Step 3: Grow Money
Growing the money you keep is a crucial step towards building wealth.
This is where investing (stocks, real estate, etc) comes into play.
So how can you get started growing your money?
Ownership
Wealth is not built off of a salary alone. Wealth is built through the OWNERSHIP of assets.
OWNERSHIP is the key to building wealth.
Nobody “saves” their way to wealth, you’ve gotta buy assets that pay you to own them to build wealth.
Use your active income (the money you make from working) to buy passive income (money that works for you) in the form of assets (like stocks or real estate).
Index Investing
Personally, I’m a big fan of investing in ETFs (ETFs are basically stocks that have a bunch of other stocks combined into them, making the diversification process easier) that follow the price patterns of the s&p 500.
The S&P 500 has a great track record, *averaging* an annual return of 10% a year since its creation in the early 1900s (some years less, some years more).
The S&P 500 is an index with the top 500 most valuable US companies.
By investing in index funds that mirror the S&P 500, I stay diversified and I’m essentially betting on the entire US economy.
Some S&P 500 ETFs include $VOO and $SPY. Research them yourself to learn a little more about them before making any investment decisions. This is just my take on how I invest, always make sure to do your own research!
Are you ready to take charge of your money and secure your financial future?
Here are a few ways I can help:
1. Grab the 2023 budget planner - Are you tired of feeling overwhelmed by money? With my 2023 budget planner, you can easily create a plan for your money and take control of your financial future.
2. Join Money Circle - Gain access to a small community of like-minded investors who are all on the same journey as you. Money Circle is designed for those who are beginners to investing and eager to dive deeper into all of the concepts I talk about.
3. Set up a call with me - If you're looking for 1 on 1 help to put together a killer action plan, set up a call with me and let's build one together! (this also includes a 1-month membership to money circle)
“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.”
— Robert G. Allen