Committing fully to yourself :
Committing to yourself is exactly what it sounds like you need to have a vision for your life LT stands for long term and you need to stick with it building your net worth is about building a castle Brick by Brick and in order to do that we need to start with a strong Foundation which is you your exact plan to increase your income and invest that income can and will change over time because life events happen that are out of our control however an intrinsic will irrational optimism and then also a high risk tolerance especially at a young age are going to be your best assets for Building Wealth discipline and good behavioral habits need to be established first these are things like emotional control healthy diet and most importantly never-ending learning all successful people that I know are lifelong Learners and are incredibly humble they’re the first to admit when they’re wrong or if they make a mistake and they’re the first to admit if they don’t know something however they will immediately make an effort to find out and educate themselves commit fully to yourself and become a lifelong learner to master habit number one.
Increasing your marketability :
This falls under my philosophy that increasing your income will always be better than increasing your savings rate obviously you need to do both but you can’t be a professional athlete that blows it all but I know this may rub some people the wrong way but you can only build your wealth so much by cutting expenses you need to increase your marketability because the society that we live in our compensation is usually directly reflected by the amount of value that we bring to the marketplace so more value equals higher income so how do we increase our marketability this comes with marketable skills education creativity and most importantly problem solving not only do these things make you more desirable and sought after these things make you hireable but they also make you more valuable as a person to yourself this not only makes you employable but it also makes you self-employable which is the ultimate job security in my opinion use the discipline that we mentioned in habit one to leverage resources at your disposal to build your overall skill set to increase your marketability no one can take from you the Knowledge and Skills that sits within your own head.
Start building your cash flows :
We’re fully committed to ourselves from habit one and we’ve increased our value to the marketplace and habit number two habit number three is going to be building out our cash flows so how do we do this so there’s a number of different ways we can do this we can invest in cash flowing assets such as real estate or dividend stocks or we can use our skills from habit number two and take on a contract work side hustles or side projects potentially start an online business that pays us while we sleep or even start a YouTube channel for example I know that’s not for everyone but it is a realistic goal you need to turn yourself into a productive asset and then turn your returns into productive assets so let me repeat that for the people in the back you need to turn yourself into a productive asset then turn your returns into productive assets by investing so this myth of passive income does not exist until you actually develop a critical mass or an investment Nest Egg passive income is really quite active and only comes after you make a concerted effort to bring it into your life so creating passive income from your for yourself usually starts as a nine to five followed by a five to nine but through effort these assets will grow over time I didn’t make a single penny from this channel for the first year and a half now it’s a full-time income the bottom line is to leverage your marketability to build multiple streams of cash flows over time habit.
Structure a solid Investment Portfolio :
Since my viewers range in age income geography and other important factors I can’t possibly recommend one size to fit all when it comes to investing investing is based on risk tolerance age time preference and financial status however I will say that the major asset classes that most people will benefit from are a long-term mix of equities AKA stocks real estate some form of precious metals some form of cryptocurrency specifically Bitcoin in my case and some form of scarce assets such as Collectibles land things like that so as the market is now shifting from growth back to Value it may make sense for people to start looking at dividend stocks again as opposed to high-flying growth stocks so real estate may start to correct over the next year or so it may make sense for people to start saving up money in their War chest to take advantage of a correction in real estate all of those different asset classes will serve a different purpose depending on where you’re at in your wealth building or wealth preservation Journey the point is to consistently invest over time in order to have your assets work for you as opposed to you working for your assets this comes in the form of a solid Investment Portfolio which is why this is number four so as you are younger you’re able to take on more risk and some of the biggest returns have come from investing in private companies.
