Are You Leaving Your Kids Broke?
Wed, Mar 13, 2024, 6:51 AM • 1:00:03
SUMMARY KEYWORDS
wealth, investing, building, bible, kids, give, pay, money, children, started, accounts, dream, mind, listen, building, protect, babies, foods, business, lead-based paint.
Welcome to all my wealth-building mamas. Guys. Listen. Wealth does not start and end only with money. You have to see everything is currency. Everything is energy, every single aspect of your life. If God is the living water, then what is living water? It's currency. So, how can you build wealth in every aspect of your life? Because it does not start and stop at any one thing. Wealth building must be done on many avenues and in many different areas. And that's what I want to talk to you about today because we need momentum in every aspect of our lives. And wherever we're not going to see momentum, wherever we're not going to encourage or build, or everything needs to have a structure, right. And I think of it as the bones of whatever I'm working on. So this is what I want to tell you guys about today.
1. Building your network at work:
So, number one building your network at work. Remember what I said: everything is building your building wealth wherever you go. As a single mom, you can't afford to quit your job and follow your dreams. Like, you know, being a mom, right? If you have a supportive family husband, then you know, obviously, that advice is not for you, but I'm just letting you know what I have learned. What I have learned through my years of trying to work on my business and failing. And I mean, I started my business in 2017 and miserably failed year after year. And this is why I want to tell you these things: because I don't want to see you miserably fail year after year. Avoid my mistakes. So you can, you know, do your thing. You should be able to do your thing. You know, it shouldn't be that hard. So, build your wealth at work. That's number one. And the way you do this is by stopping jumping from job to job. You get it; I'm saying, like, I wish I had Someone to have told me this because I did it. I hadn't been there. It was hard. I jumped from job to job, and I left so many good employers and so many good situations. I told Someone the other day that I had a life insurance plan my employer was paying for, and I left another one I had stocks. I was a manager for Walmart 1314 years ago 13 years ago. And man, Walmart matches your stocks. You can buy stock from the company or Walmart, and they'll match whatever you put in. That's wonderful. By the time I left Walmart, I couldn't own the stock anymore because that was only a benefit for employees. And so they sold the stock and sent me $400 on a stock I didn't even buy. So that that was another thing. But you must know that building wealth is more than one way to build it. You have to build it in many, many different ways. And with the employer, it is definitely one, you know, finding a good employer. Can I tell you something? There will be something you don't like in every single job. So just sit down. Right? The dog mentality is the one that wants to be around like it wants to be stimulated and wants to go it wants to. The wealth mentality makes you sit down; the wealth mentality will say no, peace is still, and I will bring peace to me. I will attract peace to me. I will not be the storm. I will be quiet in the storm. And so, I have learned that jumping around from job to job will not cut it. How are you even going to be able to buy your house right? How are you even going to be able to get an FHA loan? You have to be with one employer for two years. And you have to understand why the banks require that even if you want to do a NACA program, you have to be stable for that because I have to tell you that wealth is built through stability; wealth is not built through jumping around especially jumping around from state to state. I haven't been there. tried that. It's not good. It's it's definitely not good. I have given away at least $100,000 by now. It's horrible. It's horrible, guys. Just buy. You know, furniture alone is so expensive. And when you go to move, guess what? Every house has its floor plan, and you won't be able to fit everything in every house you move into. And because it has its own floor plan, amenities, and things it offers within the space. You'll have to buy more furniture or eliminate some of it. So, no more moving around, guys, and this is why I'm talking to you like I started talking to myself and how I started building my wealth. And hey, if you have to move or transfer yo,u can transfer to another apartment within your landlord's network. If there's another apartment available in your complex or within your network, cause your landlord is a network, every single relationship you have in your life isn't at work, and you have to settle down. Okay? Because without this relationship, you won't be able to build wealth. Here's the thing, guys. When building wealth, you need people; your biggest account will always be another person. It will never be your money market account or your retirement fund. All of those things do not matter. When that's all you have. You need people. People are your biggest assets.
2. Save Regularly:
So, my number two point would be to save regularly but not in a regular account. You can't save; first of all, your money is dying in a checking account, and your money is dying in irregular savings. Usually, banks are now giving those no fees. If you have joint accounts, you know, between a checking and savings account, or if you have regular deposits, they don't charge you any fees for that kind of account. But they are not giving you a lot of y, you know, a p y, right? It is the interest you're accruing in the annual,l percentage yield. Still, it's the interest you're accruing from the bank. Right, it's the upcharge from the bank. And the bank is always looking to upcharge you to gain interest off of you, so you have to gain interest off of the bank too, and what accounts are going to be able to gain that interest for you are the accounts that have high percentage yield things and what I have discovered in looking for high yielding savings accounts or accounts like money market accounts. money market accounts will yield four to 5% Annual Percentage yielding, which again is the interest it will yield more for you. Then, a savings account should be set at 1% a year. And here's another thing. If you keep touching this money, you're not building anything because you have to accrue money to have a higher interest. Right? It's just like debt. The more debt you accrue, the more the bank can charge you the interest on that debt.
