A financial expert has revealed the four main strategies she swears by for building wealth, and why setting your mindful money number is key to financial success.
Canna Campbell, from Sydney, said there are four things she does to get richer without having to work harder.
It all comes down to adjusting your mindset, learning how to invest and where to put your money, and setting a magic number you need to reach to be as financially free as possible.
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A financial expert has revealed the four main strategies she swears by to build wealth, and why setting your mindful money number is key to financial success (Canna Campbell pictured)
The first thing to think about when building your money is to change your mindset, explains Canna (pictured)
1. Adjust your thinking
The first thing to consider when building your money portfolio is to adjust your mindset.
Canna said the “right attitude” is the key to financial success.
“Even if you come from a place where you’re in debt, or you’re still in debt, adjusting your mindset is all about moving forward and rebuilding,” Canna said in response. Youtube video.
To do this, the financial advisor recommends that you honestly ask yourself how you feel about money, whether it be negative or positive.
“Then you have to work on putting all the negative aside so that you have really fertile ground to plant your own tree of wealth,” Canna said.
The financial advisor sets weekly, monthly, quarterly, and annual goals to help her achieve her goals.
Your ‘mindful money number’ is the ‘magic amount’ of passive income you would need, meaning you could either stop working completely or cut back on part time (Canna pictured)
2. Provide a conscious money number
The second thing Canna swears by is having a mindful money number.
This is basically the “magic amount” of passive income you need, meaning you can either stop working altogether or fall back on part-time work and make the choices you want to make each year.
For Canna and her family, this figure is around $200,000 per year, and she wants to build that annual figure by December 20, 2030.
“Your passive income should cover more than your living expenses,” Canna said.
“It should never run out, but grow over time. This song gives you real and authentic financial freedom.’
3. Learn to invest
Third, you will never reach your realistic, conscious money number unless you learn to invest.
“It takes work to create $100,000 or $200,000 in passive income each year,” Canna said.
“You have to invest regularly and you have to reinvest all of your passive income to increase growth opportunities, whether that’s interest from a bank account, dividends from stocks or rent from your investment property.”
To do this, Canna said, you definitely need to look at your retirement or retirement plan, as well as any savings or stock portfolio you own.
“All of this is an essential element that will help you achieve your mindful money number,” she said.
Finally, Canna (pictured) said you don’t have to spend hours researching stocks, investments and companies, and worrying about which areas to pick; use ETFs and LICs
4. Use ETFs and LICs
Finally, Canna said you don’t have to spend hours researching stocks, investments and companies, and worrying about which areas to pick.
Instead, you should try using ETFs (exchange-traded funds) and LICs (listed investment companies), which do the hard work for you.
“Don’t worry about which areas to pick and don’t waste your time on hours of research,” Canna said.
“You’re much better off outsourcing to publicly traded mutual funds and industry ETFs, which will build an instantly diversified portfolio that fits your risk profile.”