Do you ever find yourself comparing what you have to what someone else has? It’s not exactly a healthy or pleasant state of mind to be in; however, as painful as it can be to admit, this comparison is inevitable. You may find yourself wishing that you lived in a house like a friend or an acquaintance has instead of renting your current apartment. Perhaps you wish you had more personal savings in your bank account, and you long for the day where you don’t have to live paycheck to paycheck to get by.
If this sounds like you, it’s understandable to sometimes feel hopeless and confused. You may be asking yourself, “How can I ever get out of this situation? What can I be doing to make things better?”
While it may seem overwhelming at first, there are proven strategies you can utilize to build your personal wealth. Ultimately, these tips can also help you to become more successful, increase your income, and strengthen your financial situation.
Find Ways to Earn More Income
The bottom line is, if you want to grow wealth, you have to earn income. There are countless ways you can use your skill sets to earn income. Maybe it’s a hidden talent you have that someone is willing to pay for! No matter what it is, don’t let anything stop you from harnessing an old skill or trying something new to earn income.
Make Saving Money a for Retirement a Priority
If building wealth is a priority, it’s never too early to be thinking about retirement. According to Business Insider, a portion of every paycheck you receive should be set aside for retirement savings. Although it may seem like a long way away, retirement will be even further away if you don’t plan for it now.
Shop Smart
There may come a time when, despite how much you are trying to save, you have to spend a little money. When you are in a situation like this, resist impulse buying. As suggested by Listen Money Matters, do a little research first when a big purchase is required to find something that will be of good quality. When you buy something that lasts, you save money overall because you don’t have to replace a broken or worn out the item as often.
Make your Money Work for You
In order to grow your wealth, The College Saver explains that the money you end up saving doesn’t have to sit statically in the bank. You can make that money earn more money for you! You need your money and the power of compound interest to work together over time to grow wealth for you. What does this mean? It means that you need to invest. The goal is that your hard work upfront can help you build passive income streams for the future.
Though St. Patrick’s Day is right around the corner, don’t rely on luck to start growing your wealth. Planning and positive habit formation are key steps on the road to homeownership and a more secure future. Richmond Neighborhood Housing Services offers financial guidance and workshops to help you create these life-changing milestones and build your own “pot of gold.” For additional information on these courses and more, reach out to us at info@eastbaynhs.org, call (510) 237-6459, or like us on Facebook.
Sources:
https://www.listenmoneymatters.com/building-wealth/
https://www.businessinsider.com/how-to-build-wealth-easy-steps-2018-3#you-dont-have-credit-card-debt-11
https://thecollegeinvestor.com/17564/10-rules-to-get-rich-and-grow-wealth/