1. Pay Yourself First
Society tells you to:
- Spend
- Consume
Instead, use your paycheck to:
- Pay off credit debt
- Invest for your retirement
- Add to your emergency fund
- Add to your investment portfolio
Never live bigger than your paycheck. That’s financial suicide.
2. Avoid Lifestyle Creep
- Don’t allow lifestyle creep to eat away your wealth.
- When you earn more, save more.
- You’ll be tempted to spend more money because you can, but don’t allow your mind to trick you.
- Control your expenses before they control you.
3. Learn Basic Financial Literacy
In 2019, lack of financial literacy cost Americans more than $307 billion.
Financial literacy teaches you how to:
- Earn
- Save
- Invest
- Spend
- Borrow
- Protect
Improve your financial literacy today. Save money tomorrow.
4. Create Multiple Income Streams
Don’t rely on just 1 income stream.
Income streams include:
- Interest income
- Business income
- Dividend income
- Rental income
- Earned income
Never put your eggs in 1 basket. Diversify your income now.
5. Invest in Yourself
The best investment you can make is in yourself.
How to level up right now:
- Read more
- Take a course
- Exercise regularly
- Listen more, talk less
- Learn from past mistakes
The highest ROI (Return on Investment) is when you invest in yourself.
6. Build Your Network
- 79% of millionaires spend 5+ hours monthly building their networks.
- The No. 1 success predictor is the quality of your network.
- Take a few minutes daily to reconnect with your network and maintain your relationships.
- Your network is your net worth.
7. Don’t Buy New Cars
Most new cars lose up to 60% of their value 5 years after you first purchase them.
Millionaires buy used cars because:
- They are cheaper
- They’ve already depreciated
- They can invest the “saved” money
Don’t invest in negative returns.
8. Prioritize Your Health
Don’t take your health for granted.
Begin to:
- Meditate daily
- Exercise regularly
- Drink enough water
- Stick to healthy foods
- Block negativity/toxicity
Adopt a healthy routine today. You can’t enjoy wealth if you have bad health.
9. Develop & Stick to a Budget
To build a budget, start by:
- Tracking your income
- Tracking your expenses
Figure out where your money is:
- Coming from
- Going to (and how much)
Manage your money before it manages you.
10. Build an Emergency Fund
Prepare for unexpected expenses.
Surprise expenses could include:
- A vet bill
- A new roof
- Medical bills
Don’t use your credit cards to pay for emergencies. Use your emergency fund.
11. Invest 20%+ of Your Income
Use the power of compound interest to build your wealth.
How to invest:
- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options
The best time to invest is today.
12. Build a Solid Credit Score
Benefits:
- Better chance for loan approvals
- Better insurance rates
- Lower interest rates
How to boost your credit score:
- Pay on time
- Pay off your debt
- Keep a low credit utilization ratio
Good credit score = more money in your wallet.
13. Eliminate Credit Card Debt
“If you use a credit card, you don’t want to be rich” – Mark Cuban
Credit card debt can drain:
- Your budget
- Your savings
- Your future portfolio
You rob your future self with credit card debt.
14. Don’t Spend More Than You Make
- Income does not equal wealth.
- As you earn more money, save more money.
- You will be tempted to spend more money because you can, but don’t allow your mind to trick you.
- Control your expenses before they control you.
15. Find High-Quality Mentors
93% of millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Mentors are the ultimate shortcut to success.
16. Start a Business
66% of millionaires own a business.
If you want to be wealthy, play the odds in your favor and become an entrepreneur.
It will require:
- Sacrifice
- Hard work
- Long nights
The reward could be:
- Money
- Freedom
- Fulfilment
Start your journey today.
17. Adopt Healthy Habits
Successful habits could include:
- Frugality
- Positivity
- Networking
- Setting goals
- Taking action
- Reading books
- Waking up early
It takes around 66 days for a new behavior to become a habit. Take the steps today to make a better tomorrow.
18. Choose Your Partner Carefully
86% of millionaires are married – and 65% are still in their first marriage.
Marry someone who is:
- Frugal
- Mindful about money
- Supportive of your money habits
Marry someone with a winning financial mindset.
19. Read Daily
People who read 7+ books per year are 122% more likely to become millionaires. Warren Buffett reads 80% of his day and Bill Gates reads 50 books per year.
Read books on:
- History
- Biographies
- Personal development
If you want to succeed, you have to read.
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