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 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 make sure to watch until the end because I think the last
three will really surprise you 10 create a plan and manifest into 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 watching this video
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 list
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 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 fun 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 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 death 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 I repeat 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 four 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
not telling you to go for the first convenient one but select one who has a
good track record of helping people facing the same financial issues you
have 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 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 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 if you're 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 on 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 the
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 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 or seek expert advice 3 be consistent 2 invest in knowledge 1
maintain all your assets well that's it for today we hope you learned something
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