The Money Podcast 7 Ways to Build Wealth From Scratch
If you’re looking to build wealth from scratch without any experience and understand the mindset needed to be successful with investments and in business, this episode is for you. Rob shares 7 lessons on how to earn more money quickly, benefit from the power of compounding interest, leverage the opportunities of asset investing and become responsible for your money and investments.
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KEY TAKEAWAYS
- Be fully responsible for your money and your investments. The quicker you understand how money works, taxes, mortgages, profit and losses and economics the quicker you will earn more money.
- Never spend more than you earn. Always be aware of your income and your outgoings, in one month it might not seem like a loss but compounded over 20 years just spending 10% more than you earn could put you in 1000% more debt.
- Invest 10% of your earnings or more. Compounded momentum of investments earning 5% ROI, compounded and re-invested over time will generate you a pension or retirement fund. Begin with low-risk investments and upscale your risk as you become more educated.
- Save and never touch 10% of your earning. On a capital sum, you should sustainably be able to earn a 5% return with the goal of your savings returns eventually replacing your income.
- Invest in assets that produce income and live off of the income and not the capital from the asset. To drastically increase your wealth and live for free you should aim to use the income and leverage from asset investment that generates a positive return to purchase your depreciating liabilities such as cars etc. With property, your investment income can pay for a car loan and therefore you end up with an appreciating asset and a car.
- Start and scale a business and focus on sales and marketing. A business can give you a higher return than any other asset class as you can leverage your sweat to sell product and reinvest back into your businesses sales and marketing to grow.
BEST MOMENTS
“Take full responsibility for managing and mastering your money”
“Never spend more than you earn”
“When you invest 10% of your income over time you will feel the power of compounding interest”
“SANT - Save & Never Touch”
“Sometimes it’s best to invest more capital to get appreciation rather than depreciation”
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979