9 Things you can do to Increase your Wealth Today
If you want to achieve wealth, you must let go of the things that keep you from being financial free and start building strategies to give you financial independence.
Here are some things that you can do to improve your situation:
- Decide that you want to have a complete control over your life. Most people want to be in good health, experience well-being, be satisfied with work, accept themselves, be respected, and have supportive relationships. If your life feels hectic, monotonous, or incomplete, then you need to get back in control. Anything that holds value in life requires time, effort, focus, and is likely to cause some discomfort along the way. Be the person you want to be and live the life you want by learning how to change your thinking, make lifestyle modifications, and be productive.
Changing the way, you think is the first step and one of the most important steps to take, to achieving financial freedom.
So, get out of your comfort zone and don’t settle with living from paycheck to paycheck. Start your own business or educate yourself. Upskilling is vital when you want to have the edge when asking for that promotion or applying for a new job.
- Create a budget and save as much as possible. Saving extra funds each month is a great way to achieve financial freedom. Don’t feel like you must save $1,000’s and $1,000’s each month, work out what you can comfortably put aside after doing a budget. Remember, starting is the most important step.
- Aggressively increase your income. If you’re employed in a full-time job, why don’t you take a part time gig or start that side hustle? It could boost your savings which you could use as capital later.
- Leverage other people’s money. You can borrow money from banks, or partner with investors to turn your business ideas into profitable assets. Depending on your income you could obtain an investment loan to purchase assets such as shares or an investment property. The goal being to purchase assets that may increase in value over time. There are small business loans, personal loans and other types of financing available to fund your business ideas.
- Sell other people’s products. There’s a reason why franchising, MLM and online reselling works. You earn money from ready-made products from brands with a stable market base. Dropshipping is a great example of solutions already available in the online retail space.
- Don’t waste your time on menial tasks when you can do more profitable things with your time instead.
Do you often have much to do and not enough time or resources to help you do them? Time wasted is about letting go and understanding where your opportunities are to devote your time to more profitable things instead. With a number of distractions from social media, texting, emails it is easy to find time is wasted on menial stuff. It impacts your productivity and your profitability.
My tip - focus your energy of tasks with the highest importance, then spend your time on the more menial stuff. The way I do this is by writing down what needs to be done the following day with the aim to complete these tasks by 11am. Why 11am? Because for me I’m at my best during the morning and means I can get through what needs to be done faster and more efficiently.
- Leverage your assets. Do you have a primary home? The bigger the equity, the greater is its net worth potential. You can also turn vacant properties into vacation homes and rentals. If you have money in your savings account, why don’t you invest it in stocks, bonds or mutual funds to get higher returns? Have you considered renting out that vacant room in your home, or what about renting out your car? There are so many ways to use the assets you have to earn a little extra cash!
- Connect with hundreds of people to find businesses and investment opportunities. Join LinkedIn and Facebook groups to connect with professionals in your industry or those with similar interests as yours. Participate in online forums and join business meetings and conferences in your area. These groups serve as a platform for sharing insights and experiences that could add real value to your business.
- Grow your skills. If you want your life to change for the better, don’t forget to invest in yourself. Read books, blogs and other materials to learn new things and get through career setbacks.
Continue learning. There are many online courses and self-study programs available to help you acquire skills that you might be dying to learn for a long time now.
These tips could help you build and acquire assets to help you achieve financial freedom.