A Roadmap to Wealth
People always talk about how building wealth is hard. Personally, I think it is a mindset shift. We see rich people with big-time jobs making lots of money. In our heads, we think it is hard to accomplish these things.
Let’s really dive into what wealth really is. Is it all the money in the world? Nope. Is it having a big house and fancy cars? Nope. Is it having the most glamorous vacations? Wrong again.
When we are working towards wealth, we want to accumulate assets. Being able to have income-producing assets helps us create passive income to help fund our life and retirement.
I am here to try to help guide you on your own path to wealth. This is going to be your roadmap to wealth. Let’s start off with the basics.
People talk about an emergency fund a lot. It is like one of the basic bricks to building the foundation of our financial house. We need to have a fund for emergencies.
Stop 1: An Emergency Fund
Stop 2: Make a Budget: Making emergency funds is imperative for your journey to wealth. Having a budget is another part of the journey. It is always best to know where you are in order to know where you are going. A budget is basically separating your costs in different categories.
Different ways to make a budget
50% goes to needs ( rent, utilities, etc. ) 30% goes to wants ( entertainment, shopping) 20% goes to saving (investing, savings)
Debt is quite crippling. It can detour us on our journey to wealth easier than anything else. Student loans, credit card debt, and anything else is something that can cause stress, anxiety, and put us in a dire situation.
Stop 3: Pay off your debt
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