Dear Readers, who doesn’t want to be wealthier? But do you know how to get rich as fast as possible? Is there a way to build wealth despite a challenging post-pandemic macroeconomic environment? Now that layoffs are trickling into the retail sector while inflation remains stubbornly high, what does it take to bring prosperity into our lives? Dear Readers, you’ve asked for these tips on building wealth, so let’s get into it!
Welcome to the JMS blog, your hub for success tips to level up your brand.
As a reminder, Dear Readers, this website answers all your branding questions. If it is your first visit, this blog is the brainchild of JMStrategy LLC (JMS), a boutique consulting firm that offers strategic solutions to strengthen your professional or personal brands in crisis. The JMS team is in the business of designing recovery plans as robust as possible that avoid behavioral or productivity inertia. Now, without further ado, let’s dive into everything you need to know about how to make building wealth amid all-time high inflation.
Cultivating the right money mindset is how to get rich in the long run.
In our small consulting firm, we work with clients who mistakenly tie their wealth to their wages as employees or to the revenue their small businesses generate. So, what happens when they lose a job or when the government-mandated lockdowns shut small businesses months at a time, as we saw at the onset of the global pandemic three years ago? They no longer felt rich and came to us for crisis management support. Dear Readers, you can avoid needing crisis management if you cultivate the right money mindset.
First money mindset lesson: salary is for expenses, but equity is wealth.
Dear Readers, do not think your job equates to a source of wealth. It is not! Your job covers your daily expenses. That’s it – no muss, no fuss! Therefore, if you want wealth, you must focus on owning rather than renting your time for a fixed salary. Yes, Dear Readers, you become rich by owning assets such as a house, a revenue-generating side hustle, or a well-diversified retirement account. So, don’t think a salary will make you rich one day because it won’t. However, being strategic with your wealth accumulation strategies will!
Second money mindset lesson: budgeting is how to get rich forever.
Dear Readers, a budget is your best friend. You don’t need fancy apps or cute notebooks to get your finances together. A sheet of paper, a pen, and the warrior mindset to conquer your fears about your finances is all you need!
To get rich, you must spend less than what you bring home monthly. But you won’t know how to track your spending unless you have a budget. Therefore, a budget is your roadmap to building wealth. It is not a nuisance but a necessary tool to help you be rich forever! Listen, if millionaires are budgeting, why are you, Dear Readers? Nobody has an unlimited money supply, so get good at budgeting ASAP. Do you know a more effective way to get rich and stay rich? Let us know in the comment section below!
You might also like to learn how to Create A Monthly Money Routine With Three Easy Budget Tips.
The 50/30/20 JMS rule to apply amid all-time high inflation will keep you feeling rich no matter what.
-50% of your income should go toward your bills and needs such as groceries, rent, utilities, and insurance invoices. Dear Readers, if you spend more than your income on this category right now, you are walking straight into a financial crash. If you cannot increase your wage to match these inflationary prices, it’s time to rethink your expenses. We hear the kids on YouTube are running incredible ramen noodle challenges; it might be worth checking out!
For more help, here is How To Budget Amid Rising Inflation.
-20% of your income is for small pleasures. Listen, even in times of crisis, we need a little fun, if only to protect our mental health. However, you may not be able to get your favorite Starbucks cup of morning joe every day, enjoy Friday night takeout and Saturday afternoon retail therapy, and expect to have enough money for a Sunday afternoon movie trip every weekend for 52 straight weeks! That is waaaaayyyyyyy too much fun and will lead you straight into the poor house.
You might want to learn what other Money Habits are keeping you in the poor house.
-30% of your income is for wealth creation. Yes, we said what we said! In times of crisis is the right time to strategize about your wealth creation journey. Dear Readers now is not the time to lament the lack of an emergency fund that could save your life amid disastrous layoffs that rocked an already challenging post-pandemic macroeconomic environment. Now is the time to plan for the long-term financial goals that will make you rich such as paying off debt or saving for retirement.
Dear Readers, we want to hear from you!
There you have it, Dear Readers! Thank you for taking the time to read today’s publication. The JMS blog wants to inspire and encourage you, Dear Readers, as you fight to make your dreams come true in 2023. So please share with us how you are feeling about your finances. What are you doing to build wealth? Or are you so stressed about paying your bills that you cannot imagine thinking about getting rich any time soon? Was today’s publication helpful, or did we miss something? What else can this blog cover that will motivate you and help you be as successful as possible in 2023, Dear Readers? Get in touch and let us know below in a comment or by email at jms@branding24seven.com or by mail at:
JMStrategy LLC
21 S. 11th Street, 2nd Floor, Philadelphia, PA, 19107
This blog hopes today’s publication has lit a fire within you, Dear Readers! Do not fear your dreams. Do not feel discouraged! There are so many more opportunities to make things happen! Have the courage to chase your goals and visit this blog weekly for practical, actionable tips inspiring you along the way!
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