Hey there, future Warren Buffetts and Sheryl Sandbergs! Let’s talk about something juicier than the latest TikTok trend: building wealth. Sounds boring? Trust me, Elliot Geidt, the investing guru with a reputation for getting things done, makes it as fun as scoring free coffee during finals week. Grab your cold brew, sit tight, and let’s dive into Elliot’s top-secret tricks (okay, maybe not that secret) for growing your bank account without losing your mind, or your wallet.
Trick 1: Know Where Your Money’s Hiding!
First things first: where is your money right now? If your answer is, “IDK, wherever Venmo says it is,” we’ve got some work to do. Elliot’s mantra is simple: track everything.
Start with a budgeting app (think Mint or YNAB). It’s like your financial BFF that never judges you for splurging on avocado toast. Once you see where your money’s going, you can start redirecting it toward things that actually build wealth, like investments. Yes, even if it’s just $50 a month to start. Small steps, big moves.
Trick 2: Stop Letting FOMO Rule Your Finances!
Ever heard of the term FOMO (fear of missing out)? Yeah, it’s not just for parties and trendy sneakers. FOMO can mess with your finances big time.
Elliot advises young investors to adopt a “slow and steady” mindset. That means skipping the hyped-up “get-rich-quick” schemes (looking at you, shady crypto coins) and instead focusing on proven, boring-but-reliable options like index funds. Think of them as the sweatpants of investing, basic, comfy, and always in style.
Trick 3: Automate Like a Pro!
Elliot’s not into unnecessary drama (financial or otherwise). That’s why he’s all about automation. Set up auto-transfers to your savings and investment accounts so you’re building wealth without even trying.
Here’s the magic formula:
- 50% of your income for needs (rent, food, Netflix).
- 30% for wants (concert tickets, coffee runs).
- 20% for savings/investing (aka future you).
Let automation do the heavy lifting while you focus on vibing through life.
Trick 4: The 3-Letter Word That Changes Everything: ETF!
No, it’s not some weird Gen Z slang, ETF stands for Exchange-Traded Fund, and it’s the bread-and-butter of Elliot’s strategy. Why? Because ETFs are like pre-made playlists: they give you a mix of investments in one easy package.
Elliot swears by ETFs because they’re low-cost and low-effort, which is exactly what young investors need. Pro tip: stick to broad-market ETFs like ones tracking the S&P 500. You don’t need a finance degree to figure them out, but they still pack a punch when it comes to returns.
Trick 5: Play the Long Game (Yes, Even When It’s Boring)
Quick question: are you in this for TikTok fame or a comfy retirement? (Hopefully, the latter.) Elliot preaches patience like your grandma does when teaching you her secret cookie recipe. Investing isn’t about doubling your money overnight; it’s about giving your investments time to grow.
Thanks to something called compound interest (aka the universe’s coolest cheat code), your money grows on itself the longer you leave it alone. It’s like planting a tree: the more you water it, the bigger it gets. So start early, stay consistent, and let time do its thing.
Trick 6: Diversify Like You’re at a Buffet
Imagine walking into an all-you-can-eat buffet and only eating fries. Sure, fries are amazing, but you’d miss out on pizza, salads, and dessert, right? The same logic applies to investing. Elliot’s golden rule: don’t put all your eggs in one basket.
Mix it up with stocks, bonds, real estate, and even a sprinkle of alternative investments. Diversification helps you reduce risk while still chasing those juicy returns.
Trick 7: Treat Your Money Like a Plant, Not a Lottery Ticket
Elliot’s biggest piece of advice? Respect your money. That doesn’t mean hoarding it like a dragon; it means treating every dollar like a seed. Water it, nurture it, and let it grow.
Cut out mindless spending (do you really need that fourth streaming subscription?). Instead, think long-term and focus on building assets that’ll pay you back over time. Assets > liabilities, always.
Trick 8: Don’t Fear the Big Bad Bear Markets
Markets go up, markets go down, it’s the circle of (financial) life. Elliot says to embrace the dips like they’re Black Friday sales. When stocks are “on sale,” it’s a great time to invest more (if you can).
The trick is to stay cool, keep investing, and remember: the stock market has historically bounced back stronger after every downturn. You got this!
Final Thoughts: Your Journey Starts Now!
Elliot Geidt’s tips are simple but powerful: start early, stay consistent, and think long-term. Wealth-building isn’t just for the ultra-rich; it’s for anyone willing to put in a little effort and let time work its magic.
So, are you ready to become the CEO of your financial future? Start small, dream big, and remember: the best investment you can make is in yourself. Let’s get that bread, people!