About the Video
Learn how to build wealth, even if you’re working a regular 9-5 job
๐ด ๐ฆ๐๐ฎ๐ฟ๐ ๐๐ป๐๐ฒ๐๐๐ถ๐ป๐ด ๐๐ถ๐๐ต ๐๐๐๐ฅ โก๏ธ https://www.interactivebrokers.com/mk…
๐ต ๐๐ฒ๐ ๐๐ฅ๐๐ ๐ง๐ฟ๐ฎ๐ป๐๐ณ๐ฒ๐ฟ ๐๐ถ๐๐ต ๐ช๐ถ๐๐ฒ โก๏ธ https://wise.com/invite/u/weif84
โฌ๏ธ Timestamps:
0:00 โ Introduction
0:27 โ Find Your WHY
2:51 โ Budgeting
5:29 โ Loan Repayment Practice
7:22 โ Increase Earning Power
9:45 โ Invest
11:41 โ Conclusion
Kickstart your wealth building journey today!
First, it’s essential to understand your “WHY” for building wealth. Categorize your goals into short-term, mid-term, and long-term. For instance, short-term goals might include establishing an emergency fund, while mid-term and long-term goals could involve saving for a house downpayment or retirement.
Budgeting is a key component of this journey. If you don’t mind being aggressive, do consider adopting a modified 50/30/20 rule, where 50% of your income goes towards savings and self-investment. This includes not just cash savings but also investing in yourself, like learning new skills. The next 30% goes into your essentials, then you’re free to use the remaining 20% for your wants. And btw, yes it’s important track your expenses to stay on top of your financial game!
When it comes to loans, prioritize repaying high-interest debts first. Strategies like Dave Ramsey’s Debt Snowball Method, where you pay off smaller loans first, can be motivating and effective. With this approach, you can see your progress quickly, which in turn gives you a sense of accomplishment, hence motivate you to keep doing it!
Increasing your earning power is another important must-do. While managing expenses is useful, there’s often more room to increase your income than to cut your expenses. You can do this by taking on side hustles, acquiring new skills, and working towards higher-paying roles.
Investing is the next step once you have a solid foundation. Start with low-risk investments like Fixed Deposits, and when you more knowledge on the subject matter, you can always gradually move to higher-risk options like stocks!
And building wealth isn’t just about cutting expenses; it’s also about increasing your income.
Set clear goals, budget smartly, manage your loans effectively, continually seek ways to boost your earning power, and invest wisely. By following these steps, you’ll be well on your way to financial security and independence. Watch this video to learn more, and stay tuned for future insights!
โ๏ธUSEFUL LINKSโ๏ธ
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Beginner’s Step-By-Step Playlist to Start Investing ๐๐ป
โข Beginner’s Guide to Investing
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Full Interactive Brokers Playlist๐๐ป
โข Interactive Brokers Guide
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Start Investing in the U.S. market now!๐๐ป
โข Investing in the US market
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Exchange-Traded Funds (ETFs) Playlist ๐๐ป
โข Exchange-Traded Funds (ETFs)
โ ๐ฅAll the gears that I use to make my YouTube videos: https://kit.co/Ziet/youtube-gears
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Disclaimer: This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.
None of the information contained herein constitutes a recommendation, promotion, offer, or solicitation of an offer by Interactive Brokers to buy, sell or hold any security, financial product or instrument or to engage in any specific investment strategy. Investment involves risks. Investors should obtain their own independent financial advice and understand the risks associated with investment products and services before making investment decisions. Risk disclosure statements can be found on the Interactive Brokers website.
