Whether you believe it or not there are no tricks to becoming wealthy but there
are proven steps that if followed can help anyone become wealthy in this video
I will share with you five steps anyone can follow to become wealthy and if
you're new to the channel then hit the Subscribe button below for more
life-changing content step number one living frugally the first step to
building your wealth that you're going to learn in this video is how to live
frugally what does it mean to live frugally living frugally is simply the
act of being intentional with your spending it may surprise you to know
that the majority of people do not plan how they spend their money but this
isn't just a problem for low-income earners no matter how much you make if
you spend more than you earn you will never become wealthy living frugally
means that you are living below your means and this is only possible through
setting the right priorities for instance living frugally helps you
differentiate your needs and wants and this helps you avoid unnecessary
spending sadly some people look down on the concept of living frugally however
it's likely because they haven't been taught the benefits of this financial
ideology just yet living frugally can help you minimize costs and have more
money to save at the end of the day when you decide to spend less money on a
particular item because you simply don't need it you can use the money for other
things like growing your wealth you can use money saved to invest in assets that
will pay you over time and when you keep these benefits in mind it becomes a
whole lot easier to live frugally you may also want to ask how one goes about
living frugally well this video has the answer for you so keep watching the
first step is to create a budget and stick to it a budget is one of the ways
to easily manage your finances and cut out unnecessary spending a budget allows
you to plan how to spend your money even before you've earned it another way to
live frugally is to minimize your biggest expenses such as the cost of
food you can minimize how much you spend on food every month by cooking at home
and limiting the number of times you eat out do you know that you can save about
10 to twenty dollars every time you eat at home instead of going out multiply
the savings by the number of days in a month that you typically eat out and you
will see that it adds up to an appreciable savings over time now if you
find it difficult to cook at home because of the time investment then
here's a tip that can help prep all of your meals on the weekend and throw them
in the freezer this means you only have to cook and clean once a week and you've
also reaped the financial benefits you desire one other way that you can save
some money in the frugally is to check for coupons and discounts whenever you
want to make a purchase you may also consider buying used items instead of
new ones to save some cash as the saying goes one man's trash is another man's
treasure one final note on living frugally is that it does involve some
planning you must plan your spending at a macro level through the use of your
budget and also be intentional whenever you go shopping however failing to plan
is planning to fail and by putting a little bit more effort into being money
conscious you are laying the foundation to create a life of financial prosperity
for yourself step number two investing in wealth generating assets you are not
maximizing the income you can earn if the only way you make money is by
actively trading your time for money most people who work at nine to five
jobs fall into this category there is nothing inherently wrong with earning an
income this way but I believe that rarely anyone becomes rich by doing so
Warren Buffett once said if you don't find a way to make money while you sleep
you will work until you die what are you simply trying to say is that you must
find ways to invest in assets that will grow your wealth without you having to
work having a job is working for money but investing in assets is making money
work for you you'll find that investing in assets is one of the things that the
richest people in the world today have in common assets are the things that you
spend money on that increase in value pay you or do both at the same time in
this video I will share with you some assets that you can invest in to grow
your wealth real estate is one of the ass sets that wealthy people invest
their money into and you should invest in it too real estate is the buying and
selling of properties and land for commercial industrial and residential
purposes and other special use there are different ways that you can make money
when you invest in real estate one common way that you can make money from
Real Estate is by renting out the properties you own another way that
people make money from Real Estate is by buying a property and reselling it once
the value increases if you buy a house in a quickly developing area the value
of your house may increase offering you the ability to resell it at a profit you
can also buy renovate and flip a property in order to turn a profit
through the use of Real Estate another asset you can invest in to grow your
wealth are mutual funds mutual funds consist of pools of investors money
invested in assets such as stocks and bonds mutual funds have fewer risks
because they diversify your investment and are managed by professionals but do
come with higher fees than other assets like ETFs or index funds if you want to
take a more targeted approach to investing then another option is buying
individual stocks when you invest in stocks what you are doing is buying
ownership in a certain company if the company performs well the value of your
shares will increase and if you sell them at this time then you can collect
