Wealth – income and money – facts you need to know to create wealth.
The middle class is not a sustainable income bracket. The average middle-class person earns $59,000 per year. After taxes, that amounts to $40,000. With food, rent, car, gas, utilities, phone, internet/cable, clothes, presents and trips – that doesn’t leave you enough to even cover it all.
Here’s four money facts you must know to help you get out of the middle class.
1. False data about finances. You not only have the wrong data, you have false data and beliefs you must rid yourself of.
2. Money is useless until it’s used. Money in a bank doesn’t earn anything.
3. Put money first. Money is a good motivator. Don’t be afraid to let money be the reason you do things.
4. Don’t spend your money, invest it.
What should you invest in? You should invest in this order of importance.
1. Yourself. The more you improve your skills and knowledge the more you increase your earning potential. More income is what will get you out of the middle class.
2. Brand. People need to know you and your business. This is the only way you’ll increase sales – of yourself or your product/service.
3. Something outside of yourself and brand. This area should be an investment that will produce passive income, a monthly positive cash flow and in a real asset that can appreciate over time.
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