How You Can Create WEALTH Starting from Young Age #wealth #createwealth #investing If you aren't born rich , you can never have a great start in your career unless you're some talented bloke or someone who is extremely lucky. As an independent individual in your 20s , you might think- i will never be financially independent or I'll never be able to retire early, especially in this day and age where living just becomes more and more expensive year after year. Well, you might actually be right. The cost of living is really increasing year after year and its probably going to get even worse in the next decade but that is completely your fault. You see, you're living life without a plan and you just throw your hard earned money away instead of making it work for you. However, don't fret. In this video we'll be looking at 6 steps you need to implement right now in order to live a comfortably, stress free life where you don't need to worry about finances and money. Stay tuned Before we begin , if you're new to the channel make sure you subscribe to this channel. Turn on the bell for the latest notifications and updates. That way you won't miss any videos and updates here on this channel. With that said lets jump straight to the video Step 1: Boost Your Retirement Contributions Today’s youth may be facing a tough job market and rising student debt, but they do have one factor working in their favor. They have time, according to financial advisor Anthony Montenegro of The Blackmont Group in Orange County, California. “Time is a key factor in wealth building because it allows you to take advantage of compounded returns,” he says. Further, the impact of compounded returns augments your wealth building capacity. Obviously, having more time for your money to grow is a distinct advantage over say, starting to save for retirement at age 55. That’s why, no matter how much you’re saving for retirement already, you should strive to ratchet it up more each year. Doing so can help you save without any effort, take advantage of compound interest, and reduce your taxable income. Heck, you may even earn an employer match on some of your retirement contributions, so make sure to check. Financial advisor Jose V. Sanchez suggests increasing your 401(k) or any other retirement contributions up by 1% each year until you’re eventually maxing them out. However, you may be able to boost it more — at least this first time. Increase it by whatever percentage you can get away with, and you may be surprised by how little your take-home pay changes in the end. Also remember that you can build wealth for the future in other ways, including opening a traditional or Roth IRA. Step 2: Invest for the Long Haul Starting to invest early and keeping that up for the long term are very important. If you make an investment, you'd be better off making that decision for the long term. Financial advisor and President of AssetDynamics Wealth Management Don Roork says that, based on his experience, investors in their 20’s are subject to emotion driven money mistakes just like their parents. In other words, they are prone to make poor investing decisions when the market behaves badly — or even when they hear a rumor that it might. To guard against emotional decision-making, Roork suggests creating a plan and sticking to it. Remember that, historically, markets fluctuate over time and volatility is normal. Consider building a diversified cost-effective ETF or mutual fund portfolio using a rules-based investment process — then leaving it alone. Don’t allow your emotions to drive your investment decisions. Start this in your 20’s and you’ll be miles ahead of those who panic sell at the first sign of the next inevitable market correction.” Topics Covered in this Video-: how you can create wealth starting from young age make money online money how to make money online 2022 earn money online how to build wealth build wealth generational wealth wealth creation how to create wealth from nothing wealth building how to build wealth with no money building wealth personal development how to build wealth from nothing how to build wealth on a low income motivational video alux generational wealth generational wealth inspiration build wealth low income building wealth but poor build wealth low salary generational wealth tutorial principles of creating wealth #buildingwealth #investing #Top 5 luxury cars #luxurycars #personalfinance #youngandrich #wealth #bentley #elonmusk #jeffbezos...(read more)
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How You Can Create Wealth Starting From a Young Age When we hear the word "wealth," we often associate it with luxury cars like Bentley, mansions, and extravagant lifestyles. However, creating wealth from a young age goes beyond material possessions. It involves developing healthy financial habits and making smart decisions that can set you up for a prosperous future. So, let's explore some effective strategies to help you build wealth starting from a young age. 1. Start saving early: One of the key principles of wealth creation is saving. Regardless of your income level, it's crucial to save a portion of your earnings regularly. By developing this habit early on, you can secure your financial future. Aim to set aside 20% of your income and watch your wealth grow over time. 2. Invest wisely: In addition to saving, investing is another essential aspect of creating wealth. Educate yourself about the different investment options available, such as stocks, bonds, mutual funds, or real estate. Start by investing small amounts and gradually increase as you become more comfortable. Remember, investing is a long-term strategy, and patience is key. 3. Educate yourself about personal finance: Take the time to learn about personal finance principles. Develop a basic understanding of budgeting, managing debt, and building credit. A solid foundation in personal finance will enable you to make informed decisions and minimize financial mistakes. 4. Diversify your income streams: Relying on a single source of income can be risky. Explore opportunities to create multiple streams of income. This could include starting a side business, freelancing, or investing in income-generating assets. Diversifying your income not only adds stability but also accelerates your wealth-building journey. 5. Develop discipline and avoid lifestyle inflation: As your income grows, resist the temptation to adopt a lavish lifestyle. It's easy to succumb to lifestyle inflation, where your expenses increase in line with your income. Instead, practice discipline and live below your means. This will allow you to save and invest more, paving the way for long-term wealth creation. 6. Set clear financial goals: Creating wealth from a young age requires setting specific financial goals. Determine what you want to achieve in the short, medium, and long term. Whether it's buying a home, starting a business, or saving for retirement, having clear goals will provide direction and motivation to work towards them. 7. Continually learn and adapt: The world of finance is constantly evolving. Stay curious and keep learning about new investment opportunities, financial strategies, and emerging technologies. By staying informed, you can adapt to changing circumstances and make more informed decisions. Remember, creating wealth is a journey that requires consistency, perseverance, and patience. By starting early and implementing these strategies, you can put yourself on a path towards financial prosperity. So, start saving, invest wisely, educate yourself, diversify your income, live below your means, set clear goals, and never stop learning. Who knows, maybe one day you'll be cruising in your very own Bentley, a symbol of your hard-earned wealth. https://inflationprotection.org/starting-young-building-wealth-for-a-prosperous-future/?feed_id=124083&_unique_id=64ccdfa23ae0c #Inflation #Retirement #GoldIRA #Wealth #Investing #aluxgenerationalwealth #buildwealth #buildwealthlowincome #buildwealthlowsalary #BuildingWealth #buildingwealthbutpoor #generationalwealth #generationalwealthinspiration #generationalwealthtutorial #howtobuildwealth #howtobuildwealthfromnothing #howtobuildwealthonalowincome #HOWTOBUILDWEALTHWITHNOMONEY #howtocreatewealthfromnothing #motivationalvideo #principlesofcreatingwealth #wealthbuilding #WealthCreation #TraditionalIRA #aluxgenerationalwealth #buildwealth #buildwealthlowincome #buildwealthlowsalary #BuildingWealth #buildingwealthbutpoor #generationalwealth #generationalwealthinspiration #generationalwealthtutorial #howtobuildwealth #howtobuildwealthfromnothing #howtobuildwealthonalowincome #HOWTOBUILDWEALTHWITHNOMONEY #howtocreatewealthfromnothing #motivationalvideo #principlesofcreatingwealth #wealthbuilding #WealthCreation
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