10:57
Another good savings account is one like Apple. Apple's a great savings account. And what I realized about these kinds of you is that you have to look for companies with savings accounts, right? Usually, a company with a sock also has a savings account. Which is amazing because they're essentially acting like a bank. And what you want to do is make sure that you can get into these company savings accounts. Apple was one of the ones that I researched, among others. I realized that Apple has a four to five annual percentage yielding right a py, which again is the interest you are charging the bank for your money. This is how to build wealth because you cannot build wealth on just a nine to five. Now, the nine to five is important because it's the bones of your wealth. It's the foundational structure because you cannot build wealth. If you aren't, There's a Bible scripture that talks about what it is good for, and I'm paraphrasing, what is it good for if you're building a foundation and cannot finish the structure? So what happens when you're doing all this networking? You're doing all this, and then you don't have anything to build wealth, right? And what you need to build that wealth is to have a job so that you can save regularly and invest regularly. It's a game of money, and the faster you learn how to play the game of money, the faster you will be able to build your wealth. And here's another thing, too. I have to tell you. wealth building is a time game. It's a long-haul game. There is no way you'll be able to build wealth in 30 days. You have to get out of that mindset. Because if you don't, you will forfeit your wealth every time. Another way to say regularly is by investing in gold; gold isn't losing value. As a matter of fact, it is gaining value every day, and nothing else will have this value. You know, the real estate market takes dips. Everybody fears the market right now; wealth is built in the dips. So forget all that noise. You know the stock market takes dips, and in the dip, you're buying, but you're never selling, okay? Because you'll lose your money every time your life Takes a Dip, and you go selling all your stuff like a madman, or I'm gonna move. Right now, I'm selling all my furniture. Your life dipped, and now you're selling all your shares. Don't sell your furniture when you don't move. That's the bottom line of wealth. You don't move; you stay steady. If the storm is around you and it's warring. You keep both steady, and that's your mind. Now, another third tip for building wealth is investing wisely. That would be in stocks that would be in bonds. And the reason I say stocks and bonds, mutual funds, guys, I used to think that a mutual fund was forgiving. I know it's crazy, but that's what happens when you don't know. If you don't know, you don't know.
3. Invest Wisely:
I started looking for something that I could invest my money in. And it's funny because the financial coach I went with categorized me as an aggressive investor. Yeah, because I want to see the money. Understand what I'm saying? Like we're single moms and over here. I cannot afford to be waiting around for my children's Father to decide that he wants to pay child support. Do you understand what I'm saying? If you know, you know, girl, because it's not easy. And expenses that arise in emergencies. And, you know, if you don't have child support set up, guys, don't get me started on child support. Invest wisely in your kids, and child support is important. Okay, and if he refuses to pay it, the Bible says it is evil not to collect. It says that it is important to provide for the members of your own household. He who does not provide for the members of his own household is worse than an unbeliever. And worse, the unbeliever, the unbelieving spirit, is the dog spirit, Book of Revelation, and is worse than the unbeliever is literally Jezebel. You know, it's the False Prophet, and there are levels to hell. There are levels where there are tears to hell, right? Hell consists of Satan, the false prophet, and the Beast of hell; the Beast of hell is the dog spirit, and the False Prophet is Jezebel. Then, the next here says you must protect your kids from that and invest wisely into these accounts. Another good investment is real estate. Again, Investing is for the long haul of wealth. It is for the long haul. If you're trying to get rich quick, that usually has a price tag behind it. There's a price tag behind getting rich quick. And the quicker you build your wealth, the quicker it's easy to lose it. There's a scripture in the Bible that talks about how if you build wealth, you will keep it you don't want to lose. Right, let's slow building is steady keeping because you learn throughout the time and along the way how to keep it. Another important and wise investment would be investing in your business. Your personal brand and your business are investing in your family's legacy, investing in your children, and investing in a good man who leaves an inheritance for his children. This is important because even when Someone tried calling Jesus a good man, he said no one was good except the Father. And now the Bible calls the man who leaves an inheritance for his children's children a good man who lets you know that you are acting in the place of God in the place of the Father. Okay. And this is really important because why would we want to leave behind what our parents left us if we come from poverty? Like, listen, I come from the last condemned village in Puerto Rico. I don't remember one time I was sleeping, and I was so sick. I was in the shack that my sister's dad billed, and because I used to live with my sisters and I was sick, I threw up in my sleep. And my throw-up was all over my hair and my pillow, and I was so sick. I didn't realize I had didn't wake up from my sleep. I think I was six or seven years old in kindergarten or first grade. And because the structure was so poor, ants came in from outside and swarmed my entire face. One, I was completely bitten and swollen shut, and the other, I was halfway bitten, and my sister's dad was so afraid that, yeah, he sent me back to live with my mom after that. And he was so afraid. So, I want to tell you that building wealth for these babies is everything. We don't have time to waste like
20:43
and it's funny because Someone talked to me the other day, and they're like, how do you know your children are going to want to do what you do. How do you know they will want to be in real estate? Because you train a child in how they should raise a child and how they should go, they won't depart. Make it fun. But more importantly, you have to invest so much love into your kids. Like this is the currency, you're building an account with your kids to the point where they, even beyond the grave, will be so undeniable that they will want to do what you want them to do. You leave it in the Will, and then you turn it in. You instill this wealth mentality into your children so they won't know anything else. This is how you build wealth. And this is how you leave a legacy.
