20 Jun Cloth Talk: Unleashing Your Potential for Wealth and Abundance!

Let’s face it—we’re consumers living in a society where being “on” is everything. While your clothing, perfumes, home decor, and overall aesthetic play a significant role in your potential, what you save for your future plans, your stock portfolio, and your retirement investments are equally crucial.

In the first part of this series, we discussed the awakening of money and debt. Recognizing that you want more, deserve more, and can do better is crucial. This holds particular significance for two first-generation females with a unique outlook on money. For a long time, we’ve been enamoured with opulence and luxury, even before we were fully acclimated to it. It’s always been a part of us, and we’ve always known deep down that we’re destined for greatness. We learnt quickly that our abundance mindset can be challenging for others, particularly when it comes to money. We ask that you, not be afraid or feel guilty about your desires, whether they’re big or small. As human beings, we are designed to desire, and your subconscious thoughts are there, telling you that it’s possible to achieve that life,

Through the practice of gratitude, you can unlock key mechanisms that help you break your big dreams into manageable pieces. All we ask is that you take action, even without all the information.Remember, the most valuable life lessons are learned through doing.

Here are our favourite mechanisms to help you save and grow wealth:

1. Build an emergency savings fund: Calculate the cost of being you and save three to six times that amount. This is especially important in today’s economy. Having access to liquid cash can drastically change your trajectory when unforeseen circumstances arise.
2. Eliminate debt completely: It may seem counter intuitive in a society that offers payment plans for just about everything. If you have to affirm your Sephora order, perhaps you shouldn’t buy it at all. While it may be challenging to adopt this mindset while dealing with a car loan or a mortgage, start by tackling your smallest debt using the snowball method. Note that this may take several years to accomplish, but we believe in the process and believe in you.
3. Once you’ve freed yourself from debt, it’s time for the fun part: leverage your income to make more money. We believe the best way to generate a second passive income is through stocks and ETF’s. Determine your risk tolerance and how often you want to monitor your portfolio, then develop the habit of investing 20% of your income. Once the habit is ingrained, you can decide to invest more, depending on your circumstances.
4. Give back: There is a correlation between giving and receiving. The power of flow and abundance is vital in many aspects of life. The more it flows out of you, the more abundance you’ll feel, instead of operating from a scarcity mindset and in turn the more your receive. Give graciously and generously.

Money is one of the most scandalous topics out there and people often avoid conversations about money out of fear of being judged. But let’s face it—being humble about money won’t get you very far. Remember, you deserve good things and a beautiful life filled with everything that life has to offer. Stay consistent and maintain a healthy mindset about money.