These 8 Actions Will Skyrocket Your Net Worth
Are you tired of the status quo? This community is for those who want to take back control over their life that's been stolen by distractions and the direction society steered you. Modern freedom is the combination of free time + free money that enables you to live a life of signficance. You are the Hero of your story, so make a story worth telling.
These 8 Actions Will Skyrocket Your Net Worth
I first crossed $100,000 net worth when I was 24. I did it again when I was 25.
At 26, I had a personal disaster that wrecked my life and net worth.
By 27, I had recouped my losses and then some because I never stopped doing these 8 actions since I was 24.
1. Networking
Utilize LinkedIn to expand your professional network.
One of the benefits of any college degree is the network of alumni. Get access to them through your local college or other networks that they are tied to.
Within your company, be sure to network with leadership. Take them to lunch. Sign up to help with their causes. Don't be a suck up, but be around.
Also, be sure to network locally with people in your industry. It doesn't matter if you live in a huge city or small town, there are opportunities everywhere.
2. Budget
What gets measured, gets improved.
If you aren't using a budget every month, then you aren't serious about your goals.
The end.
It's the simplest, quickest way to improve your life. So if you aren't willing to do the absolute bare minimum, then you can't convince anyone that you are serious about your dreams.
Be sure to review this monthly.
3. Upskilling
Whether you're in sales, construction, social media management, dancing or medicine...
...you can ALWAYS get better!
There is a documentary on Netflix about a man who has been rolling sushi for his ENTIRE LIFE. That's it. And now people pay hundreds of dollars per sushi roll to eat his food.
Mastery will never go out of style.
Continue to invest in yourself through practice, online courses, conferences, mentorship and certifications to get better and make more money!
4. Reskilling
Reskilling is improving a new/different skill that COMPLEMENTS what you're already good at.
Ex. A person doing video editing that reskills with sound editing can charge more for video editing.
Someone who builds websites and learns sales will generate more income because they will be able to close more business and understand how to work leads better than someone who doesn't.
I did a podcast on how Chris Do went from $3/hr to $30,000/hr through reskilling recently if you want to listen to it.
5. Promotion
At your existing job, discuss with leadership what it would take for you to earn a promotion.
Create a plan for you to achieve that within a certain time frame.
When that time frame comes, apply for that position at your job and other companies. This will ensure that you have options and leverage to negotiate if you have multiple offers.
Don't be someone who just works hard and hopes they'll get a promotion. Telling management you want to grow within the company takes initiative and that will only work to your benefit.
6. Eliminate
Go through your budget and eliminate things you don't use or don't need. Re-allocate those dollars to paying off debt and savings.
If you have relationships that are centered only around "going out" or unhealthy habits, eliminate how much time you spend with them.
The more you cut out of your life, the more space you have to work on a few, impactful things. It also gives you a chance to stop, breathe, reduce stress and enjoy this amazing life.
Clutter is the enemy of joy.
7. Time
Take a week and do a time audit to understand how you are spending your days.
Use your phone's analytics (Screen Time) to see how much you are on social media or streaming apps. It gets REAL when you look at that.
Then, you have to follow up with this crucial step...
Figure out what you could do to INCREASE YOUR INCOME if you cut any time wasted (any activity that's not working towards your goals and reaching $100k net worth) by 50%.
What if you cut it by 75%?
100%?
You'll discover space in your day that will change your life!
8. Maintain
This is the most important one on the list and can nullify everything else you do if you fail to follow it.
Maintain your standard of living for 5 years.
That's all you have to do! Its so simple, right? Wrong.
Not spending more money as you start to make more money is such a problem there is a term for it, "lifestyle creep".
If you can delay gratification for a few years while continuing to grow your income, you'll be shocked how much you don't need certain things in your life and you'll appreciate the security and options that you start to get when your bank account goes from 5 to 6 digits.
NOTE: Those who do this usually pass $100k net worth well before that if they do ALL everything on this list.
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