Vercie’s Financial Freedom Tip of the Week- The Ultimate Pyramid Scheme To Create More Wealth for You and Your Loved Ones.
Step 1. Get your priorities in order. Pay the most essential bills that you need to survive and stay safe and warm first. Pay your housing (mortage or rent), food, utilities (heat, water, electric, basic phone service) and other critical bills needed to live each month.
Step 2. Invest to create more income for you and your family in the near and distant future. Every money begin to save more and invest more until you are investing at least 10% for retirement, and 5-10% going into savings or other investments that create more wealth and income for you to live on in the next 5, 10, 20, 30 years depending on your age. If you can’t pay your most essential bills and also invest find a legal side hustle. There are many ways to create more income with side hustles or working overtime if you’re willing to go for it. I will share insights on great side hustles to create an additional $50 to $100 a week for investment in next weeks Financial Freedom Tip.
Step 3. Manage your money. 60% goes to paying for essential stuff. 10-15% goes to savings and investments. 20-25% goes to life’s comforts and passions including Church tithing. Tell your family, friends, deacons and minister you’re changing your spending habits to begin investing and securing your future by using “The Ultimate Pyramid Scheme. Once you create a better life for you and your family you’ll have much more money to give others or give to charity if you choose. If they truly love you then will support you and try to help you along your journey. If not, oh well life goes on and you should move on.
Step 4. Create new spending habits over the next 6-9 months. Beginning in November budget and spend your money like the wealthiest (wisest) of Americans, those in the top 20% of wealthy people in our country. I’ve provided the 3rd chart and highlighted areas where you should reduce spending to fuel the creation of more wealth and income in your life. Refer to it to help you set your own budget or adjust your budget. Don’t spend like you’re Kanye or Kim K, Beyonce, JayZ, Weezy… and other stars or athletes to try and keep up appearances. As you can see form the chart the wealthy spend less for housing as a percentage of their income, they spend less on tobacco and alcohol, less and several other categories. They get rich because middle and lower income people spend more on those things and doing so helps them get richer as their investments in companies that sell you more stuff rise. The majority (90%) of RICH folks don’t all live on Park Ave, Upper East Manhattan NYC and they aren’t entertainers or pro athletes. Most live on farms, have small businesses and side hustles to create more income and they live in middle income communities. They buy houses, cars, boats, appliances at the low end of the market and keep them until they need to buy another.
Step 5. Stick to your priorities and new budget during good and bad times and don’t think you owe it to your kids to pay for their college, buy them a new car, give them the latest fashions, phones, and gifts unless you can really afford to do it and not dip into the investments you need to secure or drive up your credit card debt. It’s your job to create a good life not buy them better stuff. They will learn how to work to get what they need or want and be better off when their adults because of your restraint and seeing your good habits and success.
That’s it for this weeks Financial Freedom Tip. I hope you find the content useful and it helps you if you are living pay check to pay check or just want to have more wealth to generate additional income in not too distant future.
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Have a blessed week! Love ya’ll!