Thread by @FinFreeWizard

Get Rich Before You Are 40

1. Have a Growth Mindset

The 2 types of mindset:

- Abundance
- Broke

Abundance mindset:

- Construct wealth
- Develop skills
- Build high class networks

Broke mindset:

- Negative attitude
- Fail approach
- Always complaining

To change your reality, change your mentality.

2. Create Multiple Sources Of Income

The average millionaire has many income streams.

Examples:

- 9-5 job
- Rental income
- Dividends
- Real Estate
- Crypto interest
- eBooks
- Amazon FBA

Diversify your streams to spread risk.

3. Begin a Side Hustle

Starting a side hustle involves:

- Graft
- Discipline
- Long days

The reward will be:

- Purpose
- Freedom
- Excitement

Start by monetizing your passion today.

But only if it adds value to society.

4. Invest

Start investing and do NOT interrupt the compounding.

Strategy:

- Invest consistently
- Invest in ETFs
- Avoid poor companies
- Keep fees low

Time in the market always wins.

The important lesson is to start today.

5. Prioritize payments

Always pay yourself first:

- Plan your pay cheque allocation
- Automate investments monthly
- Leftover money goes to bills

The How:

- What percentage to invest
- What investment frequency
- Where it should be invested

Get your money working 24/7.

6. Have an Emergency Fund

Unexpected expenses can come from anywhere.

Surprise expenses could be:

- A house repair
- Helping sick relative
- Car trouble

An emergency fund gives you stability to stay invested.

7. Budget with excellence

Every dollar should have a plan for it.

Some examples:

- IRA
- A skills course
- Investments
- Emergency fund
- Crypto

Want to budget like a GOAT?

Automate the process.

8. Source A Top Class Mentor

Millionaires attribute most of their success to finding the right mentor.

Mentors steer you in the right direction with:

- Your finances
- Your skills
- Your relationships

Find these masters of craft and learn from them.

Duplicate their success.

9. Always Take Action

Millionaires are obsessed with hitting their daily goals.

They achieve their goals by:

- Targeting specific tasks
- Writing down their aims
- Holding themselves accountable

Aim to achieve 3 big tangible goals each day.

10. Never Procrastinate

Advice to avoid procrastination:

- If it takes 10 minutes do it now
- Have no to-do list (controversial but true)
- Identify your future goals
- Have someone hold you accountable (mentor)

There is no perfect time to start so just start now.

11. Avoid any Debt

Society conditions you for debt.

You can break the mould through:

- 20% knowledge
- 80% a change in habit

Changing your financial routine include:

- Increase income
- Be frugal
- Invest
- Get rid of any credit cards

Triumph your debt from now.

12. Leverage The System

Learn from the wealthy not criticise them.

Wealthy people use:

- Tax optimisation
- Business expense
- Invest in improving

Be smart with your money and use experts to advise.

13. Create a Circle You Trust

The five people you spend most time with have a huge impact

Compare your mindset to them for a second:

- You think the same thoughts
- You have the same goals
- You offer similar advice

People inspire you, or they hold you back.

Choose wisely.

If you enjoyed this thread, then you'll love my ebook.

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@FinFreeWizard

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