As noted in my last blog, I’ve decided to dedicate a few posts to topics related to money and/or abundance mindset. And because the question (or variation of), “How do I build wealth when I’m broke?” continues to come my way… I’ve decided to tackle THAT today!
How To Build Wealth When You’re Broke
Find ways to stop spending/wasting money.
There’s usually places where you can cut corners, like:
- monthly subscription payments (you totally forgot you still pay)
- finding a better interest rate (on your credit card, etc.)
- less meals out
Start a side hustle / create additional income.
The #1 way I suggest going about this is…
This doesn’t involve buying anything. You can start by reselling things that are in your own home :
- garage items
I can almost guarantee you have a fortune worth of things that could be resold! Sure, they’re not all going to sell in the first week, but just learn how to do it and get them all listed.
And when you start making extra money, you start realizing how this whole online thing works — which gives you experience, trust and the opportunity to consider your next thing.
But here’s the deal…
So many people say they want to understand and figure out how to build wealth and, potentially, invest when they’re broke.
However, how many really want to know the answer?
The reality is, everyone knows what to do.
You’re smart, you know how to:
- listen to a podcast
- take pen to paper
- Google anything
- find the newest book on investing with nothing in the bank
Hence, the real question is…
Why are you afraid to do the research and find out?
I mean, you’re here — so yeah, that’s a start! Seriously.
That said, failure is when we don’t try and ask rhetorical questions — because we don’t really want to do the work and discover the answer on our own. Sorry not sorry.
A few related resources:
Bret, my husband, has done myriad podcasts — on both The Chalene Show and Build Your Tribe — on how to create wealth!
It’s his system that is legit our family’s #1 source of income — above all revenues from our businesses — over the last 20 years.
For decades he has been personally helping our friends and associates with their finances (as a passion project).
Here’s one example:
Also, Bret has his very own course, Money Matters 101 — which just released this year and the amount of lives he’s already changed is insane!