I was a broke uni student but became a millionaire by 30 – I worked in McDonald’s but then changed my mindset
A FIANCE expert has shared the little hack he swears by that took him from a broke McDonald’s worker and brickie to a millionaire.
Brennan Schlagbaum, 32, from Texas, now reckons he help make anyone rich, even on a low income, and it’s all to do with a ‘mindset hack’.
Despite saving all of his hard earned cash as a teen, student debt meant Brennan had almost nothing to show for it.
But that all changed when at 23 he decided to switch up his outlook on money and became a millionaire, all while raising a family.
He recently took to YouTube to explain how he did it and why he thinks anyone else can do the same thing.
In the viral video, Brennen explained that he saw his parents struggle with money growing up, so stashed and saved everything he could when he started work.
“I was saving and that’s what I was always conditioned to do. Therefore, I felt great about it, I was balling,” he explained.
But by the time he graduated university in 2015 his savings completely vanished, leaving him with a “negative $8,000 net worth.”
Then his mindset changed after landing a job which involved analysing various companies finances – then it was crystal clear where he’d been going wrong.
According to Brennen, most people focus on saving their money, but really they should be investing it.
“It’s not even because of a discipline issue it’s because of a misunderstanding.
“When I was growing up I was saving money to build wealth, but I didn’t really know what wealth was,” he explained.
Despite his high net worth, the finance pro said he only keeps around $5k in his bank account at any time and invests the rest.
“When [money] comes in, I’m itching now. I used to be itching to receive the money and keep it, but now I am itching to release my money.
“That’s the only way you’re going to build real wealth. If you think that saving money is going to make you wealthy, you aren’t listening to the right people,” he continued.
Investing: know the risks
INVESTING is a risky business.
It’s not a guaranteed way to make money. You cash can always go up as well as down.
Make sure you know the risks and can afford to lose the money.
Before investing you should check the Financial Conduct Authority’s register and check its list of firms to avoid.
Brennen even wrote a book, The Roadmap to Financial Freedom: A Millionaire’s Guide to Building Automated Wealth, on the subject in the hopes more people will change the way they see their savings.
“If you put money in the stock market the same way I have, your money is going to work exactly the same,” the money guru added.
It’s all about giving and receiving, as far the Brennen is concerned.
And ‘giving’ money to various stocks will allow you to ‘receive’ more in time, he said.
Of course, you need to have money to put into stocks in the first place, which isn’t a possibility for a lot of people who are living from pay check to pay check.
Free cash schemes if you're struggling
Many of us are still struggling with the high cost of living - but there's help you can get.
New or expectant parents can get up to £442 a year to spend on food through Healthy Start scheme.
Some new parents can get £500 via the Sure Start Maternity Grant. The money is designed to help you cover the costs of having a child.
Councils also offer support through the welfare assistance schemes, to help cover the costs of essentials, from buying new furniture to food vouchers.
The amount you can get varies but an investigation by The Sun found that hard-up Brits can apply for help worth up to £1,000.
Discretionary Housing Payment is a pot of money handed out by councils to those struggling to keep a roof over their heads.
A scheme is available for those who find themselves unable to cover housing costs, though the exact amount varies as each local authority dishes out the cash on a case-by-case basis.
Many energy forms offer grants to help cash-tight customers. The exact amount varies depending on your supplier and you circumstances, but could be as much a £2,000.