I’m a self-made millionaire – you won’t ever save your way to being rich but there is a simple way to build wealth
A SELF-MADE millionaire has shared her simple tips for building wealth but warned you “won’t ever save your way to being rich”.
Tess B. Jelten, a 25-year-old from Arizona, has built her fortune through social media and building her own brand as Tiktok’s “rich big sister”.
She shared advice on her platforms and says often people believe that cutting back or budgeting will help them get rich.
Speaking on her TikTok channel@billiondollarbella, she said: “Unfortunately that couldn’t be further from the truth.
“Now those things are definitely important to do but it’s not gonna make you rich.
“The key to being truly wealthy is having active income in excess to fill up your savings and then to turn that active income into passive income streams.”
Tessa B., who describes herself as a “business girlie”, shared simple tips on what people should focus on if they really want to get rich.
She described three main pillars that wannabe millionaires look to improve if they want to rake the big bucks.
Speaking on TikTok she said: “First is your savings, second is your active income and investments and the third is going to be passive income and automation.
“First things first with your savings, I have to tell you the most important quote that changed my life, your never going to save your way to rich.
“What I mean by this is if you’re at a certain income right now, just saving more money and cutting out certain expenses is not going to make you wealthy.”
She says the savvy savers should have a “nest egg” which she suggests should be around three to six months of their current living expenses.
But she warns not to put those savings into a traditional bank account but into a high-yield savings account.
Then she advises her followers to put all their expenses onto credit cards whilst paying them off every single month and keeping the utilization below 15 percent.
In return, savers will build credit while earning rewards such as travel points or cashback.
She then looks at active incomes and investments, anything that “you’re trading your time in exchange for money”.
She added: “For most of you this is gonna be your traditional job or if you’ve already started to pursue adding in some additional side hustles…
“I would highly suggest looking at ways that can increase your active income, so if you’re currently at a job, find ways to ask for a raise or if there’s additional work you can pick up.
“…In addition to that find ways that you can layer on other sources of active income.”
As an example, she suggests those working in marketing could sign up one-off social media clients using strategies that they have learned in their corporate job.
Her Tiktok page, with over 43,000 followers, is full of financial tips on how you can bolster your savings, increase your income or start a new side hustle.
Her followers have flooded her videos with adoring comments, with one adding: “Thank you for taking the time to do this! This was so precise. I was nodding my head at every word.
Another said: “This is a great video for people who aren’t familiar with these tips.”
While one commented: “Yo this is actually very good information thanks for sharing.”