how to build wealth with a low income that is what we were talking about here today guys I'm gonna give you a 3-step process that you can literally build wealth for yourself with a very very low income all right now if you've been following this channel for any amount of time you know there's one thing I preach more than anything when it comes to really building wealth and that is to focus first on getting your income up however for today's video we're gonna completely disregard that we're gonna assume that you cannot get your income up for whatever reason I understand that sometimes it's hard to get your income up okay I remember being a minimum wage worker at 20 years old and like wanting to make more money but I was like I don't know how then QuikTrip came and also and I got boosted up to making like 40 thousand a year and I was like whoa I'm starting to get into the middle class this is cool okay and then I kind of plateaued for a while I was making like 50 maybe 60 grand a year and I was like man I want something more than also they started my real estate company that gives me the confidence out there and then I start youtube in that time it takes off and I become a rich person I've become a you know top 1% income earner in the entire world alright so for me a you know it took a while to get to the level I'm at now okay it's been you know a decade in the making so I understand completely if you can not get your income up because it really takes belief in yourself it really takes crazy amount of motivation and also the knowledge and sometimes all three of those things just don't come together so you can't really get your income up at a particular time so I completely understand that so that's why I'm making today's video for the people out there and say you know what I want to build wealth I really want to build welcomer myself but I just don't have the means to make a big income right now I'm struggling out here you know I got a low paying job or a job that's just okay you know middle class or something like that but I want to build wealth okay so that's what today's videos dedicated toward is dedicated toward my subscribers that meet that criteria that you guys want to build wealth for yourselves maybe you're in college maybe you're just a younger person in general but you don't have a big income but you really want to build wealth so that's what today's video is all about I hope this 3-step process really helps every single one of you guys out there alright so step number one to this three-step process is first off before you worry about investing doing anything like that you know I want each and every one of you guys to go through your expenses line by line I'm talking about down to every single transaction you do all right I know a lot of my viewers are younger viewers and a lot of you guys are probably like myself that you use debit cards for every single purchase what you what I want you to start with is I want you to go line item by line at him through your bank statement look at every single thing that you are spending money on calculate that all right and then figure out how you start cutting costs I've never met one person in my life that let me go through their their financials okay and kind of view them I've never met one person in my life where I said you know what they're maxing out they're saving as much money as they can there's no way they could save more money I've never met one person in that situation every single person I don't care if you're poor if you're middle-class if you're rich especially there are always expenses you can you can get rid of okay every single person across the board when I look at myself every step along in the process okay when I was a minimum wage worker when I was in the middle class you know nowadays especially there always been times where I say I can always cut expenses out of my life okay that is step number one if you want to try to build wealth and you've got a low income and you're kind of stuck in that low income realm right now the the focus needs to be how do I have more money at the end of the month each month you've got to go line item by line on every single thing you've got to analyze and say do I really need to be spending money on this and if it's something that you don't really need to be spending money on that don't spend money on it okay and there are so many things that people you know are cost-cutting measures that you could do out there that will save you a lot of money I remember a video when viral recently on YouTube and it was about this this mom and daughter and they were living in their van in California and whatnot and I remember they showed their expenses that you know they were spending and I was just like appalled that so many of the line items I'm like these people could easily be affording a house but they're spending this much money on this and that's ridiculous if they save money by doing this and that this is a type of analytical work you guys got to do on your budgets okay if you're stuck in that low income right now you need to focus 100% on and you know getting at the maximum mountain of money at the end of each month saved up okay so if you're only saving let's say 50 bucks a month right now your focus needs to be how do I save enough money how do I get rid of enough expenses how do I save enough money here and there that I can have $200 saved away at the end each month or $300 because the more money you have saved away guess what that's the more money you have to invest all right and that goes into step number two okay step number two you've got to study everything you possibly can about stock market investing in my personal opinion by far and away if you have a low income and you want to you know get some wealth the easiest way in my personal opinion is through stock market investing okay you need to study everything you possibly can you need to read as many books as you can you need to watch as many youtube videos learn from as many people as possible and I always say you know learn from as many people as possible read as many books in kind of find the ones that suit you okay the person that suited me was with me when I started watching some YouTube videos this is when YouTube was very early dates like YouTube is just being created within the last two or three years when I started watching YouTube videos that were uploaded by random people about Warren Buffett clips okay basically is just like people recording their TV and stuff and putting them on YouTube and it was Warren Buffett clips and I sort of really learned the Warren Buffett style of investing okay value investing and he really spoke to me in a way I could understand okay and that was kind of my my opening because up until that time I was kind of you know dabbling