9 Principles You Need To Know To Create Wealth: Episode 293

On this episode, I'm sharing our story, where we were financially only a few years ago, and how we got to where we are today from being on food-stamps. I’m talking about 9 Essential Principles to help you create wealth. Stories of what we went through, lots of hardships, and what we learned along the way. There’s so much power in being intentional and having a vision! Let’s dive in!

*This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link on this blog. I would never recommend a product I don’t use or love myself!

1. You need to know your vision (2:23)

What kind of lifestyle do you want? What’s your goal?

Our goal is to retire by 40. We are really clear on our vision. Because we know that, we are very intentional about saying no to things that don’t line up with that vision.

Is getting a $50,000 car help us get closer to our vision? Nope. So we don’t do it- we spend pour money on other investments. It’s not a no forever, it’s a no for right now.

If you know your vision and it’s so clear, you will stay on the track to your goal and reach it faster. So know your vision!

 

2. Learn money. (3:55)

They don’t teach you how money works in school. But you need to learn it. When I first read books about money and investing, it sounded like like a foreign language: index funds, EFT’s.

But the more I read about it and dove into that world, I became so knowledge about it and it has helped us with our investments so much.

Books I recommend about money:

Unshakeable by Tony Robbins

Money Master the Game by Tony Robbins

Rich Dad, Poor Dad by Robert Kiyosaki

The more you put yourself in that growth environment and read about money and investments, the more it will make sense and the more you’ll benefit from it.

 

3. Invest in Yourself (5:41)

The most important investment you can make is in yourself.

I have been doing this for years- ask yourself how you can make an investment in yourself.

Working with mentors, health coaches, going to live events, joining masterminds.

Put yourself in a position where you’re surrounded by people who are at a higher level than you, and you will grow so much.

Start with a book, then take what you learned from that book and join a course, than a mastermind, etc.

Up-level until you’re at the next level, than up level again. Investing in yourself is so key.

 

4. “If you are faithful with the little, you will be made ruler over much.” -Matthew 25:23 (6:52)

I teach this to my son with new games or iPad, but it’s so relevant to adults too.

The money that you have been given or earned, have you been faithful with that little so you’re faithful with much?

Let’s say 1 person signed up for your webinar, are you being faithful with that person? Are you treating them like gold?

Be faithful with the little you have been entrusted with, so you can multiply that.

 

5. Give even when you think you can’t afford to (7:45)

When my husband was laid off from his job, and I was a full time grad student, all of a sudden we didn’t have a place to live. I didn’t have a job, and everything was a little scary.

What did we do? Instead of freaking out, we went and sponsored a child with Compassion International.

Tony Robbins says if you won’t give a dime out of a dollar, you’re never going to give a million out of 10 million.

So even when you think you can’t afford to give, GIVE. It ends up coming back to you like a million times over. Fins something near and dear to your heart, and GIVE! Give today! Start small, and do what you can with what you have.

 

6. Use your business as a money machine! (8:47)

This is how I think of my business. I pay myself first, and use that money to invest in other areas.

The money is seed. You don’t spend all your seed, you plant it and help it to grow. I use this money I make and invest 70% of it into:

  • Stock market
  • Other businesses
  • Rental arbitrage
  • Car rentals in Senegal
  • Chicken Coop

So use your business as a money machine to fund all your other investments, and watch your money grow!

 

7. Create passive income (9:39)

“If you can’t find a way to make money while you sleep, you’ll work until you die” -Warren Buffett

So figure out a way for you to become an investor, automate your investments, create more assets and limit your liabilities.

Create those passive income streams and investments. The money we make from our “money machine” (this business) goes into those different investments, so we can make money while we sleep, and hit our goal of retiring by age 40!

 

8. Create Multiple Income Streams (10:24)

The average millionaire has 7 income streams.

If you only have 1, and that goes away, what are you going to do?

This is why you need multiple different income streams. Investments, businesses, real estate, etc.

Create these different income streams, so that money is coming in from several different areas. Don’t put al your eggs in one basket, create multiple income streams.

 

9. No Debt, Move at the Speed of Cash (11:05)

“The borrower is slave to the lender.” (Proverbs 22:7)

So the money we’re investing in Senegal, instead of going into debt to make those investments, we’re moving at the speed of cash.

So we don’t have any debt, we buy things and investment opportunities as we have the cash to make them.

Books I recommend about debt:

Rich Dad, Poor Dad by Robert Kiyosaki

The Millionaire Maker by Loral Langemeier

The Millionaire Next Door

I also took the investing course from Our Rich Journey, and had them on our podcast! Check out the podcast episode and their course here:

Our Rich Journey Master Class

Our Rich Journey Podcast episode

Watch Full Episode:

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Hey! I’m Rachel. I’m a former Big Ten volleyball player turned entrepreneur and professional cheese taster (kidding–but that would be a sweet job).

I’m a Pinterest strategist for female entrepreneurs who are sick of struggling on Facebook & Instagram and want to automate their traffic and get more leads on autopilot. I’ve used Pinterest to increase my blog traffic by 34,000/month…for free!

Obsessed with: adventure, champagne, chocolate, and yoga pants.

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“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.”

Tony Robbins

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