Building wealth is not something you can do overnight it will require planning
action and discipline money is meant to be spent that's a fact
the question is what do you spend your money on are the things you buy on a
daily weekly or monthly basis assets or are they liabilities are the things you
can afford or are they things you're just buying to show off the type of
things you spend your money on will define who you are financially both in
the long and short term I'm sure everyone would love to have more money
than they presently do but are they buying the types of things that will
ensure their wealth is built up rather than depleted contrary to popular belief
building wealth has to do more with habits and not how much money you earn
you can earn five thousand dollars a month and after six months you may still
not have as much money saved as a person who earns two thousand dollars per month
it all boils down to hobbits spending habits basically boils down to the
things you buy the quantity you buy and how often you buy them and in this video
I will share with you seven things you need to buy to build your wealth and if
you're new to the channel then hit the subscribe button below for more a life
changing content number one a used car for someone who wants to build up their
wealth buying a brand new car may not be the best way to go
a brand new car loses 10% of its value after the first month and 20% of its
value within the first year of owning it sure owning a brand new vehicle can be
enticing but why would you want to throw away thousands of dollars just to have
that luxury in fact the rich avoid this money
wastage more often than you would expect and have figured out the optimal age of
the car they should buy the average millionaire drives a 4-year old car with
at least 41,000 miles on it so they can avoid the high amount of upfront
appreciation that a new car experiences as long as the used car you're buying is
in tip-top shape and can conveniently get you from point A to point B then
you're good to go why spend $40,000 on a new car when you
can spend $8,000 on a used one financial experts have asserted that buying a used
car and using it for a long period will save you a ton of money down
line the extra cash saved can be dedicated to other profitable ventures
like starting a business or making extra contributions to your retirement account
number two books learning from the experiences of several successful people
and applying these experiences to your daily life is another way to build
wealth and these experiences can be found in books there are great books out
there that can teach you about money management saving investing purchasing
stocks debt servicing and so on the information contained in these books
will open your eyes to see all the money mistakes you've been making and will
offer advice on how you can thrive financially the advantage of buying
financial education books is that they are cheaper than taking courses and
oftentimes are much more helpful another advantage of buying these types of books
is that you are able to gather so much information in so little time
some of my favorite books include the Intelligent Investor by Benjamin Graham
thinking Grow Rich by Napoleon Hill Rich Dad Poor Dad by Robert T Kiyosaki and
one up on Wall Street by Peter Lynch and if you want to listen to these books or
just about any book you can imagine then you can get your first book free with
audible by clicking the link in the description below so if you're looking
to build up your wealth why don't you buy a book today how much you learn may
surprise you number three the right stalk buying the right stalk is one of
the best ways to build your wealth not just in the short run but in the long
run as well keep in mind that I said the right stock this means there is a
possibility that you can invest in a stock that won't bring you any profit a
large possibility for that matter when you buy stocks you become automatically
a part owner of the company that's selling besides an increase in value of
shares that can come down the line you will also be entitled to quarterly
dividends now you might be skeptical about how lucrative stock investing can
be but buying the right stock has turned many people into millionaires over the
years let me give you a real-life example Microsoft went public in 1986
and today they are one of the biggest most successful companies in the world
according to CNBC calculations $10,000 worth of Microsoft shares in 1986 dear
that they went is equivalent to 16 million dollars
today now tell me buying the right stock isn't
an excellent way to build wealth number for a small house trust me
owning your own home beats paying rent but still many people hamstring their
ability to build wealth by buying the wrong home a lot of people buy houses
bigger than their needs require assuming more debt and paying more interest than
is required and why do they do this because they want to show off and
nothing shows off your wealth better than a mansion right if you have a small
family why do you have to live in a mansion like house even if you were in a
sizeable family do you really need that many rooms does the yard have to be that
big buying a big house will put unnecessary financial pressure on you
and will hinder your ability to start a business invest for retirement or simply
save money before buying any home you need to consider how much you will have
to paying in mortgage and interest and how long it will take before you pay it
off however when calculating the true cost
of home ownership don't forget that owning a home will require routine
maintenance and renovations which can also be pricey
luckily the smaller the house you buy the less these expenditures will be and
