Lesson One – Like it or not…everyone needs money
We need money to:
- Buy a home
- Have clothes
- Go on vacations
- Give back to our communities
- And most importantly…we need money to own our time.
Lesson Two – Millionaires are Made
According to a study by Fidelity in 2017, 88% of millionaires were self-made. This means they did not inherit their wealth.
Most self-made millionaires examined opportunities and took risks to build their fortune.
Anyone can begin investing in their future through the stock market. It’s not a get rich quick scheme. But it works with time, effort, and dedication.
Lesson 3 – Budgets help more than you know
Time and time again we are left wondering what happened to our money. We often spend more time trying to chase money rather than telling our money where to go.
Everyone can benefit from having a budget. Even if you are someone who hates math and keeping track of something…there’s a budget for you too.
Yes budgets take time, but once you do it once, you can put it on auto-pilot.
Start telling your money where to go and you’ll save more than you ever thought you could. I promise you’ll thank me later.
Lesson 4 – You don’t need a financial planner, stock broker, or money manager
You really can invest, budget, and manage your money by yourself.
All is takes is a little time and patience. Take the time to build your financial literacy starting with managing money, then move into investing, and finally work on how to build a legacy.
Lesson 5 – You need to know where you want to go, in order to make a plan for how to get there
I don’t know about you, but I don’t know anyone that got rich off a savings account.
Investing is the best way to make your money work for you.
I want you to take a moment and decide where you want to be in the future and what you want to be doing. Now write down how much it is going to cost to make that dream a reality. Next, build a strategy to meet that goal.
Make sure that your income is diversified. The typical mind-set of a high paying job is unlikely to be enough income. The adage rings true: “the more you make, the more you spend.”
Look at the 7 streams of income to guide you (earned income, passive income, interest, dividends, royalty/licensing income, capital gains, rental income). If you don’t have income in one area, work on a strategy to start building it.