Why is Building Wealth Important?


hey wealth builders and welcome back to
the bemused where we are making sense of all things money for young adults just like
me so in case you missed it a couple of weeks ago we did a really great
livestream with Denis of TruFinancials and I’m gonna link to his
channel in the description box below if you want to go check it out and
subscribe to his channel he makes a really great personal finance content as
well so today we wanted to share with you guys a clip from that conversation
we were talking about what building wealth means to each of us and the steps
that each of us are taking to build our wealth because I know what it means to
me but if you guys want to go ahead and kind of let let our audience know here
you know what is building wealth really significant me personally building wealth is just
something that hasn’t been done historically in my family you know the
cycle of living paycheck to paycheck generation upon generation so for me
it’s more about breaking that cycle than anything else I think personally yeah
ditto for me just like I said looking at it from a different perspective also as
having different backgrounds living basically kind of in the same region we
actually went to the same high school went to the same college but uh just
wealth in in a whole is just like she said just trying to be better than you
were yes today of anyway yesterday very awesome actually funny enough that you
mentioned that me check is that one of my personal favorite quotes is actually
talking about how I don’t want yesterday to be the best version of myself so I’m
always like wanting the learning grow and kind of building wealth is in that
same aspect is that in order to really achieve that I always feel that you have
to be kind of putting yourself out there and really kind of educating yourself
more because as much as I know about personal finance like I’m still reading
still watching videos still like doing what I can to learn about these things
because I think it really helps me get to a point where I can achieve things
that would otherwise seem unattainable for most people I think there’s a big
misconception and the reason I go with building wealth versus like getting rich
is because there’s that misconception of like getting a rich quick as the
possibility would yeah you can win the lottery or you can get super lucky but I
think for majority of people it’s really all about building something and getting
to a point so with YouTube and hitting that milestone it really signifies you
know something that you guys have put forth an effort to be able to achieve
because it’s not easy right it’s definitely not
easy yeah it’s a lot of work yeah yeah definitely so but it’s like same thing
with building wealth it’s not it’s not easy because if it’s easy everybody
would do it so but if you’re talking those layers you’re really gonna get to
a point where you can have something successful so whether it’s like you know
the business like like YouTube or if it’s you know just building wealth in
general it’s gonna take a little bit of time but that effort will definitely be
rewarded down the road and I think that a lot of people that maybe that’s not
what they completely get obviously now the people who are here in the comments
today but most people think that building wealth is an overnight thing or
it’s just uh oh well if I do this then that and I think that our philosophy on
money is more than just okay if I stop doing this then this will happen it’s
more about how do you relate with money on more of a holistic level like if I
saw my parents for example spend money on frivolous things all the time
more than likely I’m going to grow up and think that that’s how I should
handle money as well and those can be roadblocks to you achieving well Wow
yeah that’s that’s really well said and I think that’s kind of goes in line with
the whole you know educating yourself and like always learning because I think
that’s that’s really gonna kind of put you forth in a position where you’re not
gonna fall into the traps of doing what other people have done in the past
especially if it’s related to like parents or siblings because I think that
that could be a huge disadvantage to a lot of people but the the power of being
able to learn especially in you know this day and age where we have YouTube
we have podcasts blogs like all these opportunities for people to learn I
think is a very valuable thing but I also believe that if we surround
ourselves with those like-minded individuals that we we tend to do better
because then we have a related goal that we can all work towards and that’s what
I love about this community and you know being wealth builders is that where
we’re all trying to achieve that type of goal whether it’s the exact same or just
even a little bit different I think the notion of wanting to be better with our
money and our finances so that way we don’t have to you know struggle you know
as as adults and then have our kids struggling I think is a huge
accomplishment mm-hmm yeah go back to what he said
earlier like we talked a lot about money mindset as well on our channel like just
the process of learning more about yourself and you know how you relate to
money it’s just that could be one of the hugest barriers when it comes to
building well you can learn all of the you know practical tips and tools and
things to actually do but you know if the mindset isn’t right then it’s gonna
be really hard to achieve anything so super important definitely definitely so
the main question I wanted to kind of talk about today obviously because we’re
revolving around building wealth is you know what is it entail for you guys