the more cost you can keep for yourself in short conventional long-term expenses
such as mortgages can hinder a person's ability to build wealth it would be
easier if you buy a small house so you can pay off your mortgage early then
concentrate on building up your business and wealth number 5 attention having a
large followership means having more people aware the goods and services you
offer do you know what this means it means one of the things you can buy to
build your wealth is attention buying attention that you can use to grow a
following is not as hard as it seems there are different ways you can do this
the first way to do this is paying for social media ads if you've got goods or
services and you'd like to build awareness for what you can offer then
you could pay for Instagram Facebook and YouTube ads when you pay for these ads
you can target your audience to fall within the bracket of age and location
you want to sell to if you're in Texas for instance and members of your target
audience or residents of that particular state
you can customize your social media ads to reach potential customers in that
area the more people around your region that are aware of the goods and services
you offer the more customers or clients you can get for your business the second
way you can buy an audience is to pay social media brand influencers to do the
job for you brand influencers have a large followership and they have the
ability to convert traffic into sales this is another great way to buy
attention it may cost a bit more than paying for ads yourself but it also
means you can sit back and relax and let the influencers do the hard work for you
another advantage of buying an audience Fiat brand influencers is that the
influencers followers already trust their judgment and opinions this means
as they tell their followers that a certain product or service is worth
their money they are more than likely to agree and buy from your business the
third way you can buy an audience is by paying for conventional media
advertisements when I say conventional media I'm talking about radio TV and
newspaper ads social media may have become popular over the years but
conventional media still remains a strong medium which you can use to make
the general public aware what you're offering if the products and services
you offer cater to the older folk then conventional media adverts may be the
best way to reach them this is because the older generation aren't so tech
savvy so they'd rather get their information from conventional media
lastly you can buy an audience by printing flyers and posters you can also
pay for billboards all these methods are built to gain attention and grow your
following number six real estate this is one of the most popular long-term
investments in the world and it rarely disappoints when you have that extra
cash to spare you should consider buying some property as it can help you build
your wealth in both the short and the long term now owning real estate can
build your wealth in multiple ways but let me quickly run through a few the
first is through earning consistent rental income a lot of people in the
world live in rented apartments so buying property for the sake of rental
is a no-brainer however earning rental income isn't
limited to residential tenants you could also rent your space to businesses
businesses tend to pay higher rents than individuals and they may be a better
option in terms of rental longevity if you have out of
space the second way you can build wealth through real estate is by
increasing equity equity is your amount of ownership in a property and as you
pay down your mortgage the equity you have in your home or property Rises for
instance let's say you put down 25 percent on your lost rental property and
with mortgage repayments you're at around 33 percent equity the 8 percent
difference of the property value will be paid in rents thereby increasing your
net worth every month the third way to make money with real estate is by taking
advantage of undervalued properties by buying low and selling high there is a
ton of money to be made with real estate now you may be wondering how you can
acquire real estate with profit potential and some of the ways include
dealing with foreclosures quick sales negotiating lower prices and identifying
sellers who no longer have interests in the property but it isn't enough to just
buy a property at a great price you must also hold it as it appreciates or sell
it to capitalize on its value you see over the long term properties always
appreciate how much or how little it appreciates depends on the location
market trends etc however like stocks the only direction real estate will go
is up then when you have achieved the return you desire you can sell the
property and cash in on a lump sum or rent it out if recurring income is what
you desire number seven people services truthfully it is hard to build wealth
all by yourself especially when you plan to do so by running a business simply
put you will need the help of others no one has all the skills it requires to
become successful which means you're going to have to hire some capable hands
to work with you this means you need to buy their services the importance of
staff or a team cannot be overstated the quality of your staff plays a massive
role and how well your business will do your staff may be full-time or part-time
depending on the setup of your business when you leverage the expertise of
others you will be in a much better position to have a better and product
and will achieve your financial goals in a much shorter timeframe thanks for
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