HOW TO BECOME A MILLIONAIRE – “WEALTH BUILDING POWERS” FORMULA
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
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As we approach the end of 2023, I will answer a much-repeated question: How do you become a millionaire? Here is the most straightforward path I know and used to achieve financial freedom.
FOUR GOLDEN RULES TO WEALTH
- EDUCATION: Finish High School and then build your competency to earn an excellent/GREAT income
- WORK ETHIC: The only way to earn money is work. The harder you work the more you earn. Get a job, start your business, EARN MONEY! My Dad and Uncle were hard-working men! I emulate their work ethic.
- FRUGALITY & SAVINGS: Spend less than you earn and grow your savings percentage to 20% or more.
- FAMILY: Get married BEFORE having a child. Simple math-two incomes are better than one!
EDUCATION
Too many push a false narrative that most kids must attend college. In reality, most U.S. millionaires do NOT have a college degree.
Millions of young people and, unfortunately, some parents are borrowing tens of thousands of dollars for a piece of paper that is less valuable than Charmin toilet paper. Sorry, it’s one of those blunt blog days! Common sense rule: If your degree(s) fail to earn you enough to pay your reasonable bills – YOU HAVE BEEN SCAMMED BY THE U.S. UNIVERSITY SYSTEM. The universities and loan agencies are the only winners in allowing massive debt in studying “Puppetry”. {Yes, you can get a college degree in Puppetry. PLEASE DO NOT!} The losers from these low-paying and sometimes unemployable degrees are Parents, Students, and U.S. taxpayers. Avoiding this misstep is simple. Use your smartphone and google the first year salary of the degree you are interested in. Use that amount as your maximum TOTAL loan amount. My BS is in Chemical Engineering, with a starting pay of around $80,000.00. The maximum I suggest you borrow for this degree is $80,000. Supplement the cost with scholarships, part-time work, summer internships, your parents {IF THEY CAN AFFORD TO HELP}, Uber, etc.
Too many Starbucks Baristas with college degrees in low-paying fields find it difficult to find employment, or Starbucks pays better than their field.
Finally, do not confuse your passion with a career path. My passion is photography. I am not good enough for that to be my primary income source. I earned money with my university degrees, which paid for my hobby! I have taken hundreds of hours of low-cost and FREE workshops in photography.
WORK – AIN’T NO GETTING AROUND IT!
Throughout his book, Malcolm Gladwell repeatedly refers to the “10,000-hour rule,” asserting that the key to achieving true expertise in any skill is correctly practicing for at least 10,000 hours. A few people who exceeded the 10,000-hour rule: Lebrun James, Four times NBA Champion and approaching Billionaire; Warren Buffett- Billionaire; Elon Musk- World’s richest man; Bill Gates- Founder of Microsoft and Billionaire; Jeff Bezos, Founder of Amazon and Billionaire; Michael Jordan, Six-time NBA Champion and Billionaire; Taylor Swift- Singer/Entertainer and Billionaire. These are names you recognize and consider outstanding in their fields. If you want to be a good doctor, teacher, carpenter, auto mechanic, etc., put in the time! Hint- at least 10,000 hours!
GROWING YOUR INCOME– You want a job where hard work will get you noticed. If you start at Walmart as a stock clerk, you can, with hard work, keep climbing. Your opportunities include department supervisor/team lead, assistant store manager, store manager, and up to the CEO. Employees who demonstrate they have much more talent climb and grow.
FRUGALITY & SAVINGS
My favorite Uncle brought me a piggy bank similar to the above for my birthday. I loved that safe. Mom taught me the value of growing my savings. I would get a $5.00 gift and put most of it in that bank. Once you start working, there is only one way to save money – SPEND LESS THAN YOU EARN! Don’t waste your HARD-EARNED MONEY on future landfill JUNK you do not need. Ignore your friends and neighbors and their stuff. Your goal is to save 20% or more of your income.
