66 simple tips how anyone can build wealth

Video walk through on 66 simple tips how anyone can build wealth

66 simple tips how anyone can build wealth

Overall Goals / Strategies

  • Aim for zero debt (even counting home loans)
  • Be proud of saving money (not embarrassed). Brag about it!
    • Hangout more with people that also are proud of saving $
  • When purchasing, try and negotiate. Don’t be afraid to ask for a lower price / conditions.  The answer is always no unless you ask
  • Make a budget and stick to it!
  • Follow and learn about money from people like: Beth Kobliner, Dave Ramsey, and Suze Orman
  • Teach your kids about saving money. Quantify how much each thing costs.  THEY will forgo things…
  • Round-up everything you buy to even $5. All extra money you don’t spend goes into savings
  • Pay very close attention to recurring costs and large 1-time costs!
  • Choose your college & degree wisely. Well-known names don’t offer as much as you might think.  There’s a huge variance in the cost to getting each type of degrees which has NOTHING to do with how much you can earn for each degree
    • Also consider trade schools. Often they are a better fit with far less debt
  • Believe in yourself! Take responsibility for EVERYTHING!  Don’t buy into the “blame game”

Saving Money

  • Buy generics instead of name-brand on drugs, clothes, cars, vitamins, etc.
  • Skip lavish vacations. Have “staycations” or “code-cations”
  • Cook meals (especially with planned left-overs)– Eat-out less frequently. You’ll save $16 per meal
  • Don’t have a car payment! If you have a car payment, sell it and buy something that allows you to not have a payment
  • Keep your car for longer
  • Do repairs / maintenance on your vehicle (Tune-ups, oil change, brake job, etc.)
  • Cut ties to Cable / entertainment. Find other sources like Netflix, Hulu, etc.
  • Skip the coffee shop
  • Review your cell-phone plans
  • Review all subscriptions! Are you really going to the gym?
  • Bring your own bottled water / drinks. (stop buying drinks when you dine-out)
  • Talk to your family & friends and agree $ limit for gifts
  • Use coupons- Examine and save your Valpak and local papers
  • Use Flexible Spending account and/or Health savings account
  • Price check everything.
  • Research everything! Consumer reports is accessible via local library
  • Freeze your credit
  • Freeze your credit card
  • When you feel like spending money, buy things you’ll need anyway (like food)

Buying vs Renting/Borrowing

  • Buy clothes, kitchen gadgets, & furniture from 2nd-hand stores (Goodwill)
  • Go to the library for books & movies
  • Trade movies, books, etc. with friends & family
  • Trade clothes with friends. Find a family that has kids 2-sizes above your kids
  • Borrow tools / items from a friend/neighbor / family member
  • Appliances are great things to buy 2nd hand (even HVAC units)
  • Look on Amazon Warehouse for many things you buy

Regarding your home

  • Do repairs / maintenance on your home (Clean AC, drain hot water heater, clean refrigerator coils)
  • Cut your own grass / lawn maintenance
  • Ditch the maid or reduce the frequency of visits
  • Refinance your home. Make extra payments / don’t just pay the minimum and pay it down early
  • Try and time major purchases around big sales events (Fourth of July, President’s day, Christmas, Labor day, etc.)

Reduce energy consumption in your home

  • Get a Smart thermostat (Honeywell, Nest, etc.)
  • Lower temperature on hot water heater
  • Raise Temperature AC / Lower temp on heat (every degree Hotter / Colder you’ll save ~3% on your energy bill)
  • Add ceiling fans in every room (I put up 5 in my house alone)
  • Run your AC during non-peak hours
  • Put in a “whole house fan” or some of these window fans (I own two of these AirKing and they really move the air!
  • Add plastic insulation to windows or drapes (The drapes can do more than you’d think)
  • Sun / Solar screens
  • Silicone all doors & windows (the older your windows & doors are, the more important this is)
  • Foam insulation pieces around outlets / switches on external walls
  • Change your HVAC air filters (Note, the cheapest ones are probably fine)  I use Amazon’s subscribe & save
  • Add insulation to your attic
  • Buy a KilAWatt meter to see how much energy your devices are using
  • Look for “vampire” devices that always draw electricity
  • Change out incandescent bulbs with LED bulbs. (If you have CFLs, I’d wait for them to die)
  • Purchase low-energy consumption appliances (Consumer reports has good metrics & access from your library)
  • Purchase higher SEER rated AC units (SEER 16 will save you ~ 70%)

Earning Money

  • Invest in yourself! Spend time/money on things that allow you to make more money / increase what you can charge.
  • Always have multiple jobs. (Gig economy)  Put all your “extra” money towards your debt
  • Create sources of revenue that are scalable and perpetual. Udemy courseAffiliate links, etc.
  • There’s “riches in niches.” In nearly every industry, Generalists make much less than Specialists
  • Find additional streams of income for your properties (rent shed, carport, parking, etc.)
  • Trade work / Barter with friends / neighbors
  • Monetize your hobby / passion. My Udemy courses / YouTube.  Wife making wreaths
  • Pet-sit, Housesit, babysit, elder-sit / safety check
  • Start a business that has very low start-up costs and little risk. Especially awesome if it can scale without large costs

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