10 tips to bUilding your wealth

I will be a millionaire. I mean, I want to be worth a hundred million dollars been my goal for years and years. It's also a goal how many of us actually want to be in this seven-figure club though. Like most of us want to be there want to be rich they want to be millionaires. But what I want to talk about is what that actually means as far as like
Day-to-day life because I think that most people just see the rich as though they can just go on shopping sprees and vacations and do whatever they want to whenever they want to without a care in the world. And that's not true. That's not true at all. The only difference between the wealthy and average people is the way that they view money and wealthy people live within their means and whether they mean is you know going on vacations every other week or so or whether it's just able to make it without having to go in debt. The wealthy people live within their means, it's really the biggest thing. It really boils down to the things you do day-to-day for yourself to create wealth and long-term Financial Independence because that's really what we're all after investing.


All the money that you can Into Cash flowing assets and whether it's business or real estate or stocks and bonds or people startups. It's investing. It's really important that you have the wealth-building mindset and we did a whole video on what that means versus the consumer mindset and to build wealth for yourself. It is super important.


Ain't that you start changing your mindset into that wealth creation that wealth Max. Money is tool money is not for your pleasure money is for making more money and creating a life for yourself and you have to start viewing money differently with the walls building mindset. You can't sit there and you know a lot of the times we've heard growing up that money doesn't grow on trees or wait can't for that or you know just to get it negative talk about money. And if you have a negative talk about money, you're either going to be saving your money for a rainy day and then you're waiting for that rainy day to happen. So that rainy day happens or you're just going to be like I have the money to do it. Now. I'm going to go ahead and just blow my money now because I have it. I'm going to enjoy it but then you're stuck in the consumer mindset and you're not going to get out and so you really need to readjust your thoughts about money. I love Scott trench is one of the most impactful quotes from the book. He talks about everyone's heard. The Saying A Penny saved is a penny earned and Scott trench says that that's not true. Actually a penny saved is worth one point three pennies earned.


Depending on your tax bracket. The money that you save is actually you've already paid tax on it. It's already yours versus the money you earn your yet to pay tax on so that when you're just getting started is going to be one of the biggest mindset shifts you can make is spend your money very wisely because it is the tool that will set you free. Another tip is sort of cliche.


Say but really get outside of your comfort zone. I mean, if you're not happy with where you get comfortable being uncomfortable go to networking groups. Go listen to speakers. Listen to podcasts like do everything. You can get uncomfortable. I actually remember when we first moved here you found a real estate group that meets every fourth Thursday or something and you're like I'm going to go and I was like have fun. I'm staying at home. And because I was just like very uncomfortable. I didn't want to go out and meet new people and just kind of scared then he went by himself and he came back. He was I oh my gosh, I was so great and then we went to go to another one and then that ended up like bombing or something like they didn't show up and or maybe we just didn't see them, but we ended up meeting at a different table with another realtor and
talking with her and then like now we go regularly and we know most of the people there so get out of your comfort zone. It'll help you, in the long run, something else that you need to do focus on self-improvement focus on yourself. You are the one that is going to do this. You need to give yourself the tools to be able to do it. No one's going to do it for you. You've got to actually you've got to make the change and you have to learn what you need to sew.


Start reading start listening start watching YouTube videos. This is a great one. If you need to also start budgeting start finding out where you're spending money. Where can you stop spending money? And then instead of saying like I can't afford it start saying, how do I afford it? That's great. That word is so powerful. It's actually psychological. Actually studies have shown that the word if you just change your mindset by asking yourself how they've done functional MRI scans of the brain of people who ask how versus people who say I can't and the person who says I can't afford it. I can't do that. I don't know how to do that their brain shuts off. Its it is the end of the sequence in their brain, but for those people who ask how can I afford it? How can I learn to do that? How opens up possibilities their brains immediately start trying to solve the problem something else you can do to add to your financial Independence is add multiple streams of income and I know you've probably heard it before, you know, the average millionaire has seven streams of income.


Income and but honestly though that's true. If you are reliant on your paycheck, which comes from your time that you spent working you the amount of money you can make is tied to the amount of time you have to spend on it and there's a finite amount of time we have each day each week each year, too.


Make money in that way. Well, I'm not just that people say that they go to college to get a secured job, but it's not really secure. You can lose your job and need alike you make one wrong mistake or the company starts to go bankrupt. They're going to make cuts and you could be one of the first ones to be let go you think it's secure you think I've got a paycheck coming in every week. But really it's not secure.


Multiple streams of income whether passive or semi-passive. That is the only way you're going to be able to Achieve Financial Freedom early in life. We chose real estate it appealed to us, but it's by no means the only way to do it. You people have become very very wealthy in the stock market people have become very very wealthy with startup investing.


In start-up businesses apps and we won't we won't go into detail. But I mean we're working on more like he is working on two other ideas for our business that is completely not real estate the newsreels. So we're working on our second and third sources of income as we speak. The last one. I really want to talk about I hate the model of work 40 years during the best years of your life.


Life and hopefully have saved enough money for retirement by 65 and live a happy retirement and old age somewhere on some beach. I think that sucks. I hate that.
I would rather work really hard right now than take a micro retirement. And what I mean is a year two-three to do something very different with my life and then come back to work doing again things. I enjoy but taking time off coming back. There is no need to work in the best years of your life away.


For the hopes that you've saved enough money to live old age in some secluded area by your you know at the end of your life, I'd rather break it up, you know able to take time to go to the things that you want to do while you're still young actually. I've seen a lot of people posting about that. This is why you need to Vacation while you're young because there was a couple who is photographed on a gondola.


Something about an Italy and they're going down a little stream and it's an older couple the retired couple probably and they're like passed out in the boat. So they are tired so they missed an experience because they were sleeping on the boat. So do it while you're if you've built the life yourself that you enjoy why I stopped. I stopped working. I mean, I love what we do. It's so stressful and it's so much work and I love it to death. It's great. I say it's taking actually like six months break and then going back to work and taking another six-month break like two years later. Definitely. So I hope that some of what we have talked about will help that mind shift because that's the most important thing is to get your mind right before you get your life. Right? So we mind right before you get your life, right?


So those are just some of the things that we have been working on are still working on real and we just wanted to share with you. Thank you guys for watching. We are Bugay Investment Group.

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