10 Financial Strategies to Maximize your Wealth

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1. Educate Yourself on Basic Financial Literacy

In 2019, lack of financial literacy cost Americans more than $307 billion.

Financial literacy teaches you how to:

- Earn
- Save
- Invest
- Spend
- Borrow
- Protect

Improve your financial literacy today. Save money tomorrow.
2. Build an Emergency Savings Fund

63% of Americans cannot afford a $500 emergency.​

They would have to resort to:

- Using credit cards
- Using debt to pay debt
- Using other high-interest debt

Pro Tip:

Use a high-interest savings account for your emergency fund.
3. Build a Solid Credit Score

Benefits:

- Better chance for loan approvals
- Better insurance rates
- Lower interest rate

How to boost your credit score:

- Pay on time
- Pay off your debt
- Keep a low credit utilization ratio

Good credit score = more money in your wallet.
4. Build Healthy Habits

Successful habits could include:

- Frugality
- Positivity
- Networking
- Setting goals
- Taking action
- Reading books
- Waking up early

It takes around 66 days for a new behavior to become a habit.

Take the steps today to make a better tomorrow.
5. Develop & Stick to a Budget

To build a budget, start by:

- Tracking your income
- Tracking your expenses

Figure out where your money is:

- Coming from
- Going to (and how much)

Manage money before it manages you.
6. Pay Yourself First

Society tells you to:

- Spend
- Consume

Instead, use your paycheck to:

- Pay off credit debt
- Invest for your retirement
- Add to your emergency fund
- Add to your investment portfolio

Never live bigger than your paycheck.

That's financial suicide.
7. Eliminate Credit Card Debt

Credit card debt is bad because of:

- High-interest rates
- Could damage credit score

Credit card debt can drain:

- Your budget
- Your savings
- Your future portfolio

You rob your future self with credit card debt.
8. Save for Retirement

Use the power of compound interest to your advantage.

The earlier you start:

- Saving
- Investing
- Paying yourself first

...The more likely you will see a return on your investment.

Build your tomorrow starting today.
9. Build Additional Income Streams

Don't rely on 1 income source.

Income examples:

- Earned income
- Rental property income
- Active and passive income
- Dividends and interest income
- Second business income stream

Never put your eggs in 1 basket.

Diversify your income now.
10. Health and Wealth Go Together

Don’t take your health for granted.

Begin to:

- Meditate daily
- Exercise regularly
- Drink enough water
- Stick to healthy foods
- Block negativity/toxicity

Adopt a healthy routine today.

You can't enjoy wealth if you have bad health.
Do you want to make more money?

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- The latest financial tips
- Wealth building strategies
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More from @The_MMW

19 Feb
10 Everyday Millionaire Habits that Changed my Life

// Thread //
1. Read for 30 Minutes Daily

85% of self-made millionaires read 2+ books every month.

They read:

- Books
- Newspapers
- Prominent magazines

Reading helps you:

- Learn from successes
- Learn from failures
- Save time

Readers are leaders.
2. Build a Dream

66% of millionaires own their own business.

It will take:

- Hard work
- Dedication
- Long nights

The reward will be:

- Fulfillment
- Freedom
- Time

Monetize your passion.
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16 Feb
How to Build Wealth

10-Step Formula to Riches

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1. Live like an Undercover Millionaire

Income ≠ Wealth

How to live like an undercover millionaire:

- Spend less than you earn
- Avoid buying fancy clothes
- Avoid buying new & fancy cars

To feel rich, count the things in your life that money can't buy.
2. Always Look Ahead

To build a strong financial future, break down your goals into 3 categories:

- Short term goals (1 to 5 years)
- Mid term goals (5 to 10 years)
- Long term goals (10+ years)

Understand your goals and build a plan of action.

Make your goals a reality.
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12 Feb
10 Common Money Myths

That Could be Costing you $1,000's

// Thread //
1. YOLO

It's true that you only live once.

It's NOT true that you should:

- Live in debt
- Work until you die
- Live paycheck to paycheck

What you can do is:

- Live in the moment
- Save for your future
- Start investing today

Balance is the key.

YOLO is not.
2. LLC's are for the rich

You don't have to earn $100,000s to form an LLC.

An LLC:

- Offers tax advantages
- Limits personal liability
- Avoids double taxation

If you have a business and want to earn money, then it's time to consider forming an LLC.
Read 13 tweets
9 Feb
How to Get Rich from Nothing

12 Wealth Building Strategies

// Thread //
1. Invest

Allow compound interest to build your wealth.

My advice?

- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options

There never is the “perfect” time to invest.

The main thing is to start today.
2. Build Multiple Income Streams

The average millionaire has 7 income streams.

They could include:

- Primary Job
- Rental income
- Interest and dividends
- Real Estate Investment Trusts

Don't put all your eggs in 1 basket.

Diversify your income today.
Read 14 tweets
2 Feb
8 Habits of Successful People that Define their Success

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1. They Value Relationships

Reasons why your network is so important:

✔️ Support
✔️ Opportunities
✔️ Lasting relationships
✔️ Increases your visibility
✔️ Improves your social intellect
✔️ Increases your self-confidence

It’s the people you know that will give you what you need
2. They Volunteer

Most successful people realize that they are wealthy because of the:

➖ Support
➖ Guidance
➖ Help from others

That’s why they:

➖ Volunteer
➖ Donate money
➖ Help their community prosper

In the end, the tide raises all ships.
Read 10 tweets
28 Jan
7 Strategies the Wealthy Use to Manage Money

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1. Automate Saving/Investing

Benefits of automating your investing and savings:

- More time
- Less stress

Automation will help you:

- Stick to your plan
- Remain consistent
- Not miss any due dates

Consistency is key.
2. Don’t Spend Money on Stuff you Don’t Need

This "stuff" typically includes:

- Fancy cars
- Fancy clothing
- Excessive vacations
- Eating out every night

Use that “saved” money for:

- Paying off debt
- Building up your emergency fund
- Investing and saving for retirement
Read 9 tweets

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