Well, you've all heard the traditional financial advice, like the importance of automating

your savings accounts, sticking to a budget, maximizing contributions to your retirement accounts.

But if you follow this outdated advice, you're going to get average or below average outcomes.

The truth is, you cannot save your way to wealth. You can only build

your way to wealth. Welcome to the channel. I'm Clayton Morris, longtime real estate

investor and here we teach you how to become more financially intelligent on this channel, so please

subscribe below.

In this video, I'm going to share five strategies you can use to begin building your wealth.

These are basic, effective, and to the point steps that you can start implementing. building your for you're going to learn about building wealth for the long haul, the power of performing assets and practical information like upgrading your balance sheet, getting serious about your financial education.

So let's get into it. Okay, number one, get to know your balance sheet

and how to influence it.

This is something that my wife and I do every month.

We sit down over coffee and we spend about an hour

and a half going over the balance sheet.

If you're starting from zero, the most important thing you can do is create your balance sheet.

It's super simple.

Go into Google Sheets or go into numbers on your Mac whatever program you want to use you can use

Excel right Microsoft I can't keep them all straight my wife builds the balance

sheet I like to look at it though she's's the numbers person, but we review it every month together.

This is going to give you an understanding of your total assets, your debt, your overall net worth.

This is what it should look like. Take a look. Here's how it works. The first thing you should do is assess all of your liabilities.

This includes all of your debts. Any remaining balance on your mortgage, your car loans, any credit card debt, student loans, all of the things that you're currently paying out for.

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