let's call it like it is everyone wants to be wealthier than they presently are now while you
can Define being wealthy in many ways naturally when we think of wealth we think of money which
is exactly what we're going to be going over today however for most people wealth builds slowly but
here's the thing it doesn't have to Building Wealth at exponential rates is entirely possible
but only if you know the Right Moves to make which I will share with you now Building Wealth is like
every other worldwide activity in life we know we need to do it but many of us don't in fact
it's kind of like being healthy everyone knows we should be eating clean and exercising daily
but yet still many of us don't well the good news about Building Wealth is that it won't require you
to hop on the treadmill nor will it require you to eat a vegetable for the first time since childhood
before I share with you what I believe to be the most efficient path to becoming wealthier
I must highlight where most people go wrong when trying to do so this is because sadly there are
many actions I see people making all the time that are undoing all the hard work they're putting in
to get ahead going from the least detrimental to the most we have your financial IQ as you know the
best friends you can have are those who don't tell you what you want to hear but what you need to
hear well as your friend what you need to hear is that if your financial IQ was already sufficiently
high then you'd already be wealthy unfortunately most parents in schools provide little Financial
guidance to their kids growing up and because of this we're left to spend decades making mistakes
many of which can [ __ ] our finances for life if this sounds like your upbringing then don't
worry because this is the case for many people who are LED down the path of spending years in
college only to realize in their mid-20s that their salary would never be enough to allow
them to actually get ahead financially in fact it's only once you take your financial education
into your own hands that your wealth will start to build at an exponential rate next there's
overspending people overspend for numerous reasons some overspend to keep up with those they see on
social media While others just need something to soothe the unbearable life they have to live day
in and day out while I hate to say it there are few acceptable reasons to be overspending and
doing so for prolonged periods of time will make growing your wealth nearly impossible
speaking of making the process of Building Wealth ten times harder finally we have debt
you may know that I'm a big advocate for using debt strategically however from my experience
most people that assume debt are requiring it in its most disadvantageous forms for instance most
of the cars you see on the road are being paid for by loans alternatively students continue to
spend tens of thousands of dollars a year on a piece of fancy wallpaper that will get them
a job that barely pays the bills then every month rather than using their excess funds
to save and invest these poor people have to hand over money to creditors and watch their dreams of
financial success fly out the window fortunately as people raise their financial IQ these other
two issues start to dissipate however that's when other wealth building issues tend to come about
I would refer to this first type of money manager someone who overspends and gets into
debt as being a financial delinquent however this next type of money manager who's not far off from
the delinquents Among Us are the financially inert if you're unfamiliar something that's
inert is something that struggles to move and in a minute you'll come to realize why
most people never get ahead financially beyond the overspending and debt issues we just talked about
the first trait of someone who's financially inert is someone who takes irrational risks when
you think of these kind of people you can think of those who YOLO into the hottest cryptocurrencies
of the day or who are pot committed that a certain penny stock will be their ticket to Financial
Freedom what you may not realize is that this same mistake is made by most investors who actively
manage their Investments for instance a recent Morning Star study of the nearly 3 000 active
funds showed that only 47 percent of professional money managers outperform their average passive
counterparts when investing over the last 12 months notice how I just said professional money
managers these are people who have been investing full time for decades next there are those who are
overly focused on saving money chances are if your parents taught you anything about money it
was that saving it is a good thing and while they're not wrong this is far from an ideal
approach to take to become wealthy for instance if you took the saving route to millionaire status
saving fifty thousand dollars a year it would take you 20 years to get there however when investing
at the Market's historical rate of return you can achieve the same level of wealth in just 13 years
so with that being said investing must be the key to building significant levels of wealth right
well while that last example does demonstrate the power of investing let's be real there are
not too many people who have fifty thousand dollars to invest which makes this approach to
wealth creation less efficient than I've made it out to be in fact most people place way too much
significance on consistent investing when trying to become wealthy now again just like saving
it's a much better toxic trait to have than say overspending however investing based on General
