It’s been a week of learning about money and making money. End of last week I was able to virtually attend a Webinar Blitz from Loral Langemeier. She is the top person I go to, to be aware of building wealth and knowing it is possible and it keeps me on the goal of I deserve to be happy and I deserve to be wealthy.
Been watching up all the episodes from “Money Revealed” Documentary series. They pulled together hours of content about money and wealth that you would never learn in school. So my mind is opened and ready to reach abundant wealth. I am at that place now where I know what is possible and there is no way I can go back to what my family thinks success is and I definitely must strive to be wealthy at a minimum have a multi-million-dollar net worth and of course aim for a million-dollar annual income.
Broke to millionaire happens to people all the time. I am not special when it comes to wanting that I just need to get to work and make it happen and with my younger half brother turning 18 in a couple of years, he needs to learn it too or at least be aware of what is possible because the family is repeating the blind ignorant behaviour of complaining about taxes because they are individuals making too much money and they are dreading retirement as if they are old cattle about to be set out to pasture to die.
I broke down my money bucket system as 25% for spending, 25% for saving (short and long term goals), 25% for investing (long-term and building wealth) and 25% debt repayment. Debt is the cost of money and it’s better to leverage it to build wealth with the best lowest interest rate possible. Based on the advice from Loral’s wealth-building strategy team, we all agree my ridiculous high-interest installment loan has to be gone as soon as possible and keep my credit cards available and using them responsibly meaning if I spend with my credit card I have to keep the spending limit around 20 to 30% and pay off the balance in full every month or pay as much money as possible.
Because of how she views debt as a cost of money, it makes sense to use other peoples money to build my net worth portfolio. So I have added in my money rules a personal maximum of how much personal credit I want access to and I will be taking steps to make sure I register myself as a corporation.
“Individuals get taxed, Corporations make money.” Loral Langemeier.
The week ended with me super excited about my big financial dreams, and understanding my first goal is to consistently have my basic essential living expenses paid for every month. Which adds up to be about $3,000 a month but of course with a focus of increasing my income and net worth.