The majority of Americans live paycheck-to-paycheck. Regardless of your financial situation today, that does not have to be your financial situation in the future! You can build wealth and leave a lasting legacy, and in this episode of The WealthBuilders Podcast, you’re going to learn four essential steps to getting started. In part two of this episode, our founder Billy Epperhart will teach you how to live off 70-80% of your income and invest in assets with intrinsic value. You’ll stop wasting your money on trash and instead turn your income into more cash!
Click the links below to listen:
From Zero to Hero: 4 Essential Steps to Building Wealth (Part 1)
From Zero to Hero: 4 Essential Steps to Building Wealth (Part 2)
Shownotes:
4 Essential Steps to Building Wealth:
1. Become More Valuable
2. Live From 70 – 80% of Your Income
3. Know the Difference Between Assets and Liabilities
4. Eliminate Debt (To learn more about this step, read the following blog: The Snowball Strategy: A Quick Way to Get Out of Debt)
In part one, we dove deep into how to become more valuable. This episode will focus on steps two and three.
Live From 70 – 80% of Your Income
- In this budget model, you can spend up to 80% of your income on expenses like mortgage or rent payments, groceries, debt payments, etc.
- At least 10% is reserved for tithe
- And the remaining 10%+ is used for investing. Invest half of this budget allocation professionally, and the other half yourself.
- Learning how to personally invest helps you make more money and have more tax advantages. Some ways to personally invest are through real estate investing or starting a business.
- Once you develop the discipline of this, it’s amazing how freeing it is!
Know the Difference Between Assets and Liabilities
- A real asset will bring you money, and a liability will cost you money.
- In fact, good assets provide the cash you need to purchase liabilities.
- A great example of an asset is real estate. Over time, property always goes up in value.
- Unlike investments like cryptocurrency, true assets have intrinsic value.
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Good morning! I’m really grateful for the insight I receive. They are giving me a new lease on my life I now know how to utilize my money. May God bless you for your time to teach me.these gems for life.