Categories
Make Money From Home

Starting from Zero: How to Start Generating Wealth as a First Gen – hiplatina.com

Kara Pérez is the founder of Bravely Go, a financial platform focused on feminist economics and inclusive personal finance.

Being a first gen American can mean a lot of things. You might be the first one to speak English, th…….

Kara Pérez is the founder of Bravely Go, a financial platform focused on feminist economics and inclusive personal finance.

Being a first gen American can mean a lot of things. You might be the first one to speak English, the first one to go to college, and the first one to build real wealth for the family. You might also be a part of (or all of) your parent’s retirement plan. So you’re trying to make money for your parents, money for yourself, and money for your kids..exactly how are you supposed to do this?? The key is building diversified wealth that lasts for generations. And if that feels impossible, just remember that small things become big things. You don’t go from having $0 to your name to having $1 million in the bank. You go from $0 to $100, then to $1,000, then to $5,000, then $10,000, and well, you get it. You turn small amounts of money into slightly bigger amounts, all the way up to $1 million and beyond. There is no one size fits all when it comes to finances since everyone is living with different circumstances but

Manage Your Money Right

It starts with managing the money you’re earning right now. Money management is the most important part of building generational wealth. Yes, even more important than the investment accumulation part! Why? Because if you can’t manage your money, you will lose your money. There are enough lottery winners who overnight became multi-millionaires and then lost everything to prove that if you don’t have a good handle on managing money, you’ll never be wealthy.

Managing money looks like having a monthly budget AND a long-term wealth-building plan. So maybe right now you make $10 an hour, but you have plans to get your degree and start earning triple that in three years. You need to know how to manage that $10/hour so that you can manage that $30.

Monthly Budgeting Tips

Find a budget style that works for you; You can use an app, spreadsheet, or a notebook to do your budgeting. What really matters is that you track your spending, saving, and investing each week, so that you know where every dollar is. It’s also good to set up a “money date” and make it fun for you. A money date is 30 minutes you set aside each week to track your spending. And if you have a boo, you can do this with them. I do it with my partner, even though we don’t share bank accounts. Put on some Bad Bunny, have a nice drink, and review your spending, saving, debts, and investing. Remember, don’t judge yourself! Building wealth will …….

Source: https://hiplatina.com/building-wealth-first-gen/

Leave a Reply

Your email address will not be published. Required fields are marked *