The Rachel Cruze Show - Grow Your Wealth with These 5 Boring Habits

Starting point is 00:00:05 So whether you're starting out in the negative with student loans or you have an inheritance of a hotel heiress, anyone can grow the money that they have. So today I'm going to share five boring but basic habits when it comes to building wealth over the years. Be sure to like, subscribe, and share this episode with a friend. Okay, so these are five things that have helped me over the years when it comes to thinking long term and building wealth. And they're kind of broad. They're kind of boring, I feel like. They're not very exciting. but I'm telling you, they are absolutely needed.

Starting point is 00:00:36 If you don't have these things, it's going to be very, very difficult to build wealth long-term. Number one is don't let your thoughts limit you. Okay, this is really important because if you really do believe that the world isn't going to work for you and building wealth is never going to happen and like you're just set up to never win, then you're not even going to try. Like if that is your thought process. But if you also have the thought process on the other end of, hey, what would it look like if I created a plan and actually stuck with it when it came to my money. What if I lived below my

Starting point is 00:01:09 means? What if I did these things and actually started to see progress, I really probably could build wealth. Like it's really important. Our thoughts are really, really important. And even growing up, I mean, our parents told us, like, you can be whoever you want to be, do anything you want to do. I mean, there was like this attitude about the world is there and you can take it. You can do it. Anything is possible with the right attitude, hard work and all of it. So I know that sounds like little naive, but honestly, as an adult, I really do believe, though, what our thoughts are, create our actions, which really does create our future and what our life is going to be. So if you are hopeless, you're not going to do anything. Your actions are going to mirror that.

Starting point is 00:01:49 But if you're hopeful and you do have belief in something, then you're going to be able to say, okay, I'm actually going to do something about that hope. So your thoughts are so, so important. All right. Number two is to live on less than you make. Yeah, this sounds really sense. but this is crucial because a lot of people overextend themselves when it comes to debt and it's really hard to gain traction with your income in order to build wealth when you have debt. Like when you audition out $400 to $700 for a car payment or multiple car payments a month, you know, and you have student loans and you have credit cards and all of this, like your money, your hard-earned money is going to other people.

Starting point is 00:02:28 And so being able to say, we are going to live on less than we make. If we don't have the money, we're not going to buy it. and that's everything from a dinner out to a car, like whatever that looks like for you, living below your means is really, really crucial. And again, this is a very small habit, but this is going to save you so much money over the long term and puts you at a place with peace and actual money then to be able to invest that's going to help you build wealth long term. Number three, speaking of building wealth long term, is investing for retirement.

Starting point is 00:02:58 So when you look at building wealth, this is something that has to be part of your plan. When you put money away, you guys, in your 401k, your Roth IRA, again, it's not exciting. It's not like all flashy in this new big trend, but it works. Year after year, decade after decade. When you talk to people who have three, four, five, six million dollar net worths, most of them have, or we'll say, here's what was in my 401k, here's what was in the Roths. I mean, they really do, you know, put money away for the future. and then compound interest does its thing, which is beautiful. So the earlier you can start this, the better off you're going to be. Now, I do want you out of debt and have a fully funded emergency

Starting point is 00:03:35 fund before you start vesting in retirement. But this is something long term that has a long track record that you're able to say, this is going to help me when it comes to my net worth long term, which is huge. Okay, another thing that we plan for in the budgets and in life is online protection services like, delete me. So we're all trying to get organized in the new year. but one thing that most people forget to clean up is their digital life. So with every coupon, newsletter, or giveaway that you sign up for, your personal information spreads to shady data broker sites that you have never even heard of.

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Starting point is 00:04:35 McGee and me, if you remember that one. Now, if you still love watching those same great shows with your kids, you will absolutely love Minnow like I do. Minow has Christian kids shows that your family will love, including new hits like The Chosen Adventures and the Dead Sea Squirrels. Minow is safe, ad-free, and full of biblical truth. So try it with a seven-day free trial at gomino.com and use promo code Rachel to get $10 off. That's go-mino.com code Rachel. Number four, always have a plan. Okay, you guys, this is so crucial.

Starting point is 00:05:11 So many people just float through life. They make an income. They don't really know where it goes and then their paycheck hits again. And they just live their life like that. You have got to be intentional. if you want to win at anything in life, anything. Again, relationships, work, health, spiritual life, like whatever it is, you actually have to put effort and be intentional towards it to see positive change. And that is true when it comes to building wealth. Now, a plan can look like a

Starting point is 00:05:36 long-term financial plan that maybe, you know, you're looking at investments long-term and all of it. But if you are not creating a monthly budget, then you are missing out because this is, this comes down to daily choices that are really going to help you long. term because you're able to actually see when you're tracking your budget to know where your money's going. Every dollar is my favorite budgeting app. It honestly is like one of the apps I open every single day because again it helps me see the plan that we've made and am I keeping up with it. So having that habit is something that is going to help you build wealth long term because you're not just throwing your income away and not knowing where it's going. You really are knowing

Starting point is 00:06:14 exactly what is happening with your money, which is crucial. All right. Number five, last but not least, find a job that you enjoy and that you're good at so that you can grow in it. So your income is your largest wealth building tool. And so when your income comes in, obviously we don't want going out to debt payments because it's paying other people and not you. But you also want your income to grow over time. And that usually means finding an area of work that you love, that you enjoy because we don't want to hate our work or some people that just hate their jobs. You don't want that. You want to enjoy your life, especially when it comes to working. So finding a job that you love, but also one that you're good at and that you know that you can see long-term growth in.

Starting point is 00:06:55 And so maybe it may not be at the same company your whole life by any means, but it's a skill set. It's something that you're good at that you know that's going to help you long-term grow. Because again, that income is going to go up over time. And if you can make it go up even faster through different things, like that's going to help you build wealth, of course. So again, when you are making your income, making sure that you are enjoying your job that you're at, right? but also that you know you can grow in that skill set and continue to make more and more money, because that is going to help you put more money in investments, more money to save, more money to give, and all the things.

Starting point is 00:07:29 Now, if you want to take your financial discipline to the next level, make sure to check out my episode, 10 minutes of people living frugally and winning. You can click right here or feel a stay on podcast. I'll put a link below. All right, you guys, remember to take control of your money and create a life you love.

The Rachel Cruze Show - Grow Your Wealth with These 5 Boring Habits

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