with reading some investing books and and things like that but note that no one was really connecting with me in order to say you know what I can do this for myself no one was really given me that confidence that in like I could I could do this man I can do this I'm a regular person I'm a regular job out here I can invest my own money so I always you know say to people you know tryna you try to watch different people's videos try to read different books get different ideas and then find you know the lane you want to be in and go after that Lane okay obviously I have video courses you don't have to buy any of them or watch any of them but if you prefer to you know watch video courses I have different video course I have a 51 video course and I also have my stock market membership group second link down there in the description you don't have to join either those I'm just saying if that's your you the way you learn best through video courses that are organized and things like that those are options for you there's so many ways available for you guys to learn about stock market invest study everything possible okay ask yourself one major thing okay there's one major question and you have to be really truthful with yourself when you ask us one question or cell phone okay when you've studied everything and you've learned about investing and you're good okay and you're about ready to get started there's one major question you have to ask yourself and that question is can you handle volatility all right if you have a thousand dollars in a stock and you wake up the next day and that stock says it's worth $700 now can you emotionally handle that or you take person that can get over can you stay and have a vision of long-term and things like that if you can't and the answer is no and the answer is man that I would be past that I would just be like you know crying and things like that like if the answer is no it's not for you for you for you I recommend just you know stick in a savings account CCD accounts and things like that for now okay until maybe you feel like you can deal with that someday or maybe you can save up enough so you can start buying real estate investment properties or things like that okay where you put five or ten percent down until you can handle the volatility you have to be really truthful with yourself you know because the stocks have massive volatility like one day you can make a ton of money next day you could lose a ton of money like it just depends like stock prices go up and down sometimes 5 10 15 20 percent in a day you know especially on earnings days if you can't handle that type of volatility stock market investing will not be for you stick your money as CD accounts and savings accounts to just you know that's that's your way from now right and then you can worry about things down the road however if the answer is yes you think you can handle the volatility you have belief in yourself you can focus long-term you're not going to get caught up in all the short-term stuff that happens the volatility if the answer is yes then you can proceed to step 3 which is actually investing in stocks okay so there are two ways you want to make money through stock market investing all right the first is you buy a stock all right and the hope is that if you chose the right company you studied everything you read the 10 KS the 10 Q's you understand that business model very well all those type of things hopefully over time that stock price will appreciate over time all right now the other way you can make money from stocks is through dividends chances are if you're a newer investor in stock market you're gonna be investing a lot of the bigger companies a lot of the bigger companies the majority of them at least pay dividends every three months okay so every three months for a lot of stocks out there you can look it's all public available information you can look on Yahoo com see what type of dividend stocks pay and all that type of stuff the yield you can get money basically in your account every three months for just holding a stock it's pretty awesome okay it's a pretty cool thing but also if you made a good decision on that stock over the coming years that stock price should appreciate okay now if you made a bad decision if you risks a farm on a stock if management screwed everything up then you could have lost money okay so you got to understand that that's part of dealing with the volatility but hopefully the majority of time if you're decent investor not even if you're a good investor not even if you're a great investor you're just a decent investor you should make money as far as your shares appreciating much more than your shares decline if you're looking at from a long-term basis short term anything can happen recessions can happen stock market can just fall for any random reason you know a lot of different things can happen out there all right but if you're decent investor you should make more money than you lose money over time all right plus you get those dividends on top for any of those stocks that you're invested in dividends and that's a very very nice thing all right now with stock market investing you want to make sure you're treating every dollar is an important dollar don't just treat it as joke money so if you only have 300 dollars a month to invest for yourself right you need to treat that 300 dollars like it's $300,000 you're investing okay you need to treat it with care you need to build a real portfolio of real companies and not I'm gonna try to become a millionaire tomorrow I'm gonna try to play the lottery ticket stock that you know as some penny stock or something out there okay don't focus on trying to become a millionaire tomorrow because if you focus on just trying to build wealth overall and you focus on that for a decade or two believe me you're gonna have a lot of wealth when it's all said and done okay you're gonna have a lot of wealth over a decade or two if that's really your focus building wealth for yourself okay if you focus on you know trying to hit the Powerball over here you're probably gonna lose a lot of money and you'll never end up building any real wealth it'll just kind of all follow the wayside so no matter what type of money you have I don't if it's a hundred extra dollars a month to invest $1,000 $500 treated as it's real money and it's very important and it is very important because that could be the majority of your wealth you know if you're just starting out okay so treat it as such guys I hope this really helped anybody out that's watch this video today I hope you guys got a lot of value hit a thumbs up if you really enjoyed this make sure you follow me on Instagram if you love to keep up with stock market news thank you for watching and have a great day

