How I'm Building Wealth as a Beginner | Financial Minimalism

foreign I've talked a lot about saving money here it's definitely something I feel like I should be doing even if I don't have a purchase planned or a specific thing I'm even saving for while I definitely see saving money as a positive thing I pretty much always knew that I should be investing and just doing some other things if I wanted to see some actual growth because a savings account by itself just doesn't cut it for me today I'm going to go over a few things that I'm doing right now to build my wealth and I'm still very much a beginner to all this so bear with me but first if you're new to my channel thank you for stopping by here we talk about minimalism Frugal Living Tech and things of that nature so if that sounds good to you and you end up liking the video be sure to like and please keep kick the Subscribe button let's get started I do want to mention that I still do have a regular job that I go to and I definitely don't make enough off these methods yet to fully support myself so keep that in mind online store I've always wanted to make an official online store and website where I sell digital products that I create because to me it seems like an incredibly passive way to have an income and slowly build wealth last month I made that Kofi account where I list and sell wallpapers that I made as well as some of the filters that I use for my videos and until I do have my own website this is what I'll use I'll have a link for that below I think selling digital products can be extremely lucrative not to mention since it's digital there's nothing to ship and nothing to keep track of and no inventory and while it doesn't make a significant portion of my income just yet I still thought it was something worth mentioning and it's something I'm still working on freelance work and this is something I've been doing much longer than anything else on this list even though it's been very inconsistent for the past several years I've done music wedding and Company videos in the past as a freelance videographer since my early 20s it's something I do enjoy doing for the most part but it's something I have to be incredibly proactive with in terms of finding work and actually producing the videos while other things on this list are more or less passive this is still something I felt like was worth mentioning because it does provide an income at the end of the day I'm actually working on doing some real estate videography in the near future and I have a goal to at least have a handful of consistent clients by the end of the year start buying stuff and cut expenses yes I know of course but it still had to be said I learned firsthand that if I'm in a cycle of constantly buying things and spending a lot of money where I shouldn't be it'll be much more difficult to use my money responsibly and build wealth several videos ago I mentioned how I was paying a certain amount of money for my monthly phone bill and wanted to negotiate a better price instead I decided to switch carriers and now I have mint mobile who I actually partnered with for this video you may have seen their ads with the very average looking guy Ryan Reynolds so Excuse me while I be the less handsome version of that ad right now on a serious note my bill right now is significantly less than it was before while still having unlimited talk text and data and even the same phone number I was able to switch and activate the e-sim on my phone without having to go anywhere or talk to anyone and while the process of switching over generally takes about 15 minutes I was done way before that I'm gonna have a link in the description box below I highly recommend switching over to cut your monthly phone bill and use that extra money for something else on this list 401k I have a 401K with my current employer that is being contributed to every single time I get paid I know the best way to take advantage of a 401k is to contribute as much as your employer will match but personally right now I can only afford to have about six percent taken out of my checks although I do have it set up to automatically increase one percent every year until it's maxed out calling a 401k free money is a bold statement but in a sense it kind of is that six percent I'm contributing from my bi-weekly paychecks is going into a retirement fund and the matching contribution doesn't come out of my regular salary or paycheck instead it's an employer provided benefit that encourages employees to save her retirement and not to mention it's contributed pre-tax unfortunately I don't think a 401k by itself will be enough to sustain retirement at least for me but it's definitely something I recommend taking advantage of if you can in addition to having other streams of income IRA if you've watched any Financial advice on YouTube you've probably heard already about the importance of having an IRA a few years ago I had a job with a 401k I had several thousand dollars in there and after I left I had the option to receive a check with that sum taxed about 40 or roll it over into an IRA which is what I ended up doing this isn't something I actively contribute to but it has grown significantly over the years since I initially moved it over without getting into specific numbers it has grown at a significantly faster rate than any savings account I've ever had and I do have it linked to my bank account where I can see updates whenever I log in Roth IRA my Roth IRA account was actually only opened at the beginning of this year and I wish I'd done it much sooner while I don't have a lot of money in there just yet I've seen this account grow more in the last three months than my savings account has in the last 10 years not counting my contributions and a quick reminder that I'm still a beginner here so bear with me for this next part I opened a free account with Vanguard after doing a little bit of research and for the most part I've only been buying vanguard's S P 500 mostly because for me it seems like the most set it and forget it ETF and I don't want to be checking this a lot or trading stocks regularly some of the benefits of having this Roth IRA include a tax-free withdrawal after the age of 59 and a half it's incredibly easy to open an account and start contributing and I've even started to automate those spontaneous purchases instead sending that money right to my Roth IRA unfortunately investing and just Building Wealth in general was something I was never taught and a lot of us are left to just utilize the resources we have to learn things like this and sometimes that's just using the internet and our best judgment I'm still very much a beginner I'm this so take what this video what you can and if there's anything I think you should take away from this video it's to switch to Mint mobile and open a Vanguard account once again I'll have a link for both of those in the description anyways as always I hope you got some value from this video and I appreciate the time you spent here watching if you did like this video and you like this type of content be sure to like and consider subscribing to my channel and I'll see you next time [Music] foreign

Channel: Nicholas Garofola

Views: 31,242

Keywords: minimal, minimalism, minimalist, declutter, decluttering, essential, essentialism, essentialist, how to declutter, how to be a minimalist, how to become a minimalist, decluttering everything, live simply, live frugal, how to be minimal, habits, minimalist habits, the minimalists, spending, frugal, edc, minimalist edc, minimalist tech, how to be minimalist, digital minimalism, simple living, iPad

Id: ZEYq1FmEhZw

Length: 7min 5sec (425 seconds)

Published: Tue Jun 20 2023