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.
Who wouldn’t love the idea of 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 is a countdown of 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.
10. Create a plan and manifest it
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 12 months, 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 12 months, you can read it out loud once every week until it becomes a reality.
Also, create a checklist beside your plans so that whenever you achieve something you check it.
As you make the plan, make room for adjustments because as you continue reading this post, you’ll learn additional strategies that could be implemented into your plan to grow your wealth.
9. Say no to debt
Debt 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, which leads to them sinking even deeper and deeper into it.
Create a habit of not taking debt unnecessarily, only take the debt which you can afford to pay back within the shortest time.
By the shortest time I mean within two to three years. We’re 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.
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. Paying off your debts 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 dent 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.
8. Start saving 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, and 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 to channel 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.
7. 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 of this should go to your retirement fund.
If you’re planning on retiring early or securing yourself financially in old age, then you have no choice but to start your fund today. If you already have one, maybe it’s time to increase your contributions.
6. Identify investment opportunities
If you’ve established a healthy savings account, you can now venture into investing it. However, don’t rush into this yet.
Take your time to review all the available options, evaluate the viability of each opportunity, then select ones that will meet your financial needs.
While you’re deciding which investment is the most suitable for you, 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 is, 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, do your homework, you have to invest time and energy throughout your research process.
5. 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.
4. Seek expert advice
Once you see some traction, you can ask for expert advice.
This is where you could be in a situation 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.
Select one who has a good track record of helping people facing the same financial issues.
You have to also ensure they have the right certification and background.
3. Be consistent
You have to continuously make the right financial decisions. If you want your money to grow 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 plan.
There are no shortcuts to building wealth. Well, unless you’re the lucky few like Mark Zuckerberg and 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.
2. Invest in knowledge
They say you can never know too much. This applies to 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 that 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. If you are well-qualified chances are you’ll keep your job.
And if you get retrenched, your additional skills will give you an upper hand in getting another job.
If you’re an entrepreneur continuously study new trends and apply them to your business, to increase your competitive advantage.
This could increase your sales, giving you a better paycheck at the end of the month, which in turn grows your wealth.
Taking that time to study or learn, something new can really pay off big time.
1. 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 the clothes and shoes you 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 you’re the biggest asset in your life, 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 vegetables 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.
In summary, the 10 steps to growing your money are:
10. create a plan and manifest into it
9. say no to debt
8. start saving
7. open a retirement fund
6. identify investment opportunities
5. Keep an eye on your investments
4. seek expert advice,
3. be consistent
2. invest in knowledge
1. maintain all your assets.
Which of the above steps would be most useful for you? Share your journey with us in the comments.