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3 Tips To Build Wealth – Ep. 105
We can agree there is a lot of information out there, right?
Today, let’s just simplify it with three steps to build long-term wealth. Remember it’s not the continuous learning of information but the action you take that counts. All right, here we go.
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Podcast Key Points
0:00 – Episode Overview
1:37 – Your Debt Doesn’t Matter
2:38 – Doing It First
5:02 – Where Are You Headed
Frustrated that you aren’t making the progress that you should within your finances? Create an unshakable money mindset with the Money Mindset Mastery Checklist
3 Simple Tips to Build Wealth for the Future
We can agree there is a lot of information out there, right? So today, let’s just simplify it. I’m going to give you three tips that if you apply these, it’s going to help you build long term wealth, no matter what’s going on.
Keeping it simple so that you don’t end up in overwhelm. Because if you’re consuming all the information and not doing anything, it’s not going to end up working for you. Right? All right, here we go.
This is the Your Money Your Life podcast. I’m your host, Aimee Cerka, a money confidence coach for female entrepreneurs on the path to six figures. After over 10 years in the personal finance industry and multiple personal financial and medical crisis. I was fed up with the lions that are being shouted from the rooftops by the Guru’s and the media said I help you simplify, solidify and scale your money.
By blending tactile money strategies with mindset work, you can create unstoppable finances together, you’ll finally figure out the money thing. So you can make more money in less time without living off of beans and rice, or sacrificing your lifestyle. Episodes here on the podcast are short and sweet.
Being married, having four kids at home, homeschooling being the CEO running the household, I’m kind of busy. And I know you are too. So let’s keep it simple and get to the point. Welcome. I’m so glad you’re here!
Welcome back to the Your Money, Your Life podcast, we are talking today about three tips to build wealth. Because if you are consuming all the information, doing all the things, there are tons of experts out there, shoot, I put out a lot of content.
If you’re consuming all this information, but not taking action. That’s not good, because you’re not going to see success. So these are the three simple things that I would focus on. Okay.
Focus on Your Net Worth, Not Your Debt
The first thing is stop worrying about how much debt you’re in. We’ve talked about this time and time again, okay, it does not give you long-term success. I want you to focus on your net worth and improving your net worth.
When we focus on the positive, we’re going to attract more of the positive to you. And as you continue to grow your net worth, you can pay off debt too, because it’s like a byproduct. But your focus has to be on your net worth. All right. Really simple.
For that, I’ll include a link to the worksheet. In the show notes, if you don’t have a worksheet for the net worth because we have one.
Allocate a Percentage of Your Income
The second tip is setting aside a percentage of your income for whatever you’re trying to grow. So as an entrepreneur, that’s probably your business. And this is really why we should be percentage-based budgeting in general, because everything is percentage-based budget.
If everything is done with percentage-based budgeting, then we handle that rollercoaster of inconsistent income. But even if you’re somebody that happens to be me, like you’re a contractor, and you’re on a salary, still percentage-based budget, because if things ever change, you don’t have to reinvent the wheel; it’s already in place. Problem solved before you get there.
But make sure that you’re prioritizing the growth that you’re looking towards. So if you’re looking to prioritize the growth of your business, make sure you’re investing into your business. If you’re looking to prioritize the growth of your savings account, make sure you’re prioritizing your savings.
You see how this works really simple. Again, it’s not crazy, complicated, but like we have to do these things.
The Importance of Setting Priorities
And then the third thing, or hold on backup, second part, post up, do this right after you get paid. Don’t wait until the end of the pay period to say like, “Okay, if the money’s still there, I’ll move it.” Without that system in place. Without discipline, you’ll end up spending it.
This is also why I recommend having multiple accounts because we need to be able to separate where things are at now you don’t have to go hardcore and we talk about this inside Prosperity Simplified. Budgeting, simplify, which is the personal budgeting system and Money Mastery Academy, like everywhere, like you don’t have to go like crazy complicated. You can be simplified, but there’s like minimums that you have to obtain. Okay?
But do it the the priority here is do it when you first get paid, but then you have to have somewhere to move it to to be able to like move it to where we need to get paid. Okay? So it makes sense.
Because without the discipline, if it’s just sitting there, you’re gonna spend it. We’ll do another episode of a savings account and like making your savings accounts actually work for you because I know that was a very popular, older. That was before I was doing a podcast and it probably can use a refresh.
So make sure you’re subscribed. We’ll do that.
Create a Vision for Your Future
So the third thing ready? Create a goal, like, where are you working towards? Now? This is not like, I want to make six figures. This is like in five years, what do you want your life to look like?
I don’t want you to necessarily put like strict deadlines on it. Because that actually creates more friction and more problems. Okay.
So do you want to be out of debt? Like that’s an okay place to like, visualize that? Do you want to be bringing in passive income? Do you want to have a real estate portfolio? Do you want to live on the ranch? I’m raising my hand here.
Like I want to have a money ranch homestead like, but does that mean that we have to be doing everything ourselves? No, you can create this vision of where you want it to go without it being restrictive. So if five years feels too hard to achieve those things, then maybe you will get 10 years, but you have to have something that you’re working towards, or that discipline that we talked about with number two, isn’t going to be there.
Because there’s no reason to change anything. Most of the time, we underestimate what we can accomplish in five to 10 years. So that’s why we work on the five to 10 years, not the one year because most of us have set income goals.
Like I want to make six figures, and then it didn’t happen. I’ve done a whole different video on why that happens and the problems that’s on YouTube that’s on the podcast, but I can link to that. I’ll put it in the show notes for you.
Because if we set the income goal and you didn’t achieve it, then we actually create more problems. So just create your vision. So those simple, right, like keeping it short.
We’re focusing on our net worth. You’re going to track that ideally, you’re tracking it monthly. If you’re a customer join us in the Execution Lab, that’s a great time to join there are to work on that.
Number two was setting aside the percentage like when you get paid for whatever you’re prioritizing. The pro step was like using percentage-based budgeting.
And then the third one was creating that goal, that vision of where you’re working towards in the next five to five to 10 years.
What do you want your life to look like? What are the things that you want to be able to do? What are you passionate about? What are things that you don’t want to be going on, and draw that out, and the more detail you can go into the better.
But it doesn’t have to be as detailed because it can change is just about setting that first intention. Now I’m gonna make sure that I include resources in the show notes for you. Because while this might be simple, like it’s simple to say, not necessarily simple to do.
Connect With Me
So if you’re like, I don’t even know where to begin, you can always send me a message on Instagram @aimeecerka. I’ll link it there. And we can have a conversation about what you might need to move forward because maybe you’ve got everything that you need.
But I’ll make sure that if you need a tool or a resource, we’ve got that for you. So again, check out the show notes for additional resources. And make sure you stay tuned for next week because we’ve got a very special episode coming out. It’s actually already recorded. And it was awesome. So I’ll see you then.
Special Offer
Thank you so much for listening to the Your Money, Your Life podcast, I’ve got a special gift for you for sticking around to the end. And if you’re tired of your finances being a mess, this is for you.
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And when you use coupon code “podcast“. I’m gonna give you 40% off. Just visit aimeecerka.com/action and grab the 14-day action plan for less than $20. All right, talk soon.
