Hello again friends.
I have recently discovered a revolutionary strategy to instantly make you rich!! Send me your entire life savings to find out more.
BECOME WEALTHY – SLOWLY.
This is the true route to riches for most. Unless you’ve found a way to add an obscene amount of value to the market (I.E create Instagram, Apple, revolutionize an industry, or some other method of making huge amounts of cash). However, even If you cash in big with the lack of education you’ll end up with nothing in the end.
“I’m a millennial. I like things to happen instantly”
If this is your mindset. You may certainly spend your life chasing wealth through “hot stocks”, gambling, BIG ideas, & hundreds of other concepts. I strongly caution against this way of thinking. I, and surely many others call this “speculative”.
Don’t get me wrong here, I 100% believe you should pursue your dreams, act on your ideas & take risks, many risks. However I also know you should have a strategy in place to ensure you become wealthy. I also believe you must find ways to constantly educate yourself.
Great ways of achieving continuous education.
- Conferences & Seminars
- Mastermind groups
- Following educated people on social media
STRATEGIES FOR WEALTH
There are endless ways to achieve wealth. You don’t need a huge income to become wealthy. Keep in mind everyone has a different definition of wealth. There are several amazing books, podcasts, and seminars designed to point you in the right direction. We’ll start here though.
All these concepts I do practice. I am enrolled in my companies RRSP plan. I do automatic transfers into a savings account for emergencies. I also put money aside for stock investments & I sponsor a child in India. I always practice what I preach. Watch out for the chef who doesn’t eat his own food. So many people give advice while not following it them selves.
- RRSP Contributions.
(My american friends refer to this as a 401k, they do operate a little differently)Many, most employers will offer a program which they’ll match a certain percentage of what you contribute. Many of these plans are self-directed investment plans. This is a fantastic tax-differing option & In Canada you may borrow from your RRSP to purchase a home.
I strongly urge you to take advantage of these.
Do a little due diligence. Be smart, look into the fees. What is the true cost of this plan? Mutual funds can be absolutely outrageous. You can call in and ask these questions. Get all the fees and add it up. If you’re 1-2% all in – this is fine. Anything over 2% you should question your employer. Ideally you can simply invest in low cost ETFs. (Exchange traded fund)
- Automatic Transfers
As David Bach writes in the “Automatic Millionare”, make your savings automatic. this is absolutely crucial. Take the human element out of it.Have money automatically transferred each pay into a savings account. Maybe for you this account is an “Emergency fund” in case you lose your job. Perhaps it’s to buy a home – whatever it is make it automatic.
3. Spend Less
I’m not going to go through this whole bit on spending less. Take a look at your habits and figure out where you’re spending too much. Cut the costs and save the difference.. its quite simple. There are so many talented people teaching this art. I’ll list a few.