When we talk about building wealth, it’s easy to think, “Well, I don’t have a high-paying job or a big savings account, so maybe that’s not for me.” But building wealth is possible, even if you’re starting on a low income.
I’m Kalilah Reynolds, founder of Money Mission - change your financial future in 12 months.
So, how do you build wealth if you’re on a tight budget? Wealth-building isn’t just for people with big incomes. It starts with managing what you have today, no matter how small. Here are three steps to help you get started:
ONE - Make a money plan, aka a budget! I know most people don't like that word, so let's stick with money plan. If you’re working with limited funds, telling your money exactly where to go is essential. A money plan keeps you in control, helps you to prioritize, and reach your goals faster.
TWO - Build an emergency fund. You might think an emergency fund isn’t possible on a low income, but even a small fund can be a lifesaver. Start with a small goal and set aside a little each week. This will help you cover unexpected costs without relying on credit cards or payday loans, which can pull you deep into debt.
THREE - Invest! Many people think investing is only for the wealthy, but the truth is, investing is how you become wealthy! Start with what you have and build from there. Consistent investing, even small amounts, will grow over time. The sooner you start, the more time your money has to grow.
Building wealth is for anyone willing to take small, consistent steps. Make a plan, manage your debt and start investing. That's really all it takes to be on your way.
I'll show you exactly how I do it, step by step, in Money Mission premium. Follow the plan and you'll change your financial future in twelve months.
Sign up here!