Financial advice is likely not the path you want to take if becoming wealthy is your goal wondering
why let me explain General Financial wisdom is to invest 10 to 15 percent of your income the average
income in the United States for a single person these days is around sixty thousand dollars which
is around forty five thousand dollars after tax at this level of income you would be investing
roughly five hundred dollars a month so the question is how long would it take you to just
break the one million dollar Mark at this pace the answer 37 years now for those who are young this
may seem like a reasonable time to wait if you're already over 30. this may seem like a reasonable
time to wait but if you're already over 30 then this means you'll only be enjoying this money when
you're old and gray and can barely remember the PIN to your bank account to access this money in
the first place in fact regardless of what age you are today if you're going to wait almost 40 years
to amass a million dollars you'll actually have another surprise that will come your way what is
that surprise I'm glad you asked the surprise is that you'll have much less money than you
think at a conservative average inflation rate of 2.5 percent one million dollars 37 years from now
would be worth just four hundred thousand dollars and with inflation being much higher than this
these days you can start to see how you'll have quite the issue awaiting you down the road at
this point you're probably thinking that becoming wealthy just isn't in the cards for you and I can
see why you would feel that way Society gives you literally zero support in helping you win
financially by pushing saving and futile investing strategies your way well I'm here now and I have
the answers you're looking for as such let me share with you an approach anyone can use to
grow their wealth exponentially let me introduce you to the ecd formula the ecd formula stands for
elimination creation and diversification and I'm now going to walk you through each component in
this life-changing strategy first off we have elimination as I mentioned earlier most people
have a ton of financial baggage that's holding them back from reaching their full Financial
potential things like debt a poor money mindset and bad spending habits are one-way tickets to
a lifetime of penury and must be eradicated as soon as possible so if you have debt make sure
to funnel every last penny you can in paying them off from those with the highest to lowest interest
rates next ask yourself why you're overspending is it to cope with other issues in your life or
are you trying to validate yourself with the things you buy then make a deliberate effort
to track your spending so that you start to see your savings rise over time next there's creation
which if you ask me is the most important part of this whole process in this step you need to
create a scalable income solution as you saw in the prior example it's entirely possible to
become wealthy in short order when you're making and investing real money but to do so you need to
earn outside of traditional means as you probably already know few jobs will pay you enough that
you'll have tens of thousands of dollars extra per year to invest with this is why you need to
identify a value proposition you can offer others and then scale it to the masses you can do this
by starting a YouTube channel creating a blog or selling products or services online and the like
as long as what you're offering is deemed as being valuable and can be shared with a multitude
of other people then you can make serious money finally once you're starting to make more money
with your scalable income Solutions it's time to supercharge those funds and allow them to work
for you you see compound interest is a powerful wealth building tool but it can only help you as
well as you help yourself this is why investing small sums of money is rather ineffective in
growing your wealth over time as we saw earlier when investing five hundred dollars it will take
you nearly 40 years to become a millionaire again better late than never but if we're being honest
with ourselves here the sooner the better this is why once you're making enough money through
your scalable income solution you should start pulling out some of your profits to invest each
and every month now the question is what do you invest that money into I think that any asset
class can be used to build your wealth over time but the best approach if you ask me is
to diversify which is why diversification is the final component of the ecd formula
I recommend you spread your Investments across both traditional and New Age assets this offers
two benefits first it helps you manage your time involvement for instance it'll take a
decent amount of time to buy and manage your rental property whereas investing in ETFs can
literally take no time at all second by varying your Investments you can gain a beneficial hedge
in your investment strategy while capitalizing on higher returns when markets related to
cryptocurrencies or the metaverse are hot honestly the biggest hurdle most people face in employing
the ecd formula to grow their wealth exponentially is just detaching from the traditional wealth
building model 99 of people are told to use chances are you know of a few examples of people
who have already used this approach to become rich at a young age and if that's your goal then give
the ecd formula a shot you literally have nothing but upside to gain from this approach thank you
guys so much for watching give this video a like if you found value from It And subscribe for more
content like this with that being said have a good one and I'll see you in the next video