How to build wealth on $500 weekly: A Step by Step Guide

Step by Step Guide

How to Build

Wealth on $500 weekly

1

This first step is to work on your mindset and develop a growth mindset. Because no matter how hard you put in the work if you are not ready psychologically; you will never achieve your goals.

Discipline

Endurance

Hard work

Self Assessment

Make money 7/7 week don’t skip a day. Even if it is $0.5 take it, save it. As time goes by you will structure those incomes streams. Then, repeat the same process over time. Notwithstanding you need to be extremely focused, work hard and constantly reevaluate yourself. Always remember, they are many ways to make money in 2019. Start somewhere first then the momentum will catch up. Finally, always keep the bigger picture in mind.

Don’t spend money, save money. Yet if you decide to spend think of each spend as an investment that has to bring in a return on investment. If you keep that behavioral mindset you will constantly find ways to save money and limit your expenses. In addition, you can keep your expenses low while enjoying a decent life. So stay focus, resist all social pressure to show up and be resilient.

Time = Money. You need to understand the concept of “Time Value Money”. As a consequence don’t trade your skill for money but your time for money.

2

The second step is to build a solid community around you. Still, a community of like-minded people who can help you, push you forward and support you in your quest for a better life and a strong legacy.

Support

Elevation

Social

Protection

Leverage the power of your community to excel in your environment. Absolutely, you can be part of a saving circle, an investment club, a lending circle or both with a select group of trusted people around you. That is the reason why joining one of those will instantly guarantee sustainable access to money when you need it to invest in a business or cover an emergency.

Joining a professional organization will help you rethink your career evolution. Moreover, it will help you harness the opportunities available of your industry and your profession. Also, your interaction with your peers accomplish professional will enlighten you. But, you can start by volunteering during meet up or community engagement activities.

Find a mentor. Nonetheless, it should be a person that has your best interest in mind. Also,the person will guide you and orient you toward achieving your highest potential. Ideally, a person that has build wealth from scratch will be preferable.

Eliminate all toxic friends around you.  Typically, people with visions, aspirations, and values that do not connect with where you are in life and with what you are trying to achieve.

3

In this third step take actions. Always go for the long haul, don’t settle for less and be appreciative. Furthermore, balance your portfolio of income between short term and long term. Finally, try as much as you can to be present everywhere there is money to be made.

  • Lending circle
  • Passive income
  • Stock market
  • Real estate

Lending Circle

                                     Case study

5 people are close friends and family relative with stable income. Michael, Kaliana, Alex, and Kyle.

They all come together and decide to pool every month $500 and give all to the host of the day who also happens to be the beneficiary of the day. Besides, the action is rotative.

As a result:

  • Month 1, Michael gets to take home $1500.
  • # 2, Kaliana takes home $1500
  • The following month #3, Alex $2000
  • Finally #4, Kyle $ 1500

For a year each will get access to $7500 of zero-interest loan. That is good money that can be invested in an asset for future gains.

How can you get save $500 every month?

  • Get a roommate
  • Cut off your cable TV
  • Take public transportation
  • Stop buying alcohol and beer
  • Shop in bulk
  • Grow your own food
  • Limit your dining out

Stock market

Build wealth with the stock market on a $500 weekly pay. Here are some valuable options.

                               Options

Fixed-income US Government Treasury securities

A Fixed-income US Government Treasury securities with maturities of anywhere from 30 days to 30 years in denominations are available for as low as $100.

Worthy Bonds

For as little as $10, you can invest in Worthy Bonds.  Worthy Bonds are fixed interest bonds that fund loans for creditworthy American businesses.  More, the bonds have a term of 36-months. But interest is paid weekly and you can withdraw your money at any time, without penalty.  Equally, you can buy as many $10 bonds as you’d like.

Mutual funds

Mutual funds are investment securities that allow you to invest in a portfolio of stocks and bonds with a single transaction, making them perfect for new investors.

The trouble is many mutual fund companies require initial minimum investments of between $500 and $5,000. Nevertheless, if you’re a first-time investor with little money to invest, those minimums can be out of reach. But some mutual fund companies will waive the account minimums if you agree to automatic monthly investments of between $50 and $100

Invest with little leveraging Apps

You don’t need millions to invest in the stock market. In line with that assumption, you should consider apps like Robinhood acorns to start investing like a pro.

Others investment ideas

Trust fund

You can open a trust fund for the kid you have or about to have for as little as $1000 per year. Plus, you can utilize the money from the lending circle to start a trust fund. As a result, by the time the child turns 18 years old, he or she will at least have some extra money in the bank.

Life Insurance

Make sure you are covered with a life insurance policy. Just in case. Nevertheless, if you go in for a whole life policy which is more expensive,you will be able to borrow against it after a certain period of time.

                      Case study

Richard had subscribed to whole life. policy. So, after paying approximately $200 per month during 10 years he has accumulated a considerable. Now, he can withdraw a portion in cash or borrow against. However, he’ll be borrowing money from the issuer and using your policy as collateral.

High-yield money account

                          Case study

Paul takes home every week $300 after all deduction. After a long struggle, he manages to cut down some of his favorite habits like smoking, buying  3 cups of coffee per day, and drinking.

Money save weekly $10. That is $50 per month. After doing some research in the banking sector. Then, he opened a savings account in a bank that offers the highest yield interest on a savings account. Solely, to take advantage of the account interest. Then every week he deposits $10 in the account that is $500 per year. Consequently, a 1.90% annual rate that is a decent interest. Of course, you can also add the money you’ve saved at your saving circle or any other income stream.

https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/

Passive Income

Generation passive income to build wealth on a $500 weekly pay is possible. Here are some valuable options.

                                     Case study

It turns out that you are very comfortable in front of a camera and a microphone.

So you decided to create an online channel where you share your thoughts about struggling with paying your bills. You pre-recorded with your cell phone camera and no editing 15 videos of 15 minutes each.

Then you publish everything on Youtube activate the revenue from ads display. Afterward, you left.  At every 1000 views, you make money.

Learn: https://creatoracademy.youtube.com/page/lesson/revenue-basics

  • Total investment: $0
  • Potential revenue: unlimited

Real Estate

Real estate is probably one of the easiest ways to build wealth on a $500 weekly pay. That is because, the industry is very dynamic. More,here are some valuable options.

                                     Case study

You don’t need a lot of money to start in real estate. Accordingly, chances such as crowdfunding platform and start with as little as $500. Also,you can use the fund collected from the lending circle.

How to Make Easy Passive Income

How To Invest & Make Money in Real Estate With Trusted People

Conclusion

As you can see they are many ways to build wealth irrespective of the strategy you choose. Just keep in mind it will require patient, focus and determination. Don’t neglect any source of income or any amount. $1 here, $2 there, will eventually add up to help you build a considerable wealth in a short period of time. Build wealth on a $500 weekly pay is not easy but totally doable especially nowadays.

Up ↑