30 thoughts on “HOW TO BUILD WEALTH WITH LOW INCOME in 2019”

  1. Since you watched this video here is a link to join my private stock group for a generous discount :))

  2. Better advise below

    Step 1- Live in a Van(Eliminates housing cost)
    Step 2- Live near your job(Eliminates transportation cost)
    Step 3- Don't eat out

    If you follow these 3 steps your monthly expenses should be less than $500 a month.

    If you make $7.25 per hour that is about $1000 a month after tax if you work 40 hrs.

    That leaves you with about $500 to invest.
    $500 invested at 10% interest rate over 30 yrs is 1 million dollars.

    If you started at age 20 you will have retired at 50 yrs old. 17 Years earlier than most people. All while only working a lazy 40 hrs a week at minimum wage.

    You may have been born into a poor family but there is no reason to die broke.

  3. Ubering is good for a struggling part time day trader.. The open hours and ability to get paid at any time gives you the freedom and cash to make moves daily.

  4. After you earn $100 dollars, flip it over and look at it again. It looks like a different $100 dollars. Whoa! It’s like having $200 dollars. Now take that $100 and put it in your pocket. Then later take it out and look at it again. Think dang that is a different $100. This economy is working out for me!

  5. I love all your videos and just subscribed. I just wrote a new post on Financial Education please check it out.

  6. It's not rocket science or any special formula. To build wealth on any level you have to stop spending. Less out more in. You will not be rich necessarily because how much wealth you have is income based. But you sure won't be broke and you'll be able to enjoy a higher percentage of your income.

  7. @financial education πŸ™ thank you Jeremy, this video will be my secrect sauce to make my future wife πŸ’¦ when i have built wealth!

  8. Study the stock market? Wtf? You're in a minimum wage job due to lack of higher education how is it possible that you can be self- taught? If it were so attainable why can't everyone do it and become rich?

  9. I'm 62, on disability retirement and locked in at $46K per year. I've zero debt and own my home free and clear. I'll be looking for a light job my arthritis can handle once I turn 66.6 years old. Invested $1,100 in ACB and HEXO a couple of weeks ago, first time I've bought stocks. Down $35 one day, up $10-15 the next, I can see how this would drive some folks bonkers. I'm looking at 10 to 15 years down the road, so it doesn't bother me at all. Also been studying Vanguard index funds, want to start with $3K. Haven't decided which one to invest in yet, but I keep coming back to VOO. I'll be able to throw $1K into it every month and $300 into government bonds. I've a LOT to learn, but this is where my thoughts are currently at.

  10. Start late finish rich by Michael Bach. Fantastic read. Also a good way to learn about cutting costs and savings.

  11. Nice video but i count myself as a successful trader because of the amazing trading strategy of Mr George jorkins

  12. Ride share apps and food delivery apps are great side hustles you can make an easy 100 bucks a week to use for investing with these apps and u can do it any time

  13. Surprise! I am probably twice your age. I have not had a good work life, being profoundly deaf and socially-challenged (don't know how nor want to brown-nose for better jobs when it doesn't feel right). Also, my parents were from the Depression Era, so they never did invest in the stock market, and they didn't want to. Dad was never in jobs that offered retirement accounts, and Mom only worked to pay the bills and never really had solid long-term goals (didn't have to start working until she was past 50 at the bottom of her life).

    In essence, I could never really get myself in a position to save money without it all being taken away for a car repair or something like that. I went out of debt twice in the last 3 years first because of unsteady work and later because I got sick in very late 2017/early 2018. I got back out of debt last year in November and have a sizeable amount sitting in a savings account in India (3+% interest) and will be putting money into Fixed Deposits (FD), which are like CDs in the US, but at a much higher rate at something like 4-7+%.

    I'm taking this route because I don't have a 401k nor an IRA (and couldn't anyway, since I am NOT earning any income from work). The only other avenues include opening a brokerage account to invest in an index fund of some sort, but two things about this. One, I don't like that some objectionable companies are found in these things. Two, since I have nothing invested in stocks at the moment, I do NOT want to sink what is to me a significant amount only to have the stock market crash, and then I have to wait 1-2 years to break even before rising on higher. I might as well rise on higher in 3 months' time instead and then turn around and start investing once I see indicators showing a bottom is in (relatively-speaking). I would have been continuing to invest in the stock market even now if I had something like 5-10-15+ years of money invested, but not now with $0 invested in this route.

    This isn't just for young people "temporarily" stuck in a low-income situation, but also for people who are PERMANENTLY stuck in such a situation because of age, life circumstances, and abilities.

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