4. Take Advantage of Tax-Advantaged Accounts
Now, number four would be to take advantage of tax advantage accounts, which will be IRA accounts. Not all of them. Traditional IRAs are taxed at the end of their tax when you withdraw. You know, both Roth IRAs are the ones that you pay taxes. On yearly, because you claim those assets in your taxes. So you pay those taxes annually, set it, and forget it. And this is really good too because taxes go up. Right? Taxes go up year by year. So you want to avoid getting caught in 30 years paying that tax. It's good, and you're paying taxes based on what you owe. So think about if you're building your wealth by the time you get up there with a large lump sum in 30 years. You're going to pay the tax on that. But if you're building your wealth and only have $500 in the account by the time you have the $500 in the account this year, then you can pay the taxes. And then, if you have less two than $3,000, the following year, you could pay the taxes on that. Building your wealth with the taxes of the time is essential. So take advantage of the year that you're in, take advantage of the time that you're in, take advantage of the tax laws that are in place now. Sure, things can look better in the future, but protecting your investment from taxes is really important. And what's so essential about protecting that investment is things like having a business, writing off all of those expenses, and charging them to your business, which will build wealth there. I could do all of that in the beginning years of my business. All of my expenses. All of my living expenses went on the business because I worked from home and had a remote-style business, so I was able to do it. This is legal, guys. This is legal, and the tax code was written for business owners. The reason why the tax code was written for business owners is because the Bible is law. It was set up so that we can answer the call, we can follow what we're supposed to be doing in terms of our calling in terms of the people that were called to serve in terms of the people that were called to network with these you are a business you are a walking, talking breathing business and guess what the business is a person according to the law, every entity is a person. Every person is an entity. So, you must take advantage of how you can build wealth in tax strategies. If you need to learn more about tax strategies. Take a course and read a book about it because you have to protect your mind. For from it flow the issues of life protect your heart diligently says the Bible, for from it flow the issues of life and over in Genesis 8:21. It says that the imagination of a man's heart is evil from his youth, meaning that the heart is the imagination, meaning that the spirit is the mind over in Ephesians 4:23. It talks about how we need to be renewed in the spirit of the mind. Therefore, the imagination, heart, and mind are all the same.
Socials:
Facebook: https://www.facebook.com/HeNamedMeAnaya/
Facebook Support Group: https://www.facebook.com/groups/772308857585095
Instagram: https://www.instagram.com/dearanaya_est2012
LinkedIn: https://www.linkedin.com/in/DearAnayaLLC
Tumbler: https://www.tumblr.com/dearanayaest2012
TikTok: https://www.tiktok.com/@dear_anaya
Twitter: https://twitter.com/DearAnayaLLC
Pinterest: https://www.pinterest.com/henamedmeanaya/
#HowToSurviveAsASingleMomWithoutHelp #StockMomDumbMoney #WealthySingleMom #IAmASingleMotherWithNoIncome #SingleMomStartingOverLowIncome #SingleMomStartingOverLowIncome #PassiveMommyIncomeReviews #HowToSurviveFinanciallyAsASingleMom #SideHustlesSingleMom #BuildingWealthForMoms #BusinessNetworks #BusinessNetworksExamples #TypesOfBusinessNetworks #TypesOfBusinessNetworks #TypesOfNetworking #ExampleOfNetworkGroupInSociety #ExampleOfNetworkGroupInSociety
