Tony Robbins: How To Become Rich No Matter What Your Salary Is
He posted a YouTube video explaining how people can build wealth and become rich, even with a small salary. In the video, Robbins shared the story of Theodore Johnson, who worked at UPS, saved and invested 20% of his income throughout his life, and ended with a net worth of $70 million.
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The New York Times even wrote a story on Johnson and how he donated his fortune to education, providing scholarships to students who might not otherwise be eligible for one. The key lesson in Johnson's story is that he paid himself first. Johnson lived frugally, even as his fortune grew.
Based on Johnson's story, here's how Robbins said to build wealth no matter what your salary is.
What Johnson's story shows is the power of consistency and compound interest. The UPS employee never made more than $14,000 per year, Robbins explained, but he had a large nest egg because of how much he saved and invested consistently. 'When you save 20% and you compound it, its numbers are incredible,' Robbins said.
Ramsey Solutions found similar statistics about the benefits of consistency. According to The National Study of Millionaires, 75% of participants credit consistent investing to their financial success, rather than an inheritance or financial windfall.
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Another important skill people need to develop if they want to become wealthy is awareness. In the video, Robbins explained that Johnson treated his savings as a sort of tax, knowing he wouldn't see that money again. While Johnson's initial reaction was to think he couldn't save 20%, having the awareness of his finances and thinking of it as more of a tax showed him that he actually could save that much and build wealth.
'You can't wait until you have a ton of money to start investing and think, 'I'm not an investor,'' Robbins explained.
Ultimately, having awareness and being in tune with your finances is another way to build wealth, regardless of income.
In an article, Robbins explained that '20% of the money game is mechanics, while 80% is psychology.' He explained that many people self-sabotage or believe they can't learn how to manage money. But this can be detrimental to growing your wealth in the future. In Johnson's case, his limiting belief was that he couldn't save 20% of his money.
Instead, Robbins recommended adopting positive thoughts like 'I deserve to make money' and 'I will use the money I make to create a positive impact on the world,' which can help break down mental blocks people may have when it comes to working on their money beliefs.
Ultimately, having a positive and abundant mindset can go a long way in helping people learn about money and confidently invest in their future, regardless of how much they earn.
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