Numbers are amazing. Numbers make the world go round, and many times we are too shy to talk about numbers. We don’t want to admit how much we have invested or how much we paid for a house or car. But talking about numbers can be a freeing experience as well.
This article is about the financial mindset you need to accumulate your first $100,000. No, this is not about $100,000 in your 401K or TSP account. This article is about accumulating your first $100,000 in liquid assets outside of your employer. First, let’s look at my goals from May 2019.
As you can see, this is about my Wells Fargo savings account in May 2019. Custom Management is my checking account, and I have two savings accounts. My goal for May 2021 (which incidentally was last month) was to have a total of $21,000 in three accounts.
Wealth is a Mindset
What is important to note is that I didn’t have my Wells Fargo brokerage account opened at this time. Indeed, a month after I wrote this note, we went to Turkey, and I learned all about passive income—alas, a story for another day. I opened my Wells Fargo brokerage account in June 2019, so let’s look at it today, July 2021.
So you can see that I shattered my goals by a lot. Remember, my total goal was to have $21,000 across all of my accounts, not just Wells Fargo. Total, my wife and I have $175,000 in all of our accounts, all accumulated in less than two years.
But, this is an article about financial mindset, so I will give you the most crucial idea about investing a lot of money. You will have to become a different person to achieve a high level of wealth.
No, you don’t have to change into an asshole. No, you will have to learn to view money and make money in a completely different concept or reality—a reality you do not understand yet. You can’t even fathom a reality because your mind can’t comprehend the simple complexity of the power of compounding.
Success is a Habit- What is Your Daily Routine?
You see, not only does interest in your savings and investment accounts compound, your education and mindset compounds as well. When you are hyper-focused on a mission or goal, your mind will get you to this achievement if you keep feeding it information and taking action.
The person who wrote that memo in May 2019 is an entirely different person from today, two years later. The Josh of May 2019 looked at his current savings rate, probably $800/month, and multiplied it by 24 months. You see how simple that was because I didn’t have anything else to bounce off any other ideas. My mind couldn’t accept that it could get to $100,000 in two years.
Two years ago, if you would have told me: that we would have bought another house, refinanced two homes, have five brokerage accounts, have four brokerage accounts for my wife, have a blog and a book business, have two people paying $800/month each to rent rooms, and be completely debt-free—I would have laughed you off the face fo the planet.
There is no way I could have imagined the last two years is in the world of reality. But all of this happened, and I have no idea what the next two years would bring. Kris and I are aiming for $1 Million by June 2026, so five years from now.
Now back to you. How do you start getting to the spot where you need to be and laying the groundwork to create the wealth and life you deserve? You have to start with a goal. The book “Think and Grow Rich” is the best book I have read on setting a lifestyle goal based on a belief system that you may not have yet.
The book goes through processing your goal daily and ensuring it is always top of mind. When I read this book, we were $55,000 in debt and had about $45,000 in investments. That was less than a year ago. However, as I read it, I knew everything was going to work out.
Scarcity vs. Abundance
Set a goal that is not in your realm of reality or a possibility that you can think can happen. However, you genuinely have to believe in your plan. We aren’t talking magic here; you are going to have to work towards it.
Ensure you share your goal with as many of your family and friends as you can. Most people will laugh at you. That’s okay. You will lose most of your friends on your journey anyhow. Misery loves company, and most people will not want to see you succeed. No worries and no skin off of your back. Tell the people you trust the most as well as your spouse or significant other. The book “Smart Couples Finish Rich” has a lot of good information to help you and your partner sync up on your financial mission.
Now, for the most challenging part of all, and one 95% of people will never get past—you have to take action. Yep, that’s right, you can’t just dream big, and everything flows to you automatically. “But Josh, I don’t know how to get started.” I know, I know. So I’ll help you out a little with my RDS system.
My RDS system stands for Read. Diversify. Share. This simple system allows you to quickly lay the groundwork for building your empire in the first month. That’s right; you will need to accomplish these easy tasks in the first month. Okay, let’s review each step.
Read. Easy, read two books in the first month. I am even going to make it easier and give you two short books for free. Every day I host free books on Amazon, grab two of the shorter books, and read them quickly. It doesn’t matter what they are. You are going to build a habit of reading—that’s the most critical part.
How Do You Define “Being Rich?”
Diversify. Now we need to diversify where we put our money. We will need to start an investment account and a crypto account. Luckily you can begin both with Cash App. You can set up a Cash App account rather quickly and fund your dividend portfolio with $20 and your Bitcoin account with $20. Now, you have investments accounts.
Share. You will need to make money by sharing something of yours. There are tons of ways to do this in today’s society. You can rent storage space, rent a room, rent your car, rent your land, sell veggies, bake a cake, sell it, etc. The idea is to create any income outside of your job. Try to make $20 so that you can fund one of your investment accounts.
Do all three. Yes, you will need to do all three. They are simple tasks, but they are the keys to building wealth. Expanding your mind, investing, and creating business income, are the stepping stones of generating wealth, and most people will not be able to accomplish these small tasks.
Do not get in your own way. Do not let limiting beliefs get into your practice and tell you that you can’t finish a book, invest, or share something for income. A year ago, I would have never guessed that I would be writing books and publishing them on Amazon. “No way,” I would have told you. Yet, here I am. I sold 35 books in June 2021, exactly two years after learning about passive income.
As you complete the first month of tasks, you will be eager to see your first investment gains and see what the new month brings. If you want an easy book to read, follow my Financial Independence Magazine series. I release a magazine for free every Friday, and they are roughly 40 pages long. If you keep reading those, you will see improvements in your thought processes.
Oh yeah, I forgot, I have a free book you can download right here in PDF format. It is 120 pages, but you can get through it in a day or so. This is an excellent place to start building the proper mindset and some tools for retirement planning, investing, real estate, crypto, and business.
Hopefully, you have a fundamental place to start your journey. You can do it if you believe you can do it. Don’t forget that you can join my Facebook group where I have the Cash App challenge (see all 45 weeks on Pinterest) and follow my Facebook Page, where I post my new articles every day. Yep, I write 1000+ words every single day. Enjoy and Good Investing.
Free Book Download: Active Service, Passive Income (free download)
Financial Mindset: Become CEO of Yourself (book)
Retirement Planning: Retirement Planning at Any Age (book)
Investing: How We Plan to Retire on Dividends (book)
Cryptocurrencies: My First Book on Cryptocurrencies (book)
Real Estate: Financial Independence through Real Estate (book)
Business: Retire Rich, Retire Comfortable with a Business (book)
Everything plus way more: The Biggest Book on Passive Income Ever! (book)
Read My Books for Free: Free Kindle Books Schedule also on Kindle Unlimited Join me on the best app for Crypto- Voyager
Follow us on our Facebook Page (here). Join our Facebook group (here)
20 Books that Will Make You Rich (here) part 2 (here)
Want to Build Passive Income from Books and Affiliate Marketing? (Learn here)
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Leave a Reply