5 proven ways to build wealth and create the life you want!
Learn from viewing the financial information (income, budgets, net worth) of ordinary people like you that are designing the future they want.
#1) Focus on EARNINGS
Your greatest asset is the present value of your future earnings! Invest time and effort in building skills and increasing your value / contribution. The more value you help create - the higher compensation you can demand!
#2) Start and increase SAVINGS
Earning more doesn't guarantee wealth generation. Wealth (net worth) only increases from earnings not spent! Increase your savings % as your income grows!
#3) Don’t just save - INVEST!
Saving is more important than what investments you choose. Keep it simple (low cost index funds), be patient and allow compounding. Savings (of any type - emergency, retirement, etc.) creates future optionality in life!
#4) SPEND intentionally
Its not about deprivation! Align spending to your individual and family values! Spend time scrutinizing the big purchases (home, car, school, etc.) and don't sweat the <$20 things. Minimize lifestyle upgrades as your income increases.
#5) Minimize DEBT
AVOID all debt except mortgage debt. Pay down any debt as quickly as possible. Debt is a commitment of future earnings (less optionality)! Any interest expense you pay monthly is money that can't be spent on food, clothing, vacations, etc!
Start tracking your networth
Join thousands who are tracking their net worth on networthshare.com and be encouraged monthly by a likeminded community. Also, subscribe to this TenWilsons newsletter for real life examples of net worth stories and other useful tips to create the life you want!
NetworthShare helps you calculate net worth, and track it online. You can publicize your net worth anonymously, compare it to others & see where you stack up. There are interactive charts that let you slice & dice data.
It's also a community of financially like-minded people where you can ask questions, get advice, and share financial stories. You are able to search by your occupation, age range, education level, or salary range and see where you rank!
