A common question among many people is how to get more money in their savings account or grow their wealth without necessarily having to work all of the time or think about money every day. What a lot of wealthy people will not tell you is that you do not have to be incredibly wealthy already or know everything there is to know about an ex dividend date and investing.
There are some really easy, practical things that anyone can do that will allow you to grow your money without having to spend all of your time at work or thinking about it. Following the tips below will help get you on the path to wealth and financial freedom.
Track how much you are spending and stick to a budget
This is one of the most basic rules when it comes to growing your money and it sounds like something that is so fundamental that everyone should know about it already. However, the real problem is that it may be so basic that people often forget to do it.
Growing your money starts with knowing where you are spending your money now, what you need versus what you want, and how you can budget to live below your means so that you can start stacking money into a savings or investing account.
Look at how much you are making every month and save or invest it
When it comes to investing your money, this is the key to creating more returns which is your train ticket to creating wealth. If you follow what most of society does and work until well into your 60s or even your 70s, you will likely only have enough money saved up to enjoy a few years of retirement. However, if you simply take 20-30% of your income right now and start investing it, then you can start earning some pretty big returns on your investments which means that you are setting yourself up for a life of luxury, vacations, and an earlier retirement than you could have dreamed of. This is the real key to unlocking those goals of building real wealth.
Find a way to make more money
This one seems pretty obvious, but even though it is pretty straightforward, not a lot of people are willing to do it. This does not mean that you have to work five jobs and never spend a dime of it.
A few ways you can make more money simply is by negotiating with your bosses to get a raise (after you prove that you earned one, of course), finding a job where you can continue doing what you do now but get paid more, start a side hustle, freelance your talents when you have time, and work for yourself. Investing your money is a great start, but if you do not find a way to make more money while you invest you will be back to square one waiting years and years for your money to grow.
Put your money into assets that work for you and not in things that will fade away
Many times, when people start to make a lot of money, they begin to buy things that they don’t need, get a big mansion, buy fancy cars, etc. This all looks good on the outside and there is nothing necessarily wrong with that, but that is just being rich, not being smart with your money, and growing your wealth.
No one is saying that you cannot play at all or enjoy some fun things here and there, but if you want to really grow your wealth then you have to actually focus on growth. Don’t buy all of the things and show off what you have. Save and invest it so that your general net worth grows as well.
Know that it is sometimes okay to take a little risk
A lot of times, people are really concerned about taking any risks at all when it comes to something that has to do with their money. They do not want to invest because the stock market may go down and they could lose money. However, there is no return without risk. You have to be okay with the fact that there has to be some type of risk if you want a return for your money. The bigger the risk, the bigger the return.
Shift Frequency © 2020 – How to Grow Money
Without Always Thinking About It