some profits and move on to the next investment you can also earn money from
stock suit dividends in simple terms a dividend is a reward a company grants
its investors for having bought into the company through their investing funds
generally these Dividends are paid quarterly and are a partial distribution
of the company's profits for the period lucky for you investing in stocks has
never been easier if this is a method of wealth generation that intrigues you you
don't need to have much money or do a lot of work to succeed in investing some
Brokers allow you to invest with a little money and you can do that from
the comfort of your home either on your computer or your phone step number three
learn a high income skill one of the best investments you can make is in
yourself since most people stop learning how after college this would most
certainly allow you to Rise Above the Rest and increase your overall value and
this value is important because your value ultimately impacts how much money
you can make have you ever noticed how many different people work in an
organization but they aren't all paid the same the reason for this is very
simple not all of them have the same value or contribute the same amount to
the growth of the organization the highest paid people in an organization
are those who provide the most value and often that's through their High income
skills these are skills that are in high demand and not many people can perform
them people are willing to pay a high price for these skills because of the
level of growth that such skills can bring to their organization that is why
a janitor a director and a CEO don't all learn the same amount of money so what
high income skills can you cultivate to increase your own income well I'm glad
you asked some of the high income skills that are in demand today revolve around
selling skills such as copywriting copywriters are in demand in various
organizations today because of their ability to write in a compelling way
that would make people take the action the organization desires another skill
that is in high demand is public speaking public speakers can represent
their company and make presentations or deliver lectures one other skill that
most organizations are willing to pay for today is digital marketing digital
marketers use various tools to Market and sell online they can use emails and
social media to reach out to prospective clients and try to convince them to
become customers other high income skills include search engine
optimization Graphics design computer programming project management and many
others now let me share with you a few ways to earn these high income skills
the first way is through formal education for example you can take a
program in digital marketing at college and then offer these skills to an
employer or as a freelancer in the open Market another way to learn some of
these high income skills is through online courses from sites like udemy in
fact sites Academy helped me cultivate my own high income skills in the past
which led me to being able to earn thousands of extra dollars a month by
offering copywriting services to clients however I know the process of learning a
high income skill can be intimidating which is why it created these 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 or more a month
from the high income skill you decide to develop if this sounds like it's for you
then check out the link in the description for more information on how
you can join these side hustle success course today
step number four reinvest your Returns the last step in growing your wealth
that I'm going to share with you in this video is reinvesting money from your
assets when you invest in assets like stocks the company May pay dividends or
provide you with a profit when you sell them when you invest in real estate you
may be collecting rent payments over time if you want to grow your wealth
instead of receiving these returns and spending them you can use them to buy
more assets one of the benefits of doing this is that it will increase your
overall asset base over time another benefit is that you can easily attain
Financial Independence when you reinvest generally the money you make from your
Investments comes in the form of passive income and when the amount of money you
can make from your passive income is enough to sustain your living expenses
you can say that you've attained Financial Freedom there's also the
benefit of compound interest when you reinvest money from your assets rather
than Cashing Out here's a simplified example for demonstrative purposes let's
assume that you invest a thousand dollars for 10 years with a constant
interest rate rate of five percent per year if you receive the interest every
year without reinvesting you would have five hundred dollars after 10 years but
now let's assume that you reinvest that interest every year in this case you
would have made a total of six hundred and twenty six dollars and eighty nine
cents after 10 years as an investor you can reinvest your dividends by
purchasing additional units of the stock there are options like dividend
reinvestment plans or drips that allow you to do this automatically you may
also decide to use your dividend to diversify your portfolio by buying
stocks from different companies this is an example of reinvesting in paper
assets but you can do the same with real estate you can invest the money from
your real estate assets into buying more properties the idea is that if these
properties provide you with profits then buying additional properties may give
you even more profits hey it looks that YouTube thinks this next video is the
one that will change your financial life forever give it a watch end let's see if
they're right