How to get rich in America

Sorry, my generation (and the generation before mine) gifted you recessions, outlandish tuition costs, high interest rates, skyrocketing home prices, and increased cost of living just as you were starting out in life. How can you possibly get ahead? This article is a hope for redemption.

Start by imaginging a day in your future when you are debt free (perhaps with only a mortgage), the value of the home you own increased by $100,000 last year and your investment portfolio gained $10,000 last night by itself. That’s financial freedom. Unachievable? No, it isn’t. You just have to believe and commit.

Step 1: Find out where you stand

Staring reality in the eye can be shocking, but it is necessary and liberating. No more sticking your head in the sand. You have decided to take charge, to live like an Alpha. I recommend you sign up for a free financial dashboard at Empower and link in everything you own and everything you owe.

These free financial dashboards both provide a great overview of exactly where you stand at any time, monitor progress, and provide motivation. As with everything “free’ you will see advertising for advisors and credit cards. Ignore those.

Step 2: Pay off your debt

Live on beans and rice until you get rid of debt. A monthly or weekly budget has helped many families. Find things you can do without. Starbucks, restaurants, travel, fancy cell phones and new cars will have to wait until you are winning (10 Cuts to a Million Dollars). Put as much as you can every month to pay back debt. Even though you were dealt an unfair hand, you can endure temporary hardship, can’t you? Remember, hardship is relative, and the rewards are unbelievable. Your family will thank you for it. There are plenty of people living happy lives on much less than you. Make it a game, because one day you will look back at this time with a smile.

Can you also increase your income? Probably. Use Monster, LinkedIN and other web sites to look for better jobs, even if you already have one. Apply the extra money to get rid of debt.

You can be debt free sooner than you think, no longer paying interest to someone else.

Step 3: Buy money-machines that pay you while you sleep

With debt payments gone. You can let off the gas a little if you’d like. Many continue to drive hard, because they see how their American dream is getting very real. Now is the time to buy money-machines that make you wealthy while you sleep. You should buy a home and an investment portfolio because they increase wealth without you having to work for it. That’s what rich people do and you should too.

Once you have bought your affordable 1st home (paying mortgage instead of rent), you will start an investment portfolio. I would strongly recommend engaging a fiduciary financial advisor (with your best interest at heart) at this point. There are simply too many traps of misinformation out there, designed to make you lose.

Isn’t the stock market a gamble? Stock speculation is, but proper investing is not. There are risks for sure, but a true fiduciary will minimize it through proper investments and help you determine what risk is appropriate for you.

In conclusion

You can do this! Inspite of a tough environment you can still realize your American dream, but you must make fewer mistakes. The blueprint backed by history and unbiased advisors remains that same, but the steps are harder than they were for the generation before you. Don’t let that stop your dreams! Clamp down, pay off your debt, save for a home and buy it, and invest as soon as you can. You will see the light before you know it!

Alpha Financial Nordic is a true fiduciary with 35 years of real acumen. We apply the best, time tested and data driven FIDUCIARY principles to MAXIMIZE your financial performance.  

It’s a winner’s game, and you are invited!