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Income and Asset growth strategies for people who are serious about changing the lives of their families.
Where should you begin your journey?
No matter where you are in your journey, the basic building blocks of wealth come down to CIA—Credit, Income, and Assets. We’ll develop strategies to build all three to higher and higher levels throughout your journey and, critically, we’ll look at the role the our beliefs and trauma plays in our finances. So much of the behaviour that keeps us back is rooted in pain and dysfunction. We’ll undoubted have to change that relationship in order to hit our financial targets.
If you have less than $2000 in savings and/or less than 3 months’ rent saved, then you should begin at Step 1 and start growing your savings. We’ll tackle credit and the rest once we get your savings right.
If you do have more than 3 months of rent and living expenses, but your credit is crap, then let’s start at Step 2 and fix your credit.
You can start at Step 3—buying a house—if your credit is already at 680 or above and you’re ready. You can still buy a home even if you’re not at 680, but you should be working on your credit while trying to make your first home purchase.
Increasing your income, Step 4, requires you to have enough slack in your finances and schedule. The other steps are about building that slack, but if you already have slack, even if you haven’t conquered the first three steps, you can begin the build the foundation for higher earnings, higher yields, and profits.
Step 1. Start growing your savings and build slack into your budget
Growing your savings will bring you a peace of mind that's hard to describe. You'll stress less, you'll worry less, and you'll feel more confident about pivoting to a new job if you need to. You can actually hold out for a job that you want when things are not so tight.
That first step of reducing your spending doesn't have to be painful, I promise. Budgeting one way of reducing your overall spending without feeling like you're being controlled or on an involuntary diet. The truth is: the majority of folks have no idea where there money goes. It's death by a thousand cuts—a few bucks here, a few dollars there... next thing you know the money is gone! I'll show you how to fix that.
In the following budget articles, I provide real-life advice on how to save on food and monthly expenses as well as how to avoid the Four Horsemen of Wealth Destruction.
Step 2. Start healing your credit as you heal your habits
Having a great credit score isn’t about disputes and charge-offs. Those tactical strategies are helpful (sometimes), but in order for your credit to really shine, you have to change your behavior. In the credit section, we’ll cover the tactical strategies like disputes for credit repair while leveraging some of the most powerful tools for credit building and addressing behavior so that your credit stays shiny and polished for years to come.
Go to credit related articles
Step 3. Buy a house the right way
For most Americans, a home will be the most important asset that they acquire, and yet many make the mistake of starting their home ownership journey by talking to a real estate agent first. I can't think of a worse move. Instead of getting your information through a straw from an "expert" who has a material interest in the deal, wouldn't it make more sense to get unbiased information first? Knowledge is power, right? Well start building your knowledge here and navigate your deal with confidence.
Read more about the home buying process.
Step 4. Stack more paper
You can't get wealthy by saving alone. Increasing your income will be critical to growing your saving and your overall ability to grow wealth. Whether it's through starting a new business, cultivating a new skill set, or expanding your portfolio these ideas are proven to help you escape the gravitational pull of wage labor and rocket you to a new income bracket.
Find income increasing strategies here