It’s the time for making resolutions and focusing on self-improvement. And while some people scoff at the idea of an arbitrary date being the catalyst for change, we think it’s great when people want to do better. Especially since we can help with your financial goals. So, if you’re resolving to be richer in 2018, here are eight ways you could get there.
1. Set a specific goal. Instead of saying, “I want to be richer,” try something like, “I want to save five percent of every paycheck this year.” This specific, measurable goal is likely to be more successful than a vague statement.
2. Improve your credit. Good credit leads to better interest rates on loans and credit cards, saving you a lot of money in the long run. If you’re just starting out, apply for a small loan or a credit card, and make your payments on time. If you have less-than-favorable credit, focus on paying down your debts and check your credit report for inaccuracies.
3. Have money automatically transferred into a savings account. This is one of the easiest ways to save because if the money is drafted before you even see it, you