When I Grow Up I Want To Be Rich!

Is what most of us have said, including myself, and I still say this till this day. But let’s face it, the majority of people we know are not rich, wealthy, or financially stable.

I realized that being wealthy was attached to a large amount of numbers, and that investing was essential to maintaining wealth, along with time to grow it. As time went on, I continuously told myself that the harder and longer I worked, the more money I would make … right?

But of course this concept was false!

What I failed to realize was that I was constantly spending time and energy into my work but wasn’t able to get the pay that I wanted. I opened up credit cards and applied for loans that dug me deeper into debt, and eventually I realized I was walking in circles.

I couldn’t break the toxic habit of overworking, spending, and under-saving. My lack of income became a roadblock due to insufficient earnings that led to poor savings. Things could have been different if
I had known a thing or two about wealth building.

The amazing reality most millennials face is that they are in the prime of their young adult life. As a result they have time to invest and save when it comes to wealth building. Building wealth early on not only helps secure your future, but puts you on the right path in the present.

Building Wealth

When I think of building wealth my mind goes directly to savings, investments, and other slow investment vehicles. And the truth about wealth building is that it does take time to build it! It’s a marathon not a sprint! And it’s definitely not an easy thing to do. If so, then millions of people wouldn’t be working to survive but would work because they love it.

Which is how life should be!

Podcast Interview

In a recent interview, Caleb Kioh, founder of Walletgyde had the opportunity to talk with Tanner Oliver, a successful wealth advisor, on wealth building tips. Oliver stated that, “wealth is happiness! And you can have the cash to do what you want when you want.” And that’s exactly the expected outcome when it comes to building wealth.

4 Helpful Tips You Need To Build Wealth!

1. Expand Your Conversational Boundaries

You’re going to have to get familiar and comfortable with the conversations involving money. “Money should be a conversation in the home.” says Oliver.
This process is a bit of an investment but the return is very promising.
As the saying goes, better safe than sorry! I advise, don’t put all your eggs in one basket.

2. Make Smart & Strategic Investments

Caleb’s Question: What kind of investment vehicles are out there that can outperform inflation and hedge against fees?

Oliver’s Answer: “high cash value whole life insurance with a mutual company.” is one of many great options to look into. The right companies will guarantee your money and will make no less than 4%.

This means that you can invest in a life insurance plan that’s generationally tax-free saving you from hidden fees and low interest rates.

3. Understand Wall St vs Main St

Caleb’s Question: Is Wall St a smart place to try to build wealth?

Oliver’s Answer: It’s not a place to build wealth in my opinion, hence the 9 crashes since the ‘70’s. This is more for money that is discretionary wealth. .”If you understand the games you will see the market as a place for discretionary dollar. I have friends who play it but will not play more than they can make back in a short time period, but for the most part this is not where they save money it is for money they risk.

Oliver further goes on to state that he likes tangible assets that produces cash flow and that he can control.

4. Identify Possible Money Roadblocks

Caleb’s Question: Is debt one of the biggest stumbling blocks that is keeping millennials from investing in wealth creation? Asks Caleb.

Oliver’s Answer: “Yes! We finance everything we buy and keep transferring money to others. Save up for the car and respect your money like the bank respects theirs; pay yourself back principal and interest on your cash.” replied Oliver.

Value is where your principles lie, so make sure you are observing where you place your values and what values you stand on. It can become a big growth factor in the long run.

Anyone can get started! and if you’re not convinced by now that you can start building wealth then, you can listen to this podcast interview as Caleb Kioh really digs deep to identify possible stumbling blocks by asking some of these important questions…

If you’ve made it this far then your on your way to becoming “filthy rich ”. You can finally create and live the lifestyle you’ve always wanted to, and help impact others lives with your wealth.

 

Liked this Blog?

Then check out the podcast version!

Curious for more money hacking tips? Check out our previous blog titled, House Hacking: The Ultimate Guide To Live For Free

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