If you make around $600,000 a year you are considered in the 1% of income earners and are rich. However, you can make a high income and not be wealthy.
Financial freedom, or financial independence is about time. How long you can go without having to work. This is the easiest way to build wealth in your 20s or any age starting with $0.
STEP 1. GET A BASELINE INCOME
This is all about finding a side hustle or a 9 to 5 job that you can get right away and make money at without having to build a business or take a lot of time before you make money. For me, side hustles were how I started once I graduated college and moved to LA with $400. Find the best paying gig you can.
STEP 2. BUDGET FOR FINANCIAL FREEDOM / FINANCIAL INDEPENDENCE
The key to creating financial freedom is having a solid budget in place. Many people tell you to just focus on making more money, but if you don't build a wealthy mindset and don't create the behavioral changes needed, you won't build wealth.
At a minimum you should follow the 50 30 20 rule. 50% of your income should go towards needs, 30% goes towards wants, 20% goes towards savings. The problem with only saving 20% of you income is that according to the 4% rule it could take you upwards of 30 years to retire off your passive income from investments
I suggest following the 50 10 40 rule. 50% of income goes towards needs, 10% towards wants, 40% goes towards savings. If you save 60% of your income and earn 5% return you can retire in 12.4 years.
STEP 3. INCOME MAGNIFICATION
This step is all about increasing income. This is when you start to build that side hustle or side business to earn maximum money. For me I started a side hustle teaching fitness coaching. I talk about side hustles all the time on my channel so be sure to check out those videos.
STEP 4. INVEST FOR PASSIVE INCOME
You can't build wealth without investing and earning passive income. Check out dividend investing, REITs, or even rental properties. Depending on how much money you have to invest and how much work you are willing to put in determines which is best. I started with rental properties.
❎ These videos are simply for entertainment purposes only and should not be considered financial advice. You (and only you) are responsible for any investment losses or gains.
How I Stop Living Paycheck To Paycheck 😲💯
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