10 Best Tips to Grow Your Money in Just a Few Years

Everyone wants a fat bank account. I mean who wouldn't want to be able to retire early go on expensive vacations. Whenever they want the Bahamas are looking quite excellent this time of year and buying whatever their heart desires on demand. It's every man's dream but to get there there's a tall price to pay. If you want to be wealthy and grow your money within the next few years then you better pay attention here. There are ten proven strategies that you can use to achieve your financial goals and maybe even buy that dream car or house you've always wanted.

grow your money

Create a plan to grow your money

I know it's sort of cliche to manifest your goals but there's a reason why every other guru is swearing by this. In order to achieve anything, you need to plan it. Start by writing down what you want and put a timeline to it. Note down exactly how much you want to have in the next 12months, two years, five years, and manifest into it by manifesting.

I mean constantly review what you've written, and speak it into reality. For example, if one of the things you wrote down includes saving four thousand dollars within the next 12months. You can read it out loud once every week until it becomes a reality. Whenever you achieve something you check it as you make the plan. Strategies that could be implemented into your plan to grow your wealth.

Say no to debt

Say no to debt, it can be good in building a credit score but it can also be crippling for most people. Debt is a marsh whenever they try to get out of it they have to take on new debt. This leads to them sinking even deeper and deeper. It creates a habit of not taking debt unnecessarily. Only take the debt which you can afford to pay back within the shortest time. I mean within two to three years.

I am not talking about a mortgage here because that's an entirely different story with mortgage debt. You're using the finances to purchase an asset that will appreciate in value. So the interest will be paid off by the capital gains. In this case, debt refers to borrowing money either from the bank or via your credit card to purchase items that are not appreciative and you probably don't need it. If you currently have debt create a plan to pay this off remember the master plan. We created in step one, now go back to it and adjust it accordingly list paying off your debts. It is the first to-do list, it's advisable to start off with the debts with the highest interest rates.

First, create a list of all your debt with all the interest charges to find out which one is creating the largest debt in your account then start paying those off immediately. Don't even think about investing before getting rid of the heavy bag of debt on your shoulders. Once you clear the debt work on increasing your liquid cash to cater for any recurrent expenses this way you won't need to borrow again.

Start saving to grow your money

Start saving to grow your money, if you haven't started already what are you waiting for now that you're debt-free it's much easier to stretch out your savings capacity. There are so many rules that govern the whole saving theory but the most common and effective is the 50 30 20 rule. This rule states that fifty percent of your income should go to expenses such as rent utilities school fees and food. 30 percent of your salary should go to personal entertainment and all other fun stuff. 20 percent should go to your savings. It sounds like a great plan right but if you really want to see results as soon as possible. Then you may have to switch up 30 percent and 20 percent so essentially it ends up being the 50 20 30 rule.

Where 30 percent goes towards savings and 20 percent to entertainment. We advise you, 30 percent of your income towards savings. The more you have saved up the more your money will grow faster. In order to do this, you have to list all of your expenses and their costs. Then identify those that you can cut down or get rid of entirely. For example, you can opt-out of your daily Starbucks coffee and make your own cup of coffee. Instead, you could also change your current data plan into a cheaper one. There are so many ways you can reduce your monthly expenses. Just put in the effort remember growing your wealth will require full commitment from you.

Open a retirement fund to grow your money

Retirement fund like it or not we all grow old then we get weak and then we won't be able to work anymore. That's why in our later years we'll need a fund to keep us going so after you've increased your savings capacity part. This should go to your retirement fund. If you're planning on retiring early or securing your self financially in old age.

Today if you already have one maybe it's time to increase your contributions, financial advisors. Usually, recommend having a 401k plan. This not only grows your money through compounding the reduces your taxable income. For example, you'll only be taxed on $70,000 if you earn 75,000 and contribute 5,000 to your 401k account. With a proper retirement fund, you'll be growing your money-saving money and securing your future all at the same time.

Identify investment opportunities

Identify investment opportunities if you've established a healthy savings account. You can now venture into investing it. However, don't rush into this death. Take your time to review all the available options to evaluate the viability of each opportunity. Then select ones that will meet your financial needs while you'redeciding. Your money can be growing in value from the interest rate in your savings account.

However as great and secure as a fixed deposit account. It's not recommended to keep your money in there for too long since your money will only be increasing at a relatively smaller rate than it would in other investments. Some of the investment opportunities you can look into include mutual funds stocks bonds and real estate. Once again I repeat do your homework you have to invest time and energy throughout your research process.

keep an eye on your investments or seek expert advice

Keep an eye on growth and review your investments. Once you've invested your money it's only logical to follow up on the growth after a couple of months. You can go back and review the benefits of your decisions are the investments delivering the promised. Results are you on track as you would plan. Do the numbers add up once you've reviewed the changes. You can now make the relevant adjustments it's important to always know how much you're worth.

Always be aware of the asset you have the value of your investments and the money you have in the bank. Being cautious of your current financial situation and reviewing the growth is one of the most important steps to growing your money. Where you don't have the capacity to make major decisions say you want to determine whether you're financially able to buy a house worth $600,000 or a million dollars. Or maybe you're just stranded on the next financial moves to make it might be the right time to seek expert advice.

Most people have the wrong perception that financial experts are expensive to hire and work with the super-wealthy exclusively contrary to the common belief. You'll be surprised to find very affordable yet well qualified financial advisors not telling you to go for the first convenient. Select one who has a good track record of helping people facing the same financial issues. You have also ensured they have the right certification and background.

Be consistent

Be consistent you have to continuously make the right financial decisions. If you want to grow your money not just today and tomorrow but for the rest of your life, any mistake could take you back. A couple of steps and in a second you can lose everything you've strived to build the only way to be consistent is by building that discipline muscle. Only pay for things you need to stick to your budget and strictly follow your blueprint plant. Here are no shortcuts to building wealth well unless you're lucky, few like Mark Zuckerberg.

Invest in knowledge

You can come up with a billion-dollar idea overnight. It will take time and a lot of discipline but the rewards are worth the while two invest in knowledge. They say you can never know too much this applies in every aspect of your life including your finances. Take up online courses on personal finance management. Continuously read finance blogs online get wealth management magazines and attend events and conferences that will expand your knowledge on this topic.

The more you know the more you'll be in a better position to make informed decisions concerning your money. Also being always on the lookout will help you identify deals promotions, which could save you a lot of money. This can also be approached in another way you can improve your skills based on your career path. It's no longer a secret that companies retrenched their employees during financially hard times.

Maintain all your assets well that's it for today

Maintain all your assets well this is the most underrated strategy in the whole process of growing wealth. Many people don't understand the importance of taking good care of whatever they currently own say. You have a car if you don't take it to the garage for regular servicing it will end up breaking down. The repair costs will be far much more than what it would have cost you to maintain it.

This way you end up spending a lot more than you should also if you don't take care of simple things like clothes and shoes your own you'll end up needing to buy new ones every other time. This also applies to your health when you don't take care of your well-being you end up incurring unexpected medical bills take care of yourself as your the biggest asset in your life.

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Make sure your self-care regime covers you mentally spiritually emotionally and not just physically it's not that hard really just follow all the basic rules of life. Don't drink and drive exercise regularly eat your vegetable practice self-love and you'll be on the right path. I bet you now understand how prevention is better than a cure as you're growing your wealth. You don't need unnecessary interruptions that would be brought about by unexpected bills and expenses. That way you can simply grow your money.

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