How to start working on increasing your wealth
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It may sound like a lofty idea, but working on increasing your wealth is something you can start immediately. While the results may not be instantly gargantuan, practicing good habits over the long term will help contribute to giving you a life of financial freedom and abundance.
So how do you begin this journey? Fortunately, there are some simple habits you can work on which will help you along the way. Here are some of them:
1. Pay with cash as much as you can
As much as possible, avoid using credit, and avoid taking on loans. This will lower your expenses by getting rid of any interest expenses. The second and probably more poignant advantage is that it teaches you to live within your means. Paying with cash all the time means you will only purchase what you actually have the money for. When practiced as a habit, you will learn how to earn it before you spend it. This will give you great advantages in the long term.
2. Learn to cook
Apart from giving you a break from routine work, cooking can help to be creative, as well as keeping you healthy. Buying take out or eating out most of the time makes you spend as much as five times more on food – an amount you can save and keep in your bank account instead. It’s also much healthier when compounded over the long term, and better health means less money spent on medical bills and hospital expenses.
3. Get started on investing
Investing doesn’t have to be a daunting topic. You can tailor-fit your portfolio to whatever funds you have available. You can start small and see your money grow until you’re comfortable with putting it into more long-term assets. Consult with a financial advisor in order to learn how to proceed here. There are also many financial blogs that can help you get educated on your options and teach you how you can increase your wealth in various ways.
4. Start a dream fund
This positive labeling motivates you to put money into the fund, and raises the energy towards growing it. Instead of thinking that you are depriving yourself of the little indulgences of your day to day, think of it as you contributing to achieving your dreams. The funds you save can be used as capital to start a future business, or pursuing a hobby that empowers you. These affirming activities can also change your perspective on money, helping the practices of saving and investing to become more natural for you.
5. Declutter
Organize your things and sell everything you haven’t used in a year. Apart from the extra money that you can earn from this, it can also help you jumpstart a new life of more minimalism. The best fringe benefit here is that clearing your physical space helps you clear your mental space as well. The more mental clarity you have, the more focused you can be in putting energy towards what’s most important to you.
Wealth building is more than just the money – it is about changing your core habits for a better financial future. It’s amazing how these simple habits can help jumpstart your life towards achievement and freedom.
