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How To Build Wealth With Low Income

by Lisa K. Stephenson

Wealth is not a dollar amount; it’s a mindset. If this statement were false, the Netflix show, Inventing Anna, would not have been as successful as it was. Anna Sorokin, also known as Anna Delvey, conned major banks, friends, and businesses in New York City between 2013 & 2017.

Image Credit: MEGA / Contributor: Julia Garner on set, Netflix's, Inventing Anna / Getty Images


The con artist now has over 1 million followers on Instagram and likes to boast about her accomplishments of coming dangerously close to securing a $40 million loan for her business, The Anna Delvey Foundation. So, if wealth is real, how did she do it?


Banks are known to shield the capital of the rich. In other words, wealthy men and women do not need liquid capital to have a functioning, high society lifestyle. It’s all about the right place, right time, and sliding a few dollars into the pockets of journalists and paparazzi to generate some buzz.

I’ll share a story…my publicist invited me to the BET movie premiere for their film, Holiday Heartbreak (adorable movie, by the way). Friends and family of the lead actress came down to the theater room where we were all patiently awaiting her before the movie could start.


While there, we were instructed to take out our cellular phones, turn on the flash, and when the lead actress enters the room, we should be taking her picture, cheering her on, and of course, create some excitement. There were about ten of us in total. I am not one for theatrics, so I stood aside and watched as everyone else did as they were instructed.


That night they were live via Instagram on the BET social media account. Fans on the livestream were losing it! Impressed by how popular the lead actress appeared to be, the lights were flashing, people were yelling, the camera was on her, and it looked spectacular. The reality, however, was a few of her friends and family behind that camera, and we watched the movie in a small theater on a cold, winter day as a blizzard was underway outside.


Perception can be a dangerous thing or a great thing, depending on how far you’re willing to go to achieve success. With over ten years in this business, I can say without fail that much of what we read online or see on television is all a smoke screen. Successful businesses are not broadcasting their success because if they do, then they put themselves at risk of being copied. Also, real luxury is not shared or overexposed. Wealthy people want privacy and value exclusivity. The LUEQ., a French brand, has recently made its way to the United States after having much success in the European market.


We’ve been hired to manage their marketing and business operations, which, of course, is spearheaded by Amelia. In one of the meetings with the founder and owner, Edmond Blanc, he expressed, with great emphasis, their need as a luxury brand to remain exclusive. This means no advertisements and no influencer marketing; through his heavy accent, you could hear his disdain, to which I couldn’t agree more. Their goal is not to appeal to the masses but to focus on making their discerning clientele happy by offering something the average person cannot possess—their products and services.

One may wonder, “Well, if they don’t advertise, how can they generate revenue? Make a profit?” Your income is not the most of your worries when you’re building a business; your understanding of your target audience is the most important—the money will eventually come. Building wealth or building a business model you can use to shield your personal capital is what matters most. But to get there, it all starts and ends with the consumer.


Your audience—who are they and what do they want from you? I recommend starting a Reddit account using an unknown alias and generate threads asking broad questions that center around your business idea. When people begin responding with what they like or dislike about the idea, you can use this information to build your business plan. Your focus group is one click away, and it's free!


Specifically, for those in Florida looking to build wealth on a low income, starting a business can be a transformative step. Utilizing Florida LLC registration can help ensure that your entrepreneurial venture is set up legally and efficiently, paving the way for financial growth and stability.


OTHER LOW-INCOME RESOURCES YOU CAN USE TO BUILD WEALTH ARE:

Facebook Groups: Again, you can create a fake account, complete the profile, and add an image, and begin joining groups relative to your market idea. Comment on posts, ask questions, and more importantly, engage. Slowly begin adding those people to your friends, and eventually, you can make a Facebook business page where you then add those friends.

Pay-to-Play: Listen, low income doesn’t always mean zero. It’s recommended that you gather at least $500 and contact a marketing agency, ask them to put together a 3-month campaign package, and let them know your budget. In that packet, you want them to add link insertions and SEO development, that is it. In one month you should see an uptick in your organic traffic via search engines from Google, Yahoo, and Bing.


Investments: Invest in the stock market and use your dividends to cover the cost of your startup. Many people make the grave mistake of thinking that marketing is not a part of their startup costs; it is. A domain, website host, and sharing your website on Facebook are not going to cut it. In fact, it won’t even make a dent. Worst of all is creating $5 Facebook ads. You want to play the long game; that is the only way to win.

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