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Uploaded:2019-08-09
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Building wealth does not happen by accident. It takes vigilance
and making some good money decisions. In this video, Tasha
describes some key life choices that help her to build wealth.

One Year Budget:
https://onebighappylife.com/budget

Watch More of The Lifestyle Fix hosted by Tasha Cochran here: https://www.youtube.com/playlist?list=PLD30V46E07RR3iW5NS6c1bIIBtrRHp9-4

One Big Happy Life:
YouTube: http://bit.ly/obhlife
Instagram: https://www.instagram.com/onebighappylife

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http://www.thefinancialdiet.com

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Hi, I'm Tasha Cochran from "One Big Happy Life," and this is "The Lifestyle Fix," brought to you by:CuriosityStream.

In today's video, I'm going to be talking to you about the six strategies that have set me on the path to building wealth. My goal is to have an eight figure net worth by the time I retire.

Now, this is an incredibly ambitious goal, and by sharing my goal, I'm not implying in any way, that this should be anyone else's goal, or that you need to build that much wealth in order to be happy. But I do think that it's important that we're able to talk openly about money. Both when we're struggling with it, and when it's abundant.

As a woman and as a person of color, groups that have not always had a seat at the table, when it comes to building inter-generational wealth, I know just how important it is to have these conversations publicly and without shame. So I'll be sharing some of the things that I've done, and am doing to help me build wealth. But first, I want to talk a little bit about where I started.

I was born in South America and came to the United States when I was two years old with my parents, neither of whom graduated from high school, and my brother. I grew up in Brooklyn, New York. My father was shot on our street when I was ten. My parents separated when I was twelve. I was kicked out of high school at fifteen, went to an alternative high school for a while and then graduated high school with a sub-3.0 GPA. Then I enlisted in the military as a non-citizen at eighteen, became a single mom at nineteen making twenty thousand dollars a year.
By the time I was thirty, I was divorced with over two-hundred-thousand dollars worth of debt, no savings, and making sixty thousand dollars a year as a brand new lawyer.

So, as you can see, from this very short highlight reel; I didn't come from money. I haven't lived a picture perfect life. I didn't have parents who supported me financially, and I didn't make a lot of money for most of my adult life. Despite all of that, I am on the path to building substantial wealth over the course of my life, and here are the things that are helping me get there:

Number 1: I have a budget

I left my mom's house when I was eighteen years old having zero idea

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how to manage money. I'd never even had a bank account. I opened my first one when I was in boot camp training to be a Marine.

For the first year or so of my working life, I still didn't have a budget. Money came in and I just spent it until it was gone. Being in the military was a double-edged sword when it came to money because if I ran out of cash, I'd still have my home in the barracks, so I'd have somewhere to sleep, and I'd be able to eat at the chow hall three times a day. Then I figured out that I was pregnant a few weeks before my nineteenth birthday and everything changed. Life got real.

Suddenly, I needed a car, an apartment, and baby things. And I needed my money to stretch far enough to buy all of those things. I needed a budget.

Now, most people budget by paycheck, or month to month. But I quickly found that those kinds of short sided budgets didn't help me prepare for the kinds of things that I had coming months down the line, like a baby. So I started budgeting for an entire year at a time. I created, what I call a "One Year Spending Plan."

Planning for your whole year upfront is life changing. I hear this over and over from our audience over on "One Big Happy Life." It helps you plan for things that are happening in your immediate future, so that they don't take you off guard, and it helps you see how decisions that you're making this month impacts the things that you're doing later on down the line.

If you don't have one, you can grab a free spending plan at:
OneBigHappyLife.com/budget

My one year spending plan helped me plan for buying a car, moving out on my own, and buying all the things that my baby would need after she was born. Later, it helped me figure out how I could afford to leave the military and go to college and then law school. A few years ago, it helped us plan how we would pay off thirty-thousand dollars worth of debt, increase our nest-egg by a hundred-thousand, and take a family trip to Singapore, all in the same year. And now, it helps me plan for paying for my daughter to go to college even while I tackle my own student loans and save for that eight figure nest-egg I told you about earlier.

My spending plan helps me make sure that I'm planning for what matters to me. That I'm not wasting money on things that

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