It’s inevitable. You’re going to get old. But just because you do doesn’t mean you have minimize your standard of living since you won’t be earning the same income levels in your older years that you did in your younger years.
So what can you do today to ensure that you will continue to enjoy life as you age?
Below are 6 habits you need to make a part of your day to day lifestyle to make it happen:
The first step is to earn income. Start by setting a target of bringing in $50,000 per year. Then go up from there. Ideally, starting out, you’re going to have a job so do you best to maximize your earnings there through increasing your hourly rate, overtime, etc. But if that isn’t enough to reach the $50,000 mark, then you will need to have a side hustle or two until you can get a business system in place to do the bulk of the heavy earning for you.
Now that you’re making money, the next step is to start paying yourself first. This begins with you putting aside at least 20% of every dollar you earn – this translates into $.20 per dollar. If you can do more, go for it. This is non-negotiable. Pay yourself first before paying anybody else. And once your savings starts to increase you cannot give it away to solve other peoples problems. Unless it’s a life or death emergency, do not spend your savings on trendy and random stuff, or use it to solve your family and friends problems.
Hopefully you don’t have any debt, but if you do, get rid of it as fast as possible. This requires that you make payments that are significantly greater than the minimum payment your creditors ask you to make. The sooner you get rid of your debt the less it will rob you of your future earnings.
Hopefully you’re debt free by now. And if that’s the case, it’s important that you stay that way. Liabilities are anything that take money out of your pocket and need to be avoided at all cost until you have assets in place to cover the cost of the liabilities. There is good debt and bad debt though. To keep things simple, good debt puts money in your bank account, while bad debt takes money out of your bank account. Unless it’s good debt, stay far away from it.
After you pay yourself first, pay off your debt payments for the month, and your monthly living cost, whatever money is left over isn’t money to “play with”, so don’t play. Remember, wealth is defined by what you save, not what you spend. Now, I’m not saying you can’t enjoy the finer things in life. Just be reasonable and keep your eye on your goal. To fund those experiences, you can consider allocating a portion of your disposal income to savings accounts you set up to make those types of purchases such as a ‘Fun Fund’, ‘Travel Fund’, and your ‘Emergency Fund’. Remember: the more money you have working for you, the sooner you’ll achieve your goal.
As your savings accumulate, you want to start doing research to determine what revenue generating assets you will acquire. Having a lucrative portfolio of assets is the difference maker and is what will allow you to continue to enjoy life as you age without compromising your standard of living. The assets that cash flow investors typically buy are rental properties, dividend stocks and business systems, so you can start your research there.
Now that you have a proven game plan to win the wealth game, it’s time to take action. Understand that no two investors quest for financial freedom are the same, so don’t compare your journey to others. What you can do is keep your eye on the prize and keep getting better at making the about habits of your day to day lifestyle.
There are 4 major financial challenges standing in the way of you achieving your version of financial freedom. And the #1 solution is cash flow management. Tune in to learn what strategies and tools you can use to make the journey a lot easier.
Last week, I read an article on MarketWatch that said half of American families are living paycheck to paycheck. I did a little bit more digging and found another interesting statistic: roughly half of all Millennials are living paycheck to paycheck as well. Now, I know that there have been recent financial catastrophes in the financial world, and living hand to mouth isn’t something new, but my question is: how much longer are we going to keep living this way? After doing a little research, I realized that living paycheck to paycheck is an effect of a deep rooted cause in the American fabric: We love to floss and show off. Tune in to learn how you can turn things around.
Want to speed up your rise to the top? Start associating with more winners. In the beginning, it’s going to feel tough, but you’ll appreciate it in the long-term. Watch the video to learn how:
Watch as NewOne host Roland Martin breaks down the important of financial literacy and building wealth in the Black community.
Tired of feeling broke? Tired of spending your paycheck before you even get it? Tired of feeling sad because you don’t have money to do anything?
The cure to your problem is developing multiple streams of income. The risky decision you can make in life is depending on one source of income to support yourself. Watch the video to learn why it’s important to minimize that risk and the positive impact it will have on your financial future.
“Don’t count other peoples money,” is what the Disney operator told my colleague while she was booking her trip to Disney Orlando. That statement has stuck with me ever since then.
Believe it or not, a lot of people are in financial turmoil because they spend way too much time focusing on other peoples money.
“Did you see your favorite athlete land that 9 figure contract. I wish I was them.”
“He’s worth over $100,000,000 and he only donated a $100,000 to the cause? He’s such a cheap asshole.”
“I’m so jealous of my friend. She always gets what she wants. Life must be great for her because my life sucks.”
Walk in in public area long enough and you’ll eventually start hearing these type of sentiments. Don’t be like those folks. Focus on your own financial situation.
Watch the video below to learn what you should be focused on so you can earn more money, create wealth and build a strong asset column you can pass on to your loved ones.
To collect dust or collect dollars? That is is the question.
To collect dust means that you’re living life to appease others. You’re making yourself available to others at the expense of achieving your goals. You’re hoping others handle your problems. And you’re not focused on keeping your financial house in order.
To collect dollars means that you’re living life focused on achieving YOUR goals. You’re making your appointment and engagements YOUR priority. You’re handling YOUR problems. You’re making keeping YOUR financial house in order.
Everyday we have a decision to make: move closer to achieving our goals, or move that much further away. If you want to achieve your version of financial freedom, you must get focused on collecting dollars. These dollars represent the capital or seed money that you need to make your first investments to build a strong asset column.
The choices is yours ladies and gentlemen.
Listen in as I speak on the importance of doing YOUR own financial homework so you can avoid that dreaded statement: “I didn’t know.”