How to Build Wealth Even if You’re Starting from The Bottom

Episode #471

Building wealth, saving money, getting rich—it’s much more straightforward than most people think. You don’t need to be a financial expert or millionaire to know what you should do with your money. But if you’ve found yourself in a spot where saving and investing just isn’t happening or you want to build wealth but don’t know where to start, we’ve got the perfect guest for you!

Tiffany Aliche, AKA “The Budgetnista,” is on track to help more than 300,000 people start their journey to financial freedom with her Live Richer Challenge, following the same steps she took to get out of over $30,000 in credit card debt, fix her trashed credit score, and save and invest her way to serious wealth. In today’s show, Tiffany will talk about the ten steps you can take to go from money mayhem to net worth nirvana so you can build generational wealth, achieve financial freedom, and leave a legacy for your family.

If you liked today’s episode, grab a copy of Tiffany’s “Made Whole” financial workbook (link below!) that’ll help you get good with money no matter where you’re starting!

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00:00 Intro

00:48 Money Moment

01:59 Building Your Financial Foundation

06:07 Money "Shame"

08:26 The Financial "B" Word

10:30 The Secret to Saving Money

15:24 Paying Off $35K in Credit Card Debt

18:23 How to Fix Your Credit

26:03 Investing for Retirement and Wealth

31:57 Grow "Rich-ish"

34:31 Ready to Start?

36:57 Grab the Workbook!

37:37 Connect with Tiffany!

38:24 Tiffany’s Top Financial Tips

[novenebainter]

When I got out of debt. I paid off the debt with the highest monthly payment. I wanted to be able to handle debit if I got laid off. I got laid off again last month.

[tacrewgirl]

I love Tiffany's advice. "Inconvenient money gets saved."

Split it before you get it
Have your employer HR divide up your money automatically

[britneyb]

Wish I started these steps when I got out of high school so tired of being in debt... at least its only 6000 but I need to get a car after and then start saving at 37 ... really just need to make more money

[andrewood]

Amazing Episode! BTW, the method you mentioned earlier is called "The Emotional Method" - You prioritize paying back the debt that is causing you the most emotional stress first.Thank you, Happy Tuesday!

[ingababy]

I’m so happy to see women being intentional about getting resources. Having your own money is so freeing.

[ADHDcutieSingleMama]

LOVE, LOVE, LOVE Tiffany the Budgetnista

[chrisrogers]

We are an older couple but I really enjoyed your interview. “You are down to Earth” and I hope a lot of young people find your books/videos.

BTW, my wife and I have been using your two checking accounts and a high yield savings account for several years now… it works.

[MegaRose]

I don't automate credit card bils, you need to open your statements and check them each month. My goal of course is to pay them off.

[samholt]

Emotional debt for me would be called the iceberg it may look small on the surface but the depth of it is invisible and may be a higher risk than the bigger surface stuff. Higher risk as it may take away your support network or cause frictions that impact daily

[emilsisorganizandote]

Very practical tips. Thank you Budgenista. She is so good 😮

[nupe]

Salute to the 10 steps Tiffany mentioned.

[MegaRose]

I like that paying off the emotional debt to someone personally you owe. That should be a priority.

[ilovethismuzik]

Snowflake is the 3rd method (I think)

She's a great speaker... thank you

[OscarYourFavoriteMexican]

Money list kinda reminds me of Ramit Sethi's CSP

[teishabee]

Picking up the book and workbook as a Christmas Gift.

[Investingcoachw]

Always great advice from Tiff. And yes always take advantage of that Roth IRA. The government knows how great a deal it is they capped how much you can put in every year.

[Adventuresawait]

My credit score is currently over 800. The annual fee for my AMEX is going up to a crazy amount so I’m planning on cancelling my card and closing out the account before it renews in a few months, and I know this will affect my credit score. Any advice on how to handle this or minimize it as much as possible? If it wasn’t for the annual fee, I won’t even think about it, but I can justify paying close to $200 annually for a card I barely use.

[lilibethvilella]

Loved it so much as I rebuild post divorce & she also gave me idea to create downloads for my book club on healing from divorce 40+ ❤

[cherylbarr]

I ❤❤❤❤ Tiffany so much.
I’ve been through hell and Back. With cc debt. Had my paycheck garnished (2022) by chase bank $4800. Thank God I was working a second job, I was able to use the funds to pay the garnishment early. Fast forward 2024, I’m debt free. Credit score is 803.
I have a pension, deferred compensation plan, an IUL and ELLEVEST savings for an emergency fund. I use my cc to make bill payments each month $627 a month.

I really wish more ppl thought this to KIDS KIDS KIDS.

[t.h.nguyen]

Thank you for the inspiring interview Kyle, Mindy, and Tiffany!