Starting from nothing, I explain how you can start saving and investing through many sources so you can achieve financial security and financial freedom!
Many of us had next to nothing when we were born and maybe we got some gift money from relatives, but otherwise we needed to get a job or three in high school to have some spending money.
Then we were basically in the red when we went to college, and had to pay those pesky student loans off first in our early 20s.
Before 2020 happened, 41% of households couldn’t afford an unexpected $400 expense. While people were able to pay their expenses, pay down their debt, and save some of the stimulus monies, we also got a significant amount of inflation and shrinkflation.
Savings rates had been below 10% for many years, then spiked to a high of almost 34% in April 2020, before falling back down below 10% in Summer 2021. This isn’t a great sign if you want to be able to have a financially secure future.
For purposes of starting to build wealth, I start our adulting clock by age 25 earning around a $50,000 gross salary where we begin to save as much as we can, ideally much for than only 10-15% of our income.
I’m demonstrating how you can achieve financial success by saving at least 50% of a $50,000 salary because that seems to be the average American salary and is close to what most people between the ages of 25 to 34 are making.
Most millionaires have an average of 7 different income streams, including the primary salary and the spouse’s salary, but also investments, rental properties, businesses, and side hustles.
If you want to become a millionaire, it would be best to start thinking and behaving like one by getting yourself multiple streams of income such as starting with a side hustle that makes you $200 a month.
I share how you could almost double the average American salary through savings and investments in your retirement investment accounts such as a Roth IRA, 401k, and HSA, cutting non-essential costs, boosting your salary, doing side hustles, and cutting your commute by seeking WFH remote work opportunities.
And after you’ve worked so hard to build up your wealth, don’t forget to Treat Yo Self once in a while because YOLO.
If you’re interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide.
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