How to Build Wealth From NOTHING? 7 Steps to Create Wealth if you're Starting From ZERO

How to Build Wealth From NOTHING? 7 Steps to Create Wealth if you're Starting From ZERO

Today I want to discuss what I would do if I woke up broke tomorrow. What would I do if I woke up one morning and noticed that everything was gone. There’s no money in my bank account, no investments, no retirement funds, no mortgage-free house or property, and no other financial assets. How would I build wealth with no money? How would I build wealth from nothing? How can you get that wealth building snowball rolling as quickly as possible?

I think this is an interesting thought experiment and we can use it to highlight the importance of some fundamental personal finance and wealth building principles. At the end of the day, building wealth is shockingly simple as long as you stick to a few basic wealth creation principles.

I will share the 7 steps I would take if I had create wealth from nothing. I am currently in my 30s, but I think the personal finance 101 and wealth building principles outlined in this video can also be applied to people being in their 20s or 40s or even 50s if they want to build wealth fast and are starting from zero.

Please comment down below: What would you do if you woke up with a net worth of 0 dollars tomorrow? How would you try to generate wealth? Let me know what you would do to change your situation?

Well, one of my longer term goals would be to become financially independent. I love working, and I couldn’t imagine just sitting at home doing nothing, but nonetheless, I value the idea of not having to work. And thus financial independence would certainly be a long-term goal that would get me excited. Obviously, a high savings rate alone does not lead to financial independence. If you just leave your money in a savings account or under a mattress, the value of your money actually decreases over time (thanks to inflation). Clearly, investing your money is the single most effective way to get rich. And so I would invest my money in productive assets that grow in value over time. Personally, I would allocate all of my savings to stocks. Because this is where I have my expertise and I also understand that over the long run, there is no better performing asset class than stocks. I like the way Brian Feroldi recently put it on Twitter. Even though stocks are often perceived as risky, this is a major misconception: "The stock market isn't risky The stock market only becomes risky when your holding period isn't long enough." So to build wealth and get rich I would not buy a house with a mortgage, no bonds, no rental property, no crypto currencies ... I would just invest in stocks.

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DISCLAIMER:
The content provided on this channel should be considered an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The stocks and funds discussed on this channel are examples only and may not be appropriate for your individual circumstances.

Before making any financial or investment decisions, I recommend you consult a financial planner or advisor to take into account your personal investment objectives, financial situation, and individual needs.

In no event shall René Sellmann be liable to any viewer for any damages of any kind arising out of the use of any content published on this channel, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages.

I hope you enjoyed the content!

[aitorpiedrahita]

I love the quality of your videos. Very undervalued channel.

[issayasyona]

Great ideas !! Thank you for sharing your thoughts !!

[blaavass]

Great advice, you’ve nailed it here with the right focus. It is astonishing that none of this is taught in school.

[danguee]

Hey, Rene. I love your channel - informed, intelligent and
I hope you get more and more subscribers/viewer.

[cesarvides]

Very good video. I'm glad I found your channel. I only initially found you because of your magic formula video, but you seem to have a lot of intelligent things to say, so I'll keep on watching.

[dennism.]

Echt ein super Channel, mach weiter so. Schöne Grüße aus Hannover

What would you do if you woke up broke one day?

[phantomcreamer]

Living within our financial means can be difficult for many. It is amazing how much money can be saved by avoiding those daily lattes and going out to eat or drink. I found this book quite helpful in creating a consistent, simple, and happy life.
A Guide to the Good Life: The Ancient Art of Stoic Joy