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5 Helpful Tips For You To Increase Your Financial Wealth

July 4, 2017

 

Your finances should not stress you out, to the contrary, it should bring you pleasure and excitement! We want to help you look at ways that you can increase your financial wealth and learn to build a strong financial succession plan for yourself and your family.

 

Here are our top 5 tips to increasing your financial wealth:

  1. Be in control of your money (paying your debts)

  2. Keep control of your expenses (budgeting)

  3. Use what you have to make more (investing)

  4. Invest in your skills (start your own business)

  5. Save enough for the future

Let us find out how useful they are
 
1. Be in control of your money
 
Ideally you should be in control of your money and sometimes when we are in debt we can feel like we are out of control.
 
The more debt you owe the more you decrease your future net worth. It can feel like you’re taking 10 steps back when you’re trying to move 2 steps forward.
 
What methods can you implement to start being more in control of your money?
  • Choice 1: Keep track of all the money you spend and the money you owe on an excel spreadsheet. Then start targeting the smallest debt, pay that off and then slowly move your way to the larger. This is known as the Snowball method of clearing debt and is very effective.

 

  • Choice 2: If you don’t have any surplus funds find ways to earn extra cash on the side or reduce current costs. Take a look at your skill set, see what you can do as a side line job and use all that extra cash to start settling your debt. Look at reducing monthly costs such as insurance premiums. There are ways to get up to 50% discount on your premiums, or to get up to 50% of your premiums back.

 
 
2. Keep control of your expenses (budgeting)
 
Are you saving for your future and changing your lifestyle accordingly?
 
Stay on top of your expenses by acknowledging your current income versus your current expenses and don’t live beyond your means.
 
Monitor your expenses and if need be keep the necessities at a minimum while you get on top of your financial game.
 

 

3. Use what you have to make more

 

Your money should be working harder than you. This can only happen by investing in growth assets such as equity and property.

 

Get financial advice from the right people when it comes to investing in your future.

 

You have financial goals to achieve and by making the right investments you will keep a level head which will certainly help you increase your financial wealth.

 
4. Invest in your personal skills
 

Tired of making other people rich when you could start your own business? Invest in yourself by up-skilling, learn about new technologies, teach yourself how to design or write.

 

Or use your skills to start a consulting business. By taking your current situation and using your experience, you do have the ability to start your own business and add more value to your greater wealth strategy.

 

 

5. Save enough for your future

 

Your goals will change over time and depending on your current financial plan it could change dramatically. We want you to plan well for your future, so ensure that you have a great retirement plan in place so that you are sufficiently covered when you reach retirement age.

 

You have worked hard all your life, so you deserve to spend that time enjoying grandchildren and hobbies, not stressing about how you’re going to afford your medical bills.

 

 

Wrap Up
 

Life is about choices, choices that will determine whether we succeed at our goals or not.

 

Understand your future plans, what financial goals you want to achieve and start today by implementing these helpful tips so that you can enjoy a secure and financially free future.

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