4 Steps To Stop Living Paycheck To Paycheck and Never Work Again

Mumu is going to give you 10 free fractional shares of The Magnificent 7 stocks Apple Microsoft meta Amazon alphabet Nvidia and Tesla when you open a new Mumu brokerage account put at least $100 in that brokerage account they're going to give you 10 free fractional shares of The Magnificent 7 there's a link down in the description box go click on that link Guys open up your new Mumu account today go get that free stock go get that free money go check out the new website the Richard Fain millionaire Mentor website it's the second link down in the description box take a look at those fantastic digital products we have designed to help you get to your pot of go at the end of the rainbow also join the membership club we're going to be doing some fantastic stuff in the membership club all geared towards getting you to your part of goal at the end of the rainbow what's up guys welcome back to the channel welcome back to another video today we're going to be talking about how to stop living paycheck to paycheck in my opinion based on the research that I've done this is a huge problem here in the United States and I want to share with you guys some statistics that back up that statement I just mentioned one in 10 workers making $100,000 plus live paycheck to paycheck one in four workers do not set aside any savings each month three and four workers say they are in debt more than half say they will always be in debt 28% of workers making 50,000 to 999,000 a year live paycheck to paycheck and 70% are in debt how do you change that how do you develop a foundation upon which you can start building towards Financial Freedom and increasing your wealth in this video I'm going to talk about four things you can do in order to help yourself be in a position to have Financial Freedom and not live paycheck to paycheck the first thing you have to do is take responsibility of your financial situation the decisions that you made in the past and the decision that you currently Mak in the present have put you in a situation where you're living paycheck to paycheck and you have to take responsibility for that you have to sit down with yourself if you're a single person with your spouse if you're a married person and talk about the reasons that you're in the situation you're in and why are you living paycheck to paycheck I call it ownership once you take ownership take responsibility for the financial situation you're in today that's the first step to building a solid foundation upon which you can grow from and get yourself out of a situation where you're living paycheck to paycheck the second step is planning and budgeting three things go into this planning and budget step that I want you to think about and consider number one is your needs your needs are the things that you need in order to live they're essential to life the next thing I want you to think about are your wants these are things that are not essential to life and you don't need to live but are nice things to have and then the third thing is debts now I know through statistics most people will put their wants in front of their debt and that's one of the reasons why so many Americans are in debt today and are not saving any money on a monthly basis for their future you have to change that thought thought process number one thing in this planning and budgeting step is identify what your basic needs are things like housing Transportation food second thing is you got to figure out what your debts are and then you need to do everything you can to pay off that debt so you want to take your high rate credit cards or your student loans and things like that you want to systematically pay those debts off and then if you have money left over then you can think about your wants your wants are things like vacations shopping spree going out to eat those are not things that are essential to life and those are things I would recommend you put on hold until one you identify what your basic needs are and get those taken care of and then two you take care of any debt that you have that's prohibiting you from saving money for your future the third step in putting together a solid foundation upon which you can create Financial Freedom for yourself and stop living paycheck the paycheck is lifestyle are you trying to keep up with the Joneses and all step three is is living within your means are you buying the fancy car that you can't afford do you live in the fancy house house that you can't afford are you taking these extravagant vacations that you can't afford are you doing shopping sprees once a week buying things that really you don't need and you can't afford you got to stop keeping up with the Joneses my recommendation is is look at your lifestyle live within your memes practice delayed gratification that is essential guys in order for you to put yourself on a path where you're not living to paycheck to paycheck in the future the fourth step is increase your income once you have gotten your solid foundation started by completing steps 1 through three then it's time for you to start working on increasing your income and making more money if you enjoy what you're doing as the occupation why not trying to increase your level of income by getting new certifications or an MBA or additional training that could potentially put you in a higher income bracket in the same career that you're in you can start a business that's another way to increase your income you can do online coaching or online mentoring you can do online education through YouTube and other social media platforms there is a million ways you can increase your income you you just have to get creative and decide that's what you want to do I think you guys are all capable of doing all four of these steps to keep you out of a situation where you're living paycheck to paycheck or get you out of a situation where you already liveing paycheck to paycheck once again guys the statistics are the statistics they're the facts and I'll go through those quickly one more time at least a couple of them one in 10 workers making 100 ,000 plus live paycheck to paycheck why is that you can make a $100,000 you can make $300,000 you can make $500,000 a year you can make a million dollar a year if you don't have the proper financial Foundation put in place you can live paycheck to paycheck at any level of income it's all about having your financial Foundation put in place and you living within your means and saving and investing for your future that's what it's all about I know people in my community where I live they make a lot of money some of them make a million dollars plus per year but they're still living paycheck to paycheck and the reason being is their financial Foundation is not good it's not built on concrete it's built on sand in my 25 years of banking I've worked with a lot of those people they were multi- multi-millionaire income earners and they were living paycheck to paycheck or they were up to the eyeballs in debt and again that was because they didn't H have a solid Financial Foundation well guys I hope these four steps to prevent you from living paycheck to paycheck or get you out of living paycheck the paycheck helps sit down write them down on paper and think about do you have a solid Financial foundation in place if any of these steps you're not currently doing Institute those in your financial life and in the future you'll be on your way to Financial Freedom and living the life that you're meant to live if you're stopping by the channel for the first time guys please consider subscribing give me a thumbs up it helps the channel and it helps me too also if the information was helpful please share the video to a friend that may need these steps to prevent them from living paycheck to paycheck or help them get out of living paycheck to paycheck thoughts become things if you can see it in your mind you can hold it in your hands keep chasing your greatness guys and I'll see you on the next video peace Mumu is going to give you 10 free fractional shares of The Magnificent 7 stocks Apple Microsoft meta Amazon alphabet Nidia and Tesla when you open a new Mumu brokerage account put at least $100 in that brokerage account they're going to give you 10 free fractional shares of The Magnificent 7 there's a link down in the description box go click on that link Guys open up your new Mumu account today go get that free stock go get that free money go check out the new website the Richard Fain millionaire Mentor website it's the second link down in the description box take a look at those fantastic digital products we have designed to help you get to your pot of go at the end of the rainbow also join the membership club we're going to be doing some fantastic stuff in the membership club all geared towards getting you to your pot of go the end of the rainbow

Channel: Richard Fain

Views: 4,312

Keywords: #investing, #personalfinance, #entrepreneurdhip

Id: 9dpyDKURPg0

Length: 11min 31sec (691 seconds)

Published: Sun May 12 2024