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Added on the 27/10/2020 16:47:00 - Copyright : Wochit
To build wealth that can be passed down through generations, getting out of debt-- and staying out of debt--is very important. On the other hand, Business Insider personal finance contributor Jannese Torres-Rodriguez argues increasing your income is just as important. It's not always possible to find jobs that progressively pay more and more. But side hustles can serve that purpose instead. Torres-Rodriguez says her side hustles now bring in roughly $100,000 a year, and she uses it in three ways to build generational wealth. She first accelerated her own retirement savings. Then, she helped her niece with college, so she doesn't have to leave school burdened with debt. Now, it gives her enormous pleasure to be helping out her own beloved parents through their golden years!
Achieving financial independence means building enough wealth that you don't ever have to work again. Whee! Of course, getting to financial independence, or FI, requires resilience and perseverance. However, there's more to escaping the rat race than that. According to Business Insider, author Sarah Stanley Fallaw says most millionaires follow a similar path. And she bases her conclusions not on hunches, but on her interviews with over 600 millionaires from all walks of life. They share three traits: spending below their means, finding a side hustle, and moving to self-employment. Ultimately, the three factors work together to allow them to build wealth more quickly and reach financial independence sooner than most.
Sarah Stanley Fallaw is co-author of 'The Next Millionaire Next Door: Enduring Strategies for Building Wealth.' By interviewing over 600 millionaires, she says that they tend to share the same traits: focus, resilience, discipline, and perseverance. Happily, Business Insider reports that just by doing two things, anyone can cultivate these qualities--even if they don't come naturally. The first is to understand where you are today. In other words, do some self-discovery to learn where you're tripping up. For example, if you tend to make decisions emotionally, ask yourself how that trait may be blocking your progress towards wealth. Next, build your new behaviors around your usual behaviors to get your new habits of saving and investing established. For example, turn a savings deposit into a 'bill' that you 'pay' yourself when paying all your other bills. Good luck!
Researcher and author Thomas J. Stanley burst onto the scene with his fascinating book, 'The Millionaire Next Door.' Based on his interviews with and surveys of over 1,000 self-made millionaires, the book delivers a number of pieces of solid advice for building wealth. According to Business Insider, the first task is to learn how to save and live frugally. Only when you have those habits ingrained should you turn to investing. Next, learn to base your investments on increased earnings. In other words, keep your lifestyle the same, and invest more and more of your remaining income. Third, save and invest to be financially secure, which is quite doable. Don't do it to be rich and lead a lavish lifestyle, which is precarious and unlikely to succeed. Multimillionaire W.W. Allan told Stanley that oftentimes, building wealth with the wrong motivations puts it out of reach. If your goal is to become financially secure, you'll likely attain it. If your motive is to make money to spend money on the good life, you're never going to make it. W. W. Allan, multimillionaire Finally, model your habits to your children so they can build wealth and financial security for themselves--not depend on you for it!
Accused of sexual assault on four minors, Joël Le Scouarnec arrives at a French court under heavy police escort. The trial is the first part of a vast judicial investigation involving hundreds of potential victims during the 30 years of the retired surgeon's career. IMAGES
U.S. President Barack Obama attends an outdoor arrival ceremony in heavy rain, as the first sitting U.S. president to visit Laos. Rough Cut (no reporter narration).
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