Everyone wants to build an empire, a legacy for themselves and their family but it seems like money just isn’t readily available. Today we’re going to break down how to build that empire…on a budget! Say what?!? Read on, friend.
But first, let’s consider if you made six-figures, how much would that really get you?
According to Bankrate the quality of life that $100,000 a year affords you depends on where you live. We know that sounds like a blanket statement, but there are other factors to consider like inflation, taxes, the cost of living in different geographies, how large your family is, and more. Whether you’re making $100k or $50k the thought remains the same – you have to be wise about how you allocate your money. So here’s how to build an empire on less than six-figures.
Cultivate relationships that outlive you and can pass along goodwill to your children. In today’s world, it’s important to talk to your neighbors, build relationships at coffee shops, and especially at work. You never know when the nice deed you did for your co-worker Derrick lands your daughter’s resume on an executive’s desk.
Build a Nest No Matter What
It doesn’t matter if it’s $500. Lock in something that will grow over time and that you can contribute to consistently. As life progresses, add stipulations on those nest eggs that your children can’t access the money until they reach a certain age and that it has to be invested into a business they start or an income generating opportunity. Whether it’s boom or bust, they’ll develop empire-building skills just like you.
Do one thing weird for your financial well-being. I used to only buy shoes from a company if I had stock in that organization. I was either going to make my money back from the dividends or the price appreciation. Ironically it also saved me money and feeling like I needed to keep up with fashion trends that cycle back every year.
Build Passive Income
Your salary can get spread thin from bills, transportation, family obligations, and then finally the things you want. Identify areas where you can build passive income like dividend stocks, jobs that utilize your talents in your free-time (think minimal effort, maximum return), cash-back credit cards, and more. We found this list to help kick-start some ideas.
Start Reading More
Often we don’t build wealth because we don’t know how or have the right tools. We deal with the same sets of information everyday and make decisions the same ways we always have. Time to break habitual thinking. If you want the keys to the gate and yours ain’t working, you have to get more keys. Expand how you make decisions, what decisions you think you can make, what you think you can and can’t do – you can only do this by equipping yourself with more data and it doesn’t have to be about wealth. The more you read, the more your brain will connect concepts together that you think didn’t have anything to do with each other and it will connect them in a way that matches up with the goals you’re trying to achieve aka building an empire.
Take the Quit Your Job Challenge
No, don’t actually quit your job. Just pretend you did and assume you can’t find another one right now. Your money flow has turned off and you need to figure out how to generate some greenbacks. What do you do? You learn. Many times we don’t act until our back is against the wall. It’s these moments when decisions get made that can have life changing impact. Case in point, a friend of mine never would have started investing in cryptocurrencies had he not quit his job to start a business. Startup cash was tight and there were mouths to feed, so he learned the ropes and cast fear aside. After investing what he could afford to lose he’s made a 5X return and changed his financial trajectory. Again, back against the wall theory.