If you are reading this blog, chances are you want to increase your wealth and achieve a little thing I like to call “financial freedom”. Ok, I didn’t coin that term, but it’s definitely something I’m striving for too.
The good news is, increasing your wealth isn’t very difficult in terms of brain power. But it is super hard in terms of will power. That’s why there are lots of different ways to increase your wealth, and trying all of them out to find the best fit for you is a good idea.
Here are 4 fool-proof ways to increase your wealth.
Forget About Money
This may seem counter-intuitive since money is usually the key to building wealth, but for one minute, you should forget about money and focus on other things. Think about why you want to increase you wealth. Trying to build wealth just because you want more money isn’t usually enough fuel to keep your fire going when things get tough.
Instead you need to have a passionate reason behind why you want to increase you wealth. This could be something like being able to provide for your kids without worry, being able to travel the world, or something else entirely. The why is up to you.
Seek Frugal Friends
In the last couple of months I’ve been doing a lot better about reining in my spending on one of my toughest vices – going out to eat. After my best friend moved half way across the country, I started hanging out with a more frugal crowd. Now, when I get together with my friends, we have a potluck and game night at someone’s house – or a backyard BBQ when the weather is nice.
Having a good frugal influence in your life will make it much easier to stick to your budget and increase your wealth.
Implement and Follow Basic Personal Finance Concepts
If you aren’t already doing so, implementing basic personal finance concepts, like tracking your spending, putting together a monthly budget, and paying yourself first, will make a big difference in helping you increase your wealth. If you’ve already been a believer in these concepts, then ramp it up a notch by trying to negotiate and lower your bills, cut unnecessary spending from your budget, and increasing the amount you contribute to your savings or investments each month.
Every little bit you can put aside into your savings or investments will help your wealth build up in a hurry, even if it doesn’t seem like much at the time. Consistently doing these things is where you’ll gain ground.
Hustle Your Hiney Off
Even if you don’t “need the money” to balance your monthly budget, consider taking on a side hustle. Side hustles are a great way to increase your income. And, if you use this income productively, you’ll be able to increase your wealth very quickly.
Building wealth isn’t as difficult a concept as a lot of people think. In fact, it’s a pretty simple equation – spend less than you earn.
How are you building wealth?