Richard Fain claims to have used three (3) proven strategies to 10x his net worth. Once you put all his strategies into place, the first thing he did was pay himself. “When I was thirty (30) years old, I had a tiny net worth, and I knew at that point I had to make a change,” says Richard. He claims to have started saving early to take advantage of compound interest, which would accumulate well over the next 20-30 years. Anyways, Richard was working a 9-5 job, but always wondered what happened to his income…I mean, he wanted to look at his budget…right?
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When watching one of his videos, Richard said, “I looked at what I was spending my money on monthly and started to cut out the things I didn’t need in my life. Some things were eating out all the time, buying things I didn’t need, and luxury vacations I couldn’t afford.” Ultimately, Richard decided to take a few days, write down what were NOT necessities anymore, and cut those things out. Let’s continue,
Once Richard could look over his finances, he realized he had more than enough money to pay himself a salary. But what does this mean? Well, it means taking the money he earns and allocating 10% to put aside for himself to make more innovative investments. So, with each paycheck that came in, ten percent was set aside and added to his portfolio…not bad…right? “I could only do this because I knew what I had to cut out of my life…in other words…I trimmed the fat.” Here are a few more things…
With the Richards model, you are NOT getting a pass from skipping out on your bills. You have to handle all your obligations and responsibilities in life. I guess I know what he’s saying; his approach is more of a mindset shift. “You see what I’ve done, I have made it so I always get paid first, and the percentage I reinvest helps improve my financial situation going forward.” He’s saying you don’t have to cut everything out but live humbly enough to save just enough to reinvest in yourself. It’s hard to do when you are running up credit card bills. Here are a few more things…
Richard says one of the best investments to 10x his net worth was to get involved in real estate. “If I purchase a house and live in it for two years, I can cash out with a profit when the home goes up in value,” says Richard. He says you can take out the equity from the home and purchase a second home. Now you do this a few times and can invest in a few properties all appreciating, increasing your net worth. “I never went crazy with this strategy because the most properties I owned at any given time were 5,” says Richard. Let’s move on to the third strategy…
I like this one because Richard talks about delayed gratification, which means holding off on things like cars, luxury vacations, etc. He waited on buying these things until he knew he was financially secure and had money to spend. “I created multiple streams of income to pay for all of these things, for example, trading stocks, online sales, etc.” Richard was clear that it took 15 years to be able to buy some of these toys. Anyways,
Richard is now doing YouTube videos and making money through his channel. He is part of the YouTube partner program and makes money through ad revenue. He is also doing stock trading and other things. Richard does not disclose his exact net worth. Still, based on everything gathered from his YouTube channel (videos), many assume Richard has an impressive net worth of around 5 million dollars. Check out what else he is doing..it’s called digital real estate. Click on the link below to the orange button to find out more.
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I have spent my life reviewing thousands of programs, courses and spoken to coaches worldwide to help you make the RIGHT choice when starting your business. And here’s what I’ve LEARNED and why I HATE many of the programs out there!