BUILDING YOUR ASSETS UNDER MANAGEMENT

Here’s the deal: If you do these five commonsense things that come straight from the Bible and your grandmother, you’ll win with money and build wealth. Period. It doesn’t matter if you’re 25 or 52—these truths are foundational and constant at any age.

Depending on how much a person makes and the challenges they’ll face in life, it might take some folks longer than others. But the fact is, you will get there if you do these five things over and over again. Ready? Here are the five steps to building wealth:

No one “accidentally” wins at anything—and you are not the exception! If you want to build wealth, you have to plan for it. And that’s exactly what a budget is—it’s just a written plan for your money.

You have to sit down at the start of each month and give every dollar an assignment—and then stick to it. Studies found that 93% of millionaires said they stick to the budgets they create. Ninety-three percent! Getting on a budget is the foundation of any wealth-building plan.

Let’s get one thing straight: The only “good debt” is paid-off debt. Your most powerful wealth-building tool is your income. And when you spend your whole life sending loan payments to banks and credit card companies, you end up with less money to save and invest for your future. It’s time to break the cycle!

Trying to save and invest while you’re still in debt is like running a marathon with your feet chained together. That’s dumb with a capital D! Get debt out of your life first. Then you can start thinking about building wealth.

Proverbs 21:20 says that in the house of the wise are stores of choice food and oil, but a foolish man devours all he has. Translation? Wealthy people don’t blow all their money on stupid stuff. The myth that all millionaires live lavish lifestyles with Ferraris in their garage and lobster dinners every night is just that—a foolish myth. 

The typical millionaire has never carried a credit card balance in their entire lives, spends $200 or less on restaurants each month, and still shops with coupons—even after reaching millionaire status! So ask yourself: Do you want to act rich or actually become rich? The choice is yours.

Studies show 3 out of 4 millionaires (75%) said regular, consistent investing over a long period of time is the reason for their success. They don’t get distracted by market swings, trendy stocks or get-rich-quick schemes—they actually save money and invest.

Being debt-free and having money in the bank to cover emergencies gives you the foundation you need to start saving for retirement. Once you get to that point, invest 15% of your gross income in retirement accounts like a 401(k) and Roth IRA. When you do that month after month, decade after decade, you know what you’ll have in your nest egg? Money. Lots of it!

At the end of the day, true financial peace is having the freedom to live and give like no one else. When you write a plan for your money, get rid of debt, live on less than you make, and start investing for the future, you can be as generous as you want to be and help change the world around you.

But when you make giving part of your life, it doesn’t just change those around you—it changes you. Studies have shown over and over again that generosity leads to more happiness, contentment and a better quality of life. You can’t put a price tag on that!