SAVINGS
If you are eligible for a 401K and your company matches, you are a fool if you do not, at the minimum, contribute enough to get the company match. If your company matches seven percent, then contribute at least seven percent. Then, learn to pick from the multiple ETFs and funds they offer {RECOMMENDATION -S&P 500 ETF}. Finally, push a portion or 100% of any raise into your 401K contribution each year. Your target is to max out your 401K contributions. Do this for decades, and millionaire status is yours!
FAMILY
Approximately ~73% of African American kids begin life at a disadvantage because too many dads are missing BY CHOICE.
GROWING UP WITHOUT A DAD INCREASES THE RISK OF:
- Emotional and behavioral problems like depression, anxiety, aggression, and delinquency.
- Involvement in delinquency, violent crime, and substance abuse.
- Difficulty developing a strong self-identity and self-esteem.
- Associating with delinquent peers or engaging in impulsive and risky behavior, such as criminal activity, to cope or obtain resources.
- Lower grades and educational attainment.
- Risk-taking behaviors, such as substance abuse and early sexual activity.
- Struggles in forming healthy relationships, especially with male authority figures.
- Economic disadvantages like food insecurity, housing instability, and inadequate healthcare.
You provide a better future for yourself and your children by marrying before having a child.
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
LET’S MAKE SOME MONEY – CRYPTOCURRENCY, ANYONE?
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures, and means of prevention, for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion or a family’s ability to pay.https://www.stjude.org/
Wounded Warrior Project: An American charity and veterans service organization that offers a variety of programs, services and events for wounded veterans of the military https://www.woundedwarriorproject.org
Folds of Honor: Providing life-changing scholarships to the spouses and children of America’s fallen or disabled military. And now, our mission expands to the families of America’s first responders. On our watch, those who protect our freedoms and our families will know they are not forgotten. https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: A N0-Kill shelter that is a top-rated non-profit. They compassionatelycare for all their animals. https://wcnkas.org
Tunnel To Towers: Since 9/11, we have been helping America’s heroes by providing mortgage-free homes to Gold Star and fallen first responder families with young children and by building specially-adapted smart homes for catastrophically injured veterans and first responders. We are also committed to eradicating veteran homelessness and helping America to Never Forget September 11, 2001. https://dogood.t2t.org/give/320847/#!/donation/checkout
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
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CRITICAL THINKING – TOP TEN IN-DEMAND SKILLS FOR MANY EMPLOYERS! – CRITICAL THINKING PART 3: WHAT ARE THE UNIVERSAL STANDARDS OF THINKING?
CRITICAL THINKING SERIES PART 4: – A SELF ASSESSMENT OF YOUR LEVEL OF THINKING AND LEARNING
THINKING IS DRIVEN BY QUESTIONS, NOT ANSWERS – PART 5 CRITICAL THINKING SERIES: WHAT QUESTIONS DO THE BEST CRITICAL THINKERS ASK?
WHAT {DO YOU, AS A} CRITICAL THINKER, DO TO LEARN? – PART 6A – CRITICAL THINKING SERIES
WHAT DO YOU AS A CRITICAL THINKER DO TO LEARN – PART 6B – CRITICAL THINKING SERIES
WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? PART 7A – CRITICAL THINKING SERIES
PART 7B: SUBSTANTIVE WRITING: WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? – CRITICAL THINKING SERIES
WHAT DOES IT MEAN TO BE A FAIR-MINDED CRITICAL THINKER? – PART 8: CRITICAL THINKING SERIES
WHAT DOES IT TAKE TO DEAL WITH YOUR IRRATIONAL MIND? – CRITICAL THINKING SERIES – PART NINE (9)
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Warren Buffett Says This 1 Simple Habit Separates Successful People From Everyone Else http://flip.it/_AzPx9
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WANT TO LEARN HOW TO BECOME WEALTHY – READ “THE MILLIONAIRE NEXT DOOR”
THE ONE BOOK YOU SHOULD READ…….
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COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
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FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED – TRUST ME!
https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
