Watch the video above and talk about it with a group or mentor. Learn more.
From the Podcast:
Millionaires must be doing something right. Learn some valuable tips that can help you build your personal wealth while learning how to manage your budget.
Key Points:
- Building wealth is about discipline, risk, and tough choices.
- Millionaires remain millionaires by living within their means.
- Wealthy people who stay wealthy think about purchases and plan for them.
- Set monthly, yearly, and long-term financial goals. This will help you judge how you should be spending your money today.
- Cars lose 60% of their value within the first four years of ownership. A new car looks great and drives beautifully, but financially speaking, it’s a bad investment!
- After you have established an emergency fund and are out of debt, invest 15% of your income into your retirement fund.
- A lot of wealthy people are happy and content because they are givers who truly enjoy life, and a big way they got wealthy in the first place was by being content and satisfied with their lives.
Quote This:
Ecclesiastes 5:10 Those who love money will never have enough. How meaningless to think that wealth brings true happiness!
See Also: Budgeting
Talk About It
- What is your initial reaction to this topic? What jumped out at you?
- What three things you would do immediately if you won or inherited a million dollars tomorrow? Why?
- Why is important not to live outside your means if you want to achieve financial stability? What are some ways you live outside your means that you should dial back?
- Spending wisely is about knowing where your money goes. Do you think you have a good idea of where your money goes? What are some costs that could reasonably be cut back?
- What are some of your financial goals for the next six months, the next year, five years, or ten years? Why are these your goals, and what do you have to start doing to get on the path to reaching them?
- A surefire way to invest wisely is to invest into retirement, but for it to really pay off, you have to establish an emergency fund (3-6 months of your income saved for emergencies and used only for them) and get as far out of debt as possible. If you don’t have an emergency fund and are in debt, what’s your plan to build your emergency fund and attack your debt?
- Read Ecclesiastes 5:10. Many people become wealthy by managing their money well because they are satisfied with their lives and don’t need to blow their money on cool stuff. Are you content and satisfied with your life, and how does this affect your finances? Explain.
- Is there a step you need to take based on today’s topic?
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