Hey friend,
Everyone knows that building wealth is challenging.
It’s a process that requires patience, discipline, and consistency.
But it’s easier if you follow proven strategies.
And that’s exactly what I’m going to show you in this article.
Let’s kick things off with strategy #1:
1. Pay Yourself First
Paying yourself first is critical to long-term financial success.
What is “paying yourself first?”
It’s when you immediately save or invest as soon as you get your paycheck.
Here’s how to do it…
First, you need to determine:
- How much to invest (e.g., $100)
- When to invest (e.g., Every Monday)
- Where to invest (e.g., S&P 500 index fund)
Once you’ve determined those 3 things, you’re ready to start paying yourself first.
Here’s the process:
- Deposit your paycheck
- Automate investments first
- Anything left over goes to bills
Simple.
This is how you pay yourself first.
And if you don’t have an investment account yet…
Then start by creating a free account with Robinhood here.
Remember: Always do your research before you invest.
2. Build an Emergency Savings Fund
If you don’t have an emergency fund…
And you have to pay for a surprise expense…
For example:
- Job loss
- Car repairs
- House repairs
- Medical emergencies
Then you might have to take on a loan…
And risk going into serious debt.
That’s why it’s essential to have an emergency fund.
Now, I know what you’re thinking:
“Fiona, how do I create an emergency savings fund?”
Here’s what you can do:
- Click here to go to Raisin’s website (I use Raisin myself)
- Select one of the available savings accounts
- Open your savings account
- Stash 3 to 6 months’ worth of living expenses in your savings account
The best part about this strategy?
Not only do you get:
- Zero fees
- FDIC insurance
- 24/7 access to your funds
But with the current interest rates, you can also get over 5% APY.
A 5% rate on $10,000 of cash would earn you $500.
For doing absolutely NOTHING.
Talk about making your money work for you!
3. Invest in Appreciating Assets
What do Warren Buffett, Michael Jordan, and the average millionaire have in common?
They all invest in appreciating assets.
And if you want to build wealth…
Then investing in appreciating assets is a must.
Assets that gain value over time include:
- Stocks
- Fine art
- Real estate
- Classic cars
And many more…
But when it comes to investing in appreciating assets…
The most important thing is to:
- Invest consistently
- Stay focused on the long-term
- Don’t withdraw your investment in the short-term
Remember: Building wealth is a long-term game.
The earlier you start building your wealth, the greater your fortunes will be.
Recommended investment platforms:
- Masterworks (fine art investing)
- Arrived (real estate investing)
- Yieldstreet (alternative investing)
Always do your research before you invest.
The Bottom Line
Building wealth will take discipline, hard work, and lots of patience.
But if you apply the strategies in this article…
And stay consistent with your efforts…
You’ll be one step closer to achieving financial freedom.
Start today.
Your bank account will thank me later.
That’s all for now!
Your friend,
Fiona
