HOW TO ENTER YOUR RICH GIRL ERA | money mistakes, mindset and habits + how I invest my money!

Summary

The video script is an insightful guide on achieving financial abundance and wealth. It emphasizes the importance of a positive money mindset, avoiding common financial mistakes, and adopting rich habits. The speaker shares personal experiences, such as their journey from buying a luxury bag to establishing a healthy relationship with money. They discuss the significance of credit scores, the drawbacks of credit card debt, and the value of focusing on a single income source to excel. The script offers practical advice on budgeting, saving, and investing, including the use of budgeting apps like 'Rise Up' and investing in ETFs and the stock market. It also touches on the concept of passive income and the importance of financial literacy. The speaker concludes with actionable steps for viewers to start their journey towards financial freedom.

Takeaways

• 💡 **Money Mindset**: Cultivate an abundance mindset and believe that money always comes back to you.
• 🛍️ **Luxury Purchases**: Justify significant purchases by their utility and consider them as investments in your lifestyle.
• 🚫 **Financial Scarcity**: Avoid speaking scarcity into existence; instead, focus on abundance and what you can afford.
• 💸 **Money as Currency**: See money as a tool for obtaining happiness and value, not as an end in itself.
• 📈 **Visualize Wealth**: Actively visualize financial abundance and set clear financial goals for yourself.
• 🚫 **Expensive Label**: Avoid using the word 'expensive' as it can create a mental barrier; reframe it as a goal to work towards.
• 📊 **Energetic Vibration**: Your relationship with money and the words you use can affect your energetic vibration, attracting wealth or scarcity.
• 💳 **Credit Card Use**: Use credit cards for everyday expenses and pay them off in full each month to build a good credit score.
• 📱 **Budgeting Apps**: Utilize budgeting apps like 'Rise Up' to manage finances effectively and improve your financial well-being.
• ❌ **Debt Avoidance**: Stay away from credit card debt and buy now, pay later services to avoid falling into financial traps.
• 🏡 **Invest in Assets**: Prioritize investing in assets like the stock market over material possessions to grow your net worth.

Q & A

What is the main focus of the video?

The main focus of the video is to discuss the mindset and habits necessary for achieving financial wealth, including avoiding common money mistakes and adopting rich skill habits.

What is the first step towards achieving financial abundance according to the speaker?

The first step is to master the mindset of abundance, which means always believing that money will come back and not fearing the loss of it.

Why is it important to stop using the word 'expensive' when referring to items?

Using the word 'expensive' can create a limiting belief that the item is unrealistic or unattainable. Instead, viewing it as a goal to work towards can help maintain a positive and abundant mindset.

What is the speaker's view on using credit card debt or 'buy now, pay later' options?

The speaker advises against using credit card debt or 'buy now, pay later' options, as they can lead to overspending and financial strain.

Why is it recommended to not stay in the same job for more than two years?

Staying in the same job for more than two years can limit income growth. The speaker cites a Forbes article stating that doing so can result in earning 50% or more less over a lifetime.

What is the significance of establishing money boundaries?

Establishing money boundaries is crucial for controlling finances, avoiding overspending, and consistently budgeting, which are key to growing one's net worth.

How does the speaker suggest one should approach their relationship with money?

The speaker suggests viewing money as a tool to obtain happiness and value, rather than placing it on a pedestal. It's important to actively trade and be willing to lose money to maintain a healthy relationship with it.

What is the role of a financial advisor as mentioned in the video?

A financial advisor helps with investment decisions and provides financial advice, which can be particularly beneficial for those who want professional guidance without incurring hourly fees.

Why is it advised to invest in skills and education?

Investing in skills and education is important because it increases one's value and potential income. It also helps in gaining financial knowledge, which is crucial for making informed investment decisions.

What is the importance of having a separate sinking fund for expenses that do not contribute to building wealth?

A separate sinking fund helps to mentally and physically segregate money intended for non-investment expenses. This prevents confusion and the potential misuse of money that should be directed towards building net worth.

What is the speaker's perspective on investing in real estate?

The speaker suggests that while real estate can be a good investment, it may not be the best option for everyone, especially those in their early 20s. They recommend considering business investments and the stock market as alternatives.