Do you ever dream of breaking out of poverty and striking it rich one day
we all do but it's only a handful of people who actually make it to the other
side most of the people who remain poor often
overlook certain crucial money habits that end up costing them a good future
because the truth is building wealth is not a one-time feat
most rich people make smart and calculated money moves throughout their
financial lives which is why in this video i will share
with you seven money moves you must make to be rich
and if you're new to the channel then hit the subscribe button below for more
life-changing content money move number one
cutting down on expenses how many times have you splurged on things you don't
need and how often do you find yourself
regretting flushing your money down the drain on useless things
thing is we've all fallen victim to mindless spending and from experience i
can tell you that it's a very costly financial mistake
when you send more than you actually make you end up straining your finances
exhausting your savings and allowing debt to find its way into your life
this is why cutting down on expenses is a money move that will change your
financial trajectory i mean having fewer bills to think about
is great isn't it now on top of that slashing your expenses will allow you to
live within your means which if you ask me is a step closer to
becoming rich therefore if you are willing to
surrender some of your trivial financial responsibilities
and squeeze that extra dollar to finance your dreams have a closer look at what
is eating up your money start with drafting a clear budget that
outlines everything you spend money on from the most important ones to the
least and if you can't attach significant
value to any of them then let them go it could be your car cable tv
subscriptions friday date nights cell phone bills or
even a pet with fewer expenses blocking your way
you'll find it easier to pump up your savings account
and redirect the extra cash money to worthy
investments alternatively you can even use the money you will have saved up to
pay off that high interest debt that has been stressing you out money
move number two picking the right job while being on a
company's payroll is an exciting milestone to achieve
a job isn't necessarily an express ticket to becoming rich
i can name tons of people who have stable jobs yet their financial lives
have remained stagnant throughout the years
it could be due to debt minimum wages or simply because they drag themselves to
work every morning with zero drive and motivation see
there's no denying that building wealth through employment is difficult
from long working hours difficult to clinch promotions
and unsatisfactory salaries it requires tact and agility to get rich off your
job and as we all know there's always a way
out if you try hard enough in this case choosing the right job is a
way out and it encompasses a combination of three essential factors that drive
financial success both in the short term and in the long term these factors are
financial sustainability room for individual growth and
inwardly generated drive granted the right job will pay you the equivalent
of the daily effort and time you put into it and if you are the type of
person that practices good money habits you will be able to build well through
your job secondly the right job should provide enough wiggle room for you to
grow as an individual whether through company sponsored
education or through offering incentives that motivate you to save
invest and even work towards securing a promotion if you work with a company
that offers tax advantaged retirement accounts for its employees
for example you will feel compelled to get your retirement fund up and running
now imagine working for a company that provides an employer's match for your
retirement fund what would hold you back from saving
last and most importantly the right job should have you
looking forward to your next work day without an inwardly
generated passion for what you do you are likely to become comfortable and
less likely to harbor the drive and ambition required for building wealth
as rule of thumb choose a career that you love and you will thank yourself
later if you find yourself a job that pays
well motivates you to work hard and makes you jump out of bed on a monday
nothing will hold you back from becoming rich money move number three
developing your investment expertise you've probably been told
over and over again that you can't be rich without investing your money
well this is true and for anyone who is eyeing a solid and credible net worth
you can't possibly run away from smart investing
because as we all know there are only two ways with investing
you either win or you lose and either of these outcomes depends on how well you
tune your investment expertise for starters there's something called an
investment portfolio and it refers to a basket of assets
owned by an investor these assets can be in the form of
stocks real estate investments bonds certificates of deposit and any
other security that qualifies as an asset usually it takes deep investment
expertise to manage an investment portfolio and to see it thrive
which is why sharpening your investment skills is a smart money move
that will help you secure the bag having your grip on investment jargon and some
of the smartest investment moves will give you a head start when you are ready
to start investing for one investment knowledge will offer
you a glimpse into some of the benefits and challenges of investing
on top of that you'll be better positioned to match your risk tolerance
with the right investment with such skills at your disposal you'll
be able to block the little nudges that could have led you to failure
so if you want to take the investment road start exposing yourself to the
investment world by reading investment books taking business management courses
or listening to famous successful investors
money move number four building up cash producing assets
do you want to become rich and successful stop pulling your money on
insignificant purchases that guarantee insignificant returns and to put this
into perspective let's use the example of your car
you probably spent a large chunk of your savings to get yourself that fancy
top of the line model but years later that vehicle continues to cost you a ton
of money even worse it declined in value the
moment you drove it off the lot and if we include all the car expenses
that eat up your monthly paycheck your car is probably the costliest
purchase you'll ever make in the financial world such investments
are known as non-productive assets and you can see why even though your car
costs you a lot of money it doesn't generate any form of monetary gain and
neither does it appreciate in value this is the
equivalent of starting a business and making massive losses down the road
and any savvy investor would shun such a business and find a better
and more profitable alternative this better alternative is what we refer to
as a cash producing asset and unlike their counterparts these
assets are able to generate a sustainable cash inflow for you in the
future these assets include real estate
properties stocks certificates of deposit or
money market accounts which all have the potential of making rich
or at least making you wealthier than you presently are
money move number five surrounding yourself with people smarter than you
a popular financial phrase says your network is your net worth and i couldn't
agree more most of us are friends with people whose
dreams conflict with ours and maybe this is the reason why your
life is stuck in a rut truth is the people you surround yourself with on a
daily basis are a big determinant on how far you make it in life
having an intimate circle of highly successful friends will not only adjust
your financial mindset one step at a time
but it will also help you gain practical insights on how to
actually become rich and successful if you surround yourself with high earners
for example you are likely to align your drive and
ambition with theirs and you'll find yourself gravitating towards similar
net worth this is because it's easier to improve your money habits when you have
someone challenging you to do so and most of the time having such people
around you will help expand your thinking capacity
and sharpen your investment skills from how they think
what they spend their money on all the way to the books they read
there's so much to learn from successful individuals which makes it important to
have them as your friends money move number six taking calculated
risks look at some of the richest people in
the world today and you'll notice a common underlying trend
taking calculated risks truth is mastering how to look past your fear of
failure and taking the leap of faith will propel you forward in
today's economic setup whether in the corporate or business
world you will never know what lies on the other side until you get there
and those who succeed to the highest degrees take the most refined risks
for example bill gates dropped out of harvard a sought-after ivy league
institution to start a software company with his friend
he had no idea that microsoft would turn out to be one of the most successful
tech companies in the world fast forward almost three decades later
and he is the second richest person in the world with an estimated net worth of
a hundred billion dollars see gates could
have opted to suppress the idea of building microsoft get to degree and
proceed to become a professor in mathematics
as he had originally mapped it out this option sounds smoother anyways doesn't
it now this is where taking calculated
risks comes in for you to strike a rich and wave
financial mediocrity goodbye you must be able to identify risks that present an
opportunity for high rewards take your time and weigh the pros
against the cons and if the rewards surpass the downside
then that should give you the green light money move number seven
supplement your current income there are some people who want to achieve
significant wealth in their lifetime and there are others who want to achieve it
yesterday and if you're someone who wants to enjoy their fortunes while
still youthful then you will probably have to
supplement these previously mentioned income strategies
by learning new ways to earn unfortunately most people don't know
where to turn when they begin to consider how making more money would
rapidly shorten their timeline to ultimate riches
and this is why i created the side hustle success course where i show you
how to build a freelance side hustle from scratch
that you can use to earn at least a thousand dollars a month and succeeding
with this course requires no prior experience
as i walk you through step by step exactly how to scale up to a thousand
dollars or more a month and unlock the newfound financial
success that comes with making more money
if this sounds like it's for you check out the link in the description
for more information on how you can join these side hustle success course today
so there you have it seven money moves you must make
to be rich thanks for watching if you want to go from the life you have to the
life you deserve then hit the subscribe button now