Part 3 of 3
This video discusses the final concept required to build wealth – a growth mentality. Controlling your finances, living on a budget and having an emergency fund is helpful – but building wealth requires some additional behavior that requires you to invest in things that improve the odds of your money multiplying. Be sure to check out Part 1 and Part 3 of the series.
Part 1 –
Part 2 –
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I am a financial coach that focuses on improving personal finance behavior. I do not sell investment products or manage investments.
This video is part three of a three-part Series discussing the three concepts That are necessary if you want to win With money And build wealth [Music] Hi everyone i’m kenny simon welcome to The achieve financial coaching channel Where we believe in breaking the chains Of debt and discussing all things Related to personal finance In this video we will be discussing the Third of three concepts that are Critical to Improving our financial ability and Building wealth be sure to check out the Other two videos in the series to get a Full understanding Of all three concepts i’ll be sure to Drop a link to those videos in the Description Please like this video and subscribe to The channel Let’s get started so we’ve talked about A mental foundation and financial Foundation being critical to your Ability to build wealth and win with Your money The last concept is to have a growth Mentality The growth mentality is the knowledge Required to grow your finances And build wealth this concept will Require stepping beyond the basic
Behavior and concepts of budgeting and Saving Once you have controlled your debt and You have an emergency fund you must Start doing things To help your money grow your money will Not grow in a savings account That’s for safety you have to do some Other things to grow your money and i’ll Mention three things That support a growth mentality The first thing is to make sure you have Retirement accounts If you work a job you have access to 401ks 403 b’s 457 b’s and other forms of retirement You cannot afford to not contribute i Hear a lot of people say they can’t Afford To contribute you cannot afford to not Contribute Start small and up your percentage every Year do whatever it takes If your company matches your Contribution you need to contribute At least up to the percentage they match Period no excuses end of story If you don’t do this you are literally Missing out on free money If you are self-employed or person or You have a small business There are plans out there for you as Well so no excuses for you either They have sep iras solo 401ks and simple
Iras We all should be contributing to our Retirement we will need that money one Day because Social insecurity payments on average Are only about fifteen hundred dollars Per month That doesn’t even cover the rent in most Places by the way According to a study conducted on over Ten thousand millionaires by chris hogan The ramsey personality Eight out of ten millionaires built Their wealth through their workplace Retirement Funds get started today and stop making The excuses After and only after you have Established your retirement accounts you Want to start thinking about investments Outside of your retirement account If you have children consider a college Fund College is crazy expensive so a 529 or a College savings account Goes a long way to keeping your kid out Of debt if they decide to go to college Start early just invest a little bit Over time it goes a long Way you should also to build your own Personal Investments up look into investing in The stock market But do it through mutual funds and
Exchange traded funds that’s how i Invest the majority of my money it is in Mutual Funds or exchange traded funds index Funds things like that There are many discount brokerage houses Or platforms that make signing up easy Vanguard fidelity charles schwab e-trade Robin hood the list goes on the point is To find one that you like and get Started Doesn’t take as much money to get Started as you think Another thing that is that is also Considered investing but not along the Lines of like stock market or Traditional investing Would be to start a business a Successful business is a great way to Build wealth While providing a service and possibly Employing others Along with that start doing some Research today if you have paid off all Of your consumer Debt and you have an emergency fund What’s your path to wealth Will you do an investment account that You just consistently contribute to A business both give it some serious Thought The last thing i’ll mention that is Critical to a growth mindset is what i Call
Protecting home chances are your rent or Mortgage payment is the largest payment You have If you have a home it’s the largest Purchase you’ll ever make Because it’s the largest expense most People will ever have you should think Deeply about how much you can afford Can you afford the upkeep of a house Even if you can afford the mortgage Payment can you afford the upkeep There is absolutely nothing wrong with Renting by the way People try to make you feel bad so You’re throwing away money Not true absolutely nothing wrong with Renting Buying a house too soon that you can’t Afford to upkeep on can be devastating But if you’re going to rent is the rent Too high on that side of town you want To live on you want to keep your rent or Mortgage payment to no more than 25 to 30 Of your take-home pay if you get this Wrong You can wreck your finances big time and Spend a lot of time and emotional energy Trying to get things cleaned up so Choose wisely Once you’ve decided on a place to live Insure it properly it’s worth the peace Of mind it just is If you rent rental insurance is crazy
Cheap So get it done and finally for Protecting home get some life insurance If something happened to you could your Family survive If your income is lost talk to your Family about how much life insurance is Necessary 10 times your annual salary is a good Starting point Well that will do it for this video i Hope you all walk away from this Understanding what it takes to grow your Wealth and protect everything you’ve Sacrificed to do it A growth mentality will allow you to Leave a legacy for loved ones and have Some fun with your money along the way If you have watched all three videos in This series you now understand the three Concepts And how critical they are to a Successful financial future These concepts have helped me develop Good money habits And they aren’t difficult concepts to Learn if you have decided that your Current financial position Just isn’t working for you anymore we Work too hard to not have anything to Show forward beyond material things Start securing your financial future Today before we Go please like this video subscribe to
The channel And follow me on facebook you can Achieve much greater things than where You are today If you are willing to put in the work Conceive it Believe it and achieve it i’ll see you Next time