obviously we kind of understood the notion of like why we want to do it but
what is what does it really mean in the grand scheme of things if whoever wants
to go first okay alright I’ll go first so do you want to go in terms of like
the actual steps that I’m taking to build my personal well yeah I mean you
can you can look at it from that perspective because I think there’s
because it’s interesting cuz there’s two of you here so we can get both
perspectives as far as like individually and if there’s things that you guys are
working on together to be able to achieve that yes I mean we definitely
have like our separate goals and joint goals so right now what I was focusing
on up until recently was more building the asset side of my balance sheet if
you will so working on saving up that emergency fund and making sure that you
know if anything happens that I have enough money so I have six months worth
saved up at this point where I’m able to have the freedom if anything were to
happen if I lose my job etc etc so that’s what was my more near-term goal
so now I’m kind of switching focus more over to the debt side and trying to pay
off a lot of my debt I mean those are I don’t know if this any of our
subscribers in the chat but we do have a lot of debt on our balance sheets both
of us so yeah the focus is kind of switched over to that side now okay very
cool now I would say for me before I guess we started our YouTube channel my
perspective on excuse me building wealth was a little bit different and like I
mentioned previously about just backgrounds and how I grew up
um I grew up in that household where I number one a single parent so for my mom
it was that really wasn’t something that she taught me to be afraid of some when
I started college and I accumulated all of this debt not fast forward to now and
I got my first job I wasn’t thinking about necessarily creating a pool of
money a rainy day fund or whatever you want to call it for in case something
happened or really trying to just pay anything more than the bare minimum on
that day it was more of a live for the moment type of relationship with money
after like you said looking up things researching having conversations with
other people having conversations with Akeiva that mentality has definitely
taken a complete 180 we’re now like she said it was okay we need to oh I need to
establish a rainy day fund for in case something happened so did that next
thing was okay like how am I going to tackle this debt so it’s not something
that’s looming over my head for the next twenty or however many how many years
when that’s just going to again taking it back to an old economic principle
that we learned in our econ 101 class opportunity costs where what can you do
with that money if you had it now versus paying interest on whatever on it 10 20
years down the line Wow yeah definitely so that’s that’s a really good way to do
it is like build the foundation essentially of your personal finance
now I had a question as well because I know so you guys were both kind of
saying that you’re you’re building up a security which is like an emergency fund
sinking fund which i think is fantastic that’s definitely a smart way to go
about it as far as now that you’re focusing on debts I know one question
that pops up to a lot of people is you know is it something that you are
wanting to just focus on the debt itself or you also focusing in on some of those
like long term assets such as like retirement or maybe some type of future
asset was whether it’s like a house or something else to build up towards yeah
so right now I mean I’ve always since I started my first job a year and a half
ago I’ve always contributed to my 401k at
least enough to get the employer match so that’s really the extent of what I’m
in terms of retirement planning unsaid meanwhile I was also trying to say what
my emergency fund so now basically it’s that I’m still continuing to do the
minimum that I need to to get the employment met retirement fund and then
also now shoveling everything that I have that’s disposable more towards debt
I mean there’s also a couple of sinking funds and there’s a bit of travel that I
need to do this year and things like that so I am also saving for those at
the same time but definitely more of a focus on paying off the debts of this
way nothing for you um kinda sorta just in a different way so paying off debt
for sure is high on the list but um I guess the way how I’m choosing to do I
work for a nonprofit organization so I’m able to take advantage of some will
hopefully I haven’t been approved yet but take advantage of some of the
benefits that come along with working for a nonprofit organization such as the
government loan forgiveness program so that’s my shift is kind of changed where
it’s like you know I don’t need to necessarily focus on trying to clamp
down on debt and pay as much as I can when I can it’s more of okay in ten
years I know that this debt will be forgiven so still focusing on the the
building of that that fund for like you said other things in the future a house
whatever any large expenses that might be coming up very cool yeah I mean it’s
always cool to hear other people’s perspectives and like their paths as
well so I hope you guys enjoyed that conversation like I mentioned in the
beginning I’m going to link to TruFinancials in the description box below
so you guys can go check out his channel and today’s question is what does
building wealth signify for you I’d love to hear your stories into the comments
below before you go don’t forget to subscribe
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so that you never miss a single video thank you for watching and I’ll see you
guys in the next one

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