How To Get Rich In The New World Economy?

How To Get Rich In The New World Economy

We are living in a new economy, and in this new economy, you cannot just go to work for 45 years and put a little bit of money away for your savings and investments and expect to be able to retire, let alone live financially free.

If you want to know how to get rich in the new world economy? you are in right place.

Yet, we have the majority of people living, working, and trying to become wealthy today in this new economy following the rules of the old economy 50 years ago.

Take a look over the last 50 years or so: new car prices have risen by around 840%, home prices have grown by around 1,000%, and Public University tuitions have grown by 2,300%.

Yet, at the same time, household income has only grown by 688%, not to mention the fact that household income used to be one person’s income back 50 years ago, VS today where household income is primarily 2 people’s income.

Now when you see those numbers, it starts to make sense why so many baby boomers in today’s economy are really struggling to be able to retire because they just don’t have enough money put aside.

But this is where you really have to ask the tough question:

what’s going to happen when Gen X goes to retire or what’s going to happen when Millennials go to retire?

What’s going to happen when Gen Z or Gen Alpha go to retire?

Read more : How To Save Emergency Funds Fast | Money Saving Tips

How To Get Rich In The New World Economy?

We know that things are going to get more expensive, and we know that our dollars are going to lose value. These are facts, not predictions.

How do I know this? Because even our Central Bank in the United States, the Federal Reserve Bank, has come up publicly and said that their target inflation number is 2%. It’s not 0% inflation.

Now when you have inflation, what does that mean? Well, that means that our dollars are losing value and that the prices of things are rising.

And if the Federal Reserve Bank wants to hit 2% inflation, that means the prices of things will continue rising, while the dollar is continuing to lose value.

And at the same time, we haven’t hit that target inflation, we’re still above the target inflation number.

And for the last number of years, we’ve been seeing way above-average inflation, which means our dollars are becoming weaker and things are becoming more expensive, and the average person becomes poorer. But let’s dig a little bit deeper.

What is going to happen to our economy and our money if inflation continues to stay around, which we know it will stay around? What is that going to mean for our economy and money in 10, 20, 30, or 50 years? Well, take a look.

If we make a rough assumption that we’re going to see the same inflation that we saw for the last 5 or so decades for the next 5 or so decades, well, that means that a new car would cost you 840% more than it does today, which means it’s going to cost you $352,400 for a new car.

A median home is going to cost you over $9 million, and college tuition for one year is going to cost you $216,000.

Now, of course, household income would rise as well, and if we assume the same inflation factor, that means the household income would rise to almost half a million dollars a year.

But the tricky part is on household inflation is that between 1971 and 2023, household income went from 1-income households to 2-income households.

So, I don’t know if we’re going to see 3 or 4 income households 3 or 4 decades from now, but these are just the numbers if we assume the same inflation factor for the next 52 years.

Now, of course, these are just projections based on previous inflation, but when you see this type of data, you can have 3 different types of responses.

Reaction number 1 is that’s not going to happen, everything is going to go back to normal, the prices of things will fall, the economy is going to be fine, there’s nothing to worry about. That’s reaction 1.

Reaction 2 is you just shrug it off, well, there’s nothing I can do, it is what it is, and we’ll figure it out, the government will take care of me.

And then you have reaction 3, which is okay, I got to get serious about my money.

What can I do right now to take care of myself, my family, and build my generational wealth despite what’s happening? Because I’m going to be honest with you, there’s good news and there’s bad news from this information, starting with the bad news.

The bad news is we are going to see a bigger divide between the rich and the poor. We have been seeing this happen, and anytime you see inflation like this, it continues to create a bigger divide between the haves and the have-nots. And that’s why you see a shrinking middle class.

The good news, then, is the people who understand this, the people who have the financial education, well, you can use this system to your advantage to win despite all the changes that we’re going to see in the economy, despite the changes that we have seen in the economy, and you can become wealthy despite this.

And if you stick with me through the end of this blog post, I’m going to break it down for you in 5 step-by-step pieces that way you know exactly what to do.

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Lay the foundation for your finances

Now let me start with number 1, which is you got to lay the foundation for your finances.

Some of you watching this are going to say this is way too basic, but listen, you got to start by laying the foundation because we got to make sure everybody’s on the same page first.

If you want to build a home, you got to start by digging the foundation.

If you want to build a tower, you got to dig a bigger foundation.

So if you want to become wealthy, you got to start by laying the foundation, and in this case, that means you got to do 3 things.

Number 1, you got to lay the foundation for your mindset.

Number 2, you got to build the foundation for your savings.

Number 3, you got to build a foundation by getting out of the high-in-debt.

Get out of the credit card debt, get out of the payday loans because until you do this basic stuff, you can never talk about how you’re going to build wealth in this new economy, you can never talk about how you’re going to earn more money in this new economy, you can never talk about how you’re going to take advantage of inflation in this new economy if you’re constantly just trying to pay catch up, if you’re constantly wondering how you’re going to make next month’s bills.

Laying the foundation

Okay, so you got to start by laying the foundation, and this foundation starts with that mindset, which is understanding that you can become wealthy.

I don’t care what you look like, I don’t care where you’re from, I don’t care how much money you make, I don’t care what degree you have, I don’t care who your parents are.

You can become wealthy. And if you don’t believe me, well then you’re never going to become wealthy because if you don’t believe you’re going to become wealthy, you just never will do it.

But if you believe you can become wealthy, then you’re going to be primed to actually take action to become wealthy. You have to believe that you can do it first. There’s no other way around it. You have to believe that you can become wealthy.

You have to get out of this negative association with money because it’s funny, every single person wants to become wealthy.

Yet at the same time, most people have a very negative association with money. What do I mean by that?

Most people have this very negative association, meaning they think rich people are bad, they think money is bad, they think wealth is bad.

And all these things are taboo. Yet, I want to become rich and wealthy.

If you think rich people are bad, if you think wealthy people are evil, how are you going to want to become wealthy yourself? You’re not going to want to do something to make yourself evil or bad.

So you have to start changing the way that you think about money. And the reason why so many of us have these negative associations with money is that many of us grew up with these types of associations with money.

You grow up with your parents telling you that money is bad, money is evil, that rich people are bad, they did something shady, they did something slimy.

And so that gets passed down to you. And then what do you do? You hear that, and you tell your kids the same thing.

And then you pass it down to your kids. This is one of the reasons why generational poverty is generational.

It’s not because it’s in your DNA, it’s because it’s the way that we’re taught to think.
And if you don’t see anything else, if your parents tell you the same thing, if your grandparents say the same thing, all your friends are in the same community saying the same thing, how are you going to break out of that? And this is where you got to stop that negative money thinking.

How can you get yourself the positive thinking? Start reading some personal development books, read books about abundance, read books about self-development.

Start changing the environment that your brain is in, start consuming different types of content, and you’ll start to see different sides of opportunities. You’ll see different things in the world, and you’ll start to see where the opportunities are. That’s the first step.

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Save a couple thousand

The 2nd thing, now on a more practical level, is you got to save a couple thousand. And I know, again, some of you watching this think, “This is just way too basic.” Listen, just stick with me for a couple of minutes. You got to save a couple thousand, okay? I get it, your savings are losing value to inflation.

But if you do not have at least a couple of thousand dollars saved up, you are in a financial danger zone because something’s going to happen.

Your car is going to break down; someone’s going to need some money.

You’re going to need money for something. And now, if you don’t have that cash, you’re going to have to go into credit card debt to pay for it. And now you got to play catch-up again because you got to pay the interest and do all that stuff.

Have some cash saved up. If you don’t have $2,000 saved up, stop spending money. Don’t go to Starbucks, don’t go to restaurants, don’t go on vacation.

Stop spending money.

If you don’t have $2,000 saved up, you got to get $2,000 as fast as possible. Once you got the $2,000 saved up.

Get out of High Interest Debt

The next thing you got to do to lay the foundation is you got to get out of the high-interest debts. That means if you got payday loans, if you got credit card debts, you got to do whatever you got to do to get out of these holes, financial holes.
And until you lay your foundation, listen, you got to make extreme financial sacrifices in this foundation-laying stage because you want to get past this basic stage as fast as possible. This is like now you’re just trying to dig down so that way you can build up, and you want to dig down as fast as possible.
You want to get out of this credit card debt. That means do whatever you got to do, sell whatever you can, downsize whatever you can, earn however you can get that extra cash. That way, you can get out of this debt because everybody else is getting rich when you are in credit card debt.
When you go and spend money at Gucci on your credit card, Gucci is getting rich, Amex is getting rich, Visa is getting rich, the landlord that owns that mall is getting rich. Everybody’s getting rich except you.
So, if you want to become wealthy in this new economy, the very first step is you got to lay the foundation. That means you got to dig lower.
And that means, number 1, you got to build your mindset, number 2, you got to save your first couple of thousand dollars, and number 3, you got to get out of that high-interest debt.

Use money as a tool

The 2nd thing you got to do if you want to become wealthy in this economy is you got to use your money as a tool. In this economy, what does that mean?
So now when you have inflation, because we’ve seen inflation happen, what does that mean? Inflation means we are inflating the monetary supply.
There are more dollars out there, so people have more dollars, but what does that mean exactly? Who does that benefit? Because inflation disproportionately benefits some people while hurting others.
Who does it benefit? It benefits the financially educated and it benefits the asset owners. How do I know that? Because what goes up when you have inflation?
The prices of things. You go to the grocery store, you want to buy groceries, it costs you more money. You want to buy a flight to Florida, it costs you more money. You want to go buy things, it’s going to cost you more money.
So who’s benefiting? Now when you got to pay more money, it’s the owner of these assets. It’s the owners of the stores, the owners of the real estate, the owners of the properties, the owners of the businesses that are benefiting.
Now if you are not an entrepreneur, that’s okay. I’m not saying you have to go out and start a business. There are ways for you to capitalize on this without you going out and starting a business or buying a business.
Well, let me take that back. There are ways for you to capitalize on without you’re going out and starting a business, but you need to go out and buy a business.
Now I’m not saying you have to go out and operate a business, but you have to start changing the way that you use your money because now you need to be the asset owner. And the way you become an asset owner is now when you have money that you don’t spend, you have this extra money.
Some of this money you want to keep for your savings, right? You want to have 3 to 12 months worth of savings to protect you against an emergency. This is your emergency cash. You start with the $2,000 that we talked about in the first step.
Now you can start to build, build up your savings a little bit to build that emergency cushion in case something bad happens, in case you lose your job. But the rest of your savings that you’re working to put aside, you want to put this money to work.
You want to use this money to buy assets. Things like rental properties, things like stocks, things like investing in other businesses. These are the 3 biggest wealth-building asset classes that we have seen over the last century. These have been time-tested. Businesses, stocks, and real estate have built more wealth over the last century than anything else. And what have we seen happen? Well, housing prices have gone up, rental prices have gone up, stock prices have gone up.
Now have they gone up completely linearly? No, we’ve seen crashes in every asset class. We’ve seen crashes in the housing market, remember 2008? We’ve seen crashes in the stock market, we saw that happen in 2020, 2008, 2000. We’ve seen crashes in business valuations.
In fact, right now, business valuations have fallen quite a bit off of their highs a couple of years ago. So now what does this mean? You have the opportunity in a first-world country like America to go out and put your money to work, to go out and use your money to buy equity, to buy ownership in companies, in businesses, in assets that benefit from inflation. What has happened over the last few years because of inflation? The cost of living has gone up. What does that mean? That means your rent has become more expensive, that means your groceries have become more expensive. Well again, the landlord is benefiting when rent goes up.
Now of course, costs have gone up for the landlord as well. I can tell you I am a real estate investor and we’ve seen property taxes go up, we’ve seen insurance prices go up, we’ve seen maintenance costs go up. But if you own a property, generally what’s going to happen is your costs go up and who do you pass the cost on to? The tenant. And generally, your costs don’t rise as fast as your income. Now you want to be an ethical business owner, you want to be an ethical asset owner, not just trying to milk every penny that you can, you want to provide real value. But this is where what you want to understand is the person that benefits from inflation are the people that understand inflation and it’s the people that own the assets and it’s not the people that are trying to own an asset for 6 months and try to flip it because these are the people that end up losing the most money because now you’re trying to make that quick buck and people who are traders, people who are flippers, they’re the ones that are looking for the hot stock, they’re the ones that are looking to make the quick buck and they’re the ones that as soon as things start to slow down they lose everything.
Now the next thing you’re going to say is but I don’t have hundreds of thousands of dollars or tens of thousands of dollars or thousands of dollars to start investing and guess what you don’t need that much money to get started, you can start investing with as little as $100, even $1 thanks to technology but the key here is you have to get started. If you are not putting any money aside for your investments you are never, ever, ever going to become wealthy, you can’t do that, you can’t build wealth in this new economy without owning assets.

Period. Back in your grandparents’ generation, maybe your parents’ generation, guess what, you could work a job for 45 years, get Social Security, get a pension, and have whatever savings you have to live off of and that was enough, most people didn’t have to worry about planning for retirement.
Today, it’s

“I’m going to put money in my 401k and I’m going to have social security.”

Well, the problem is social security for people who are young now. If you’re under the age of 45, even 50, your social security isn’t going to go that far.

So now, if you think social security is going to be a big bump to your paycheck for your retirement income, well, good luck.
It turns out most people’s 401ks aren’t enough to fund their retirement either. This means you have to get more aggressive in your investments. That means you’re going to have to get more involved with your investments.
Most people don’t have any sort of financial education so they don’t know where to start. But in this blog post, I hope kind of serves as not a warning but a thought that you want to get started and get serious about your money because if you don’t get serious, well, eventually you’re going to get older, eventually the time’s going to come where you’re going to want to pull back on your work, and eventually you’re going to say,

“What the heck?H ow can I live my life financially free?”

And if you want to do that, there’s one way to do that: you have to own assets.
Now, you can hate it, you can love it, the reality is this is reality. And if you want to become wealthy, if you want to become financially free, there’s one way to do that: you have to own more assets.

Now, of course, you can go out and start a business. Your business is an asset. But if you don’t want to start a business, then you have to go out and start investing your money into assets like stocks, like real estate, into other people’s businesses.

Now, there are other asset classes out there, but these are the that have built more wealth than any other asset classes over the last century.

Read more : How Much Money You Need To Afford A $500,000 Home?

Change how you earn

The 3rd step to this puzzle on how do you actually become wealthy in this economy is you’re going to have to change how you earn your money.

And what I mean by that is for most people, you might not be able to earn enough money from your job today to be able to become wealthy as soon as you would like.

And as soon as you swallow that tough pill, then you can start working towards how do I earn more money because what’s going to happen for most people is you start living a little bit smaller, you start putting money towards your investments.

And now you realize, oh, I see that potential for becoming wealthy. And then maybe you play with a few compound interest calculators on the internet to calculate how long it’s going to take for you to actually become wealthy.

And then you realize,oh yeah, I see that I can become wealthy, but it’s going to take me a long time. I wish I could become wealthier sooner.

How can I become wealthier sooner? And then what most people do in this state is, I’ll just live smaller.

Now you keep trying to live smaller and smaller and smaller, which is one way to have more money to invest so you can become wealthy sooner. But there’s a limit to how much smaller that you can live.

However, there’s no limit to how much you can earn.
So now the next question is how can you earn more money?

Now, there are a lot of ways to earn more money, right? You can do that through your job, through your career, through a career change, through a certificate. But the way that I have the most experience, and I can only talk for myself here, is through creating my own income.

Now, I have been fortunate to see a lot of success on YouTube, and I’ve been fortunate to see success with my business.

But what I do know is that the internet has changed the way that you can earn money, and it has made earning money much more accessible, not easy, but much more accessible because the way that it works on the internet is if you can attract attention on the internet, if you can attract eyeballs, listeners, viewers, watchers, you have the ability to make money.

And this is where a lot of people get caught up on, “How am I going to make money?” You don’t have to worry about that just yet. Understand this, if you can attract people to you, to your brand, to your blog, to your social media pages, to your YouTube channel, to your podcast, you can make money.

Making money is actually the easy part once you start developing that audience. Building the audience is the tough part because that’s where now you have to figure out what is your unique value that you can provide to the world? Because if you can find a way to get people to watch something, listen to something, see something, you will be able to make money.

You can make money through advertisements, through selling other people’s products, selling your own product. There’s a lot of ways to make money that is much easier, I would say, to start generating revenue than actually developing the audience. Now, once you want to scale the revenue, that’s where it takes a little bit more work and a little bit more time. But if you just want to start generating revenue, that is less difficult than actually building the audience.

Now, this is where I want you to remember that the reason why you’re working to earn more money here isn’t so you can drive a faster car, live in a bigger home, go on fancier vacations. It’s so you have more money to be able to invest and build your wealth. Because what wealthy people want to do is they want to own assets that pay for their dumb stuff. They want to own investments that give them the money to buy the fast car they want, the investments to pay for the big mansion they want, the investments to pay for the fancy vacations. They don’t want to go to work, they don’t want to run their business to work hard to make money to buy these things. They want to work hard to make money to buy the investments and have the investment then make the money to buy the dumb things. And the mistake that so many people make is people are working hard to make everybody else rich. And when I say that, most people assume that, “Yeah, I’m working hard to make my boss rich.” But that’s not what I’m talking about. I’m talking about most people are working hard to make everybody else rich because they’re working hard to get a paycheck and then they use that paycheck, usually with the help of debt, to go to the Gucci store, to go to the Apple store, to go to Amazon, to go to Kroger. And then you just spend all your money everywhere else. All these companies are getting rich through your hard work. But what wealthy people want to do is they’re working to earn money, not to spend money. They’re working to earn money that way they can own assets. And then they use the money that their assets make to then fund the dumb stuff. So if you want to buy the dumb stuff, the expensive stuff, the exotic stuff, fine, nothing wrong with that. But I want you to be able to afford it first. And this is where you have to switch your priority of what matters. You got to have the assets before the dumb stuff. Get the assets first and use the assets to fund the dumb stuff. And you’ll see now how much wealthier you will be able to become. And then you won’t have to worry about the money either because it’s your money’s money that’s paying for the dumb stuff. It’s not your hard work that’s paying for the dumb stuff.

Invest in financial education

Step number 4 is invest in your financial education because as you’re working to live smaller, as you’re working to invest your money, as you’re working to earn more money, what you’re going to realize is if you can spend some money and some time learning how to do something, you can save yourself years of hard work and learning and trial and error because you can pay somebody else to teach you how to do it. What does that mean? If you want to invest in real estate, you can pay somebody to help you learn how to invest in real estate and you can potentially save 3 years’ worth of learning and a lot of expensive mistakes. Now, you cannot bypass the experience that you get, you cannot bypass the learning that you’re going to get by actually doing it, however, you can accelerate your path by investing in your own education because there’s a lot of different parts of financial education. It’s not just knowing how to spend less money, it’s not just knowing how to invest money, it’s not just knowing how to earn more money, but it’s a combination of that plus understanding how our economic system works because the reality is, I wish all schools would have taught this before we left high school, but we live in what’s called a capitalist system and in that name capitalist is the word capital. Now, what does that mean? A capitalist system means that there are 2 ways that you can get paid: you can get paid from your labor or you can get paid from your capital. Now, all of us are taught to get paid from our labor, that’s what our school system is designed to teach, it’s designed to teach us to go to school, to get a degree, to get a job, that’s getting paid from our labor. But the interesting thing about a capitalist system is the wealthiest people in a capitalist system don’t earn from the labor, they earn from their capital. You would think that we would learn this before we graduate school so we can understand how our economic system works and how we can win in our economic system. How do you use your capital to become wealthy? Well, that means you’ve got to take the earning you’re getting from your labor and use that capital capital means money. You take the earnings you get from your labor and use some of that capital to buy assets because your assets can grow in value way faster than your income. There’s no limit to how much you can own, but there’s a limit to how much you can do. This is why all wealthy people are aspiring to earn from their capital, not from their labor, yet the majority of the population is working to do what? Increase how much they can earn from their labor because that’s all we know. If we knew that we could earn more from our capital, if we knew how, we could earn more from our capital, guess what? A lot more people could break out of the system and become wealthy themselves. But this is where it is very important for you to invest in your financial education. That means starting with reading books. There are a whole bunch of books out there on how money works, how investing works, how money management works, how to start investing. There are classes out there, and you’ve got to figure out where is the right place for you. But if you don’t have the money to go out and invest in these things, you can start watching free content instead of spending time watching Netflix. Watch podcasts, listen to YouTube videos about how do you build wealth, about managing money, about building your business, about scaling your income, about all these things that can help you actually become wealthy. So it’s about learning as opposed to just killing your brain cells. And the more you learn, they say, the more you can earn. But you have to make sure you’re learning things that can actually allow you to earn more money as well. You have to learn the right things. And this brings me to step number 5 and step number 1. We talked about how do you lay your foundation. The way you lay your foundation is by working on your mindset, you’re saving your first $2,000. And then we talked about how you pay down your high-interest debts. Once you lay your foundation, then it’s about number 2, which is using your money as a tool. You’re using your money to make you wealthy. How do you then? Number 3 is about how do you earn more money the right way? Because now, as you start investing your money, well, the more money you have, the faster you can become wealthy. Then, in number 4, we talked about why you need to be investing in your own education, especially your financial education. That way, you can accelerate your path and become wealthy sooner because in this economy, you have to understand how money is changing, how our economy is changing, how assets are changing, and how the business world is changing.

STAY CALM

That brings me to number 5, which is stay calm because what ends up happening is there’s a scientific reason to this. In this economic system, panic drives a lot of people’s money, and panic is not a good decision maker because what we’ve seen happen in every single market slowdown and every single economic slowdown as people panic, they sell and they lose a lot of money, and then they kick themselves later. This has happened again and again and again, and the thing about our economic system is that we have seen a recession pretty much every decade for the last century. Now what does that mean? That means recessions are a part of our economic system. They’ve happened in the past and they will continue to happen in the future, yet this whole idea of a recession scares a lot of people, and the whole idea of a market downturn scares a lot of people because when you see it happen when you are in that moment people freak out, and then a lot of judgment just goes out the window. But that’s where you need to be the person that stays calm because that’s where the most opportunities can be found as well. Now let me give you a couple of examples. Maybe they help explain what I mean. I started investing by chance in 2011, that was when I started investing in real estate. Now I didn’t realize that 2011 was the best price for real estate that was just when I got started, and 2011 happened to be around the bottom of the real estate crash. That was when I was just getting started with real estate, so real estate was selling for dirt cheap. But I knew people who had more money who were not investing in real estate, even though I would bring up this idea of real estate investing with them, and they said no real estate investing is bad this where people lose their shirts, it’s where everybody’s losing everything, stay away from real estate. I got into real estate, now today those rental properties that I was buying are worth much more than what I paid for them, but that was the sentiment that nobody wanted to own real estate. Fast forward to the 2020 crash, I was on YouTube, I was making YouTube videos about how the markets were crashing, and I was buying stocks on the way down. I didn’t know what was going to happen if you remember when the stock market was actually crashing back when the pandemic was first getting started, nobody knew what was happening, nobody knew what Co was, nobody knew the severity of anything. It was scary that NBA just got shut down, your work just told you don’t come into the office like it was a confusing and scary time, and I was doing it saying look, I don’t know what’s going to happen tomorrow, but I’m buying stocks on the way down, and the comments that I would get were just, have you lost your mind, the economy is going to collapse, the stock market’s going to collapse, it’s all over. I was getting floods of these types of comments that everybody was selling, and this is the time not to buy. Now I didn’t know that the Federal Reserve Bank was going to open the money printer to the extent that they did, but it goes to show that anytime you see market downturns every time you see recessions, there is a sense of panic, of fear, and that fear is what drives people to run away, when that creates opportunity for you to buy. Likewise, on the flip side, that upward momentum when you see things rising in price creates greed, and that greed gets people to want to buy at the top. Anytime you see any asset class, whether it’s real estate, whether it’s stocks, whether it’s crypto, whether it’s anything, when you see any asset class, meme stocks rise very quickly, everybody gets excited, the media talks about how much money people are making, about how great of an investment it is, how nobody’s losing money, about how you don’t want to miss this opportunity. That’s some people who don’t even know what this investment is start pouring their money in because they want to get rich too. Nobody wants to get rich slowly, and then that’s when you start to see things start to slow down, and that’s when people start to get scared, they panic, they sell, and that’s when you see the flip side happen as well. This is where mastering those emotions, that psychology of your money is so important. It’s often overlooked, but it is so important because this is going to allow you to not only find the opportunities but also be calm and know maybe this is the time to get out of an asset, maybe this is the time for me to just sit on the sidelines for a little bit. Because you don’t want to be that person who’s just following the crowd and you don’t want to be the person that’s following the emotion. If you do these things step by step, you will have the tools, the knowledge, and the resources necessary to be able to build wealth in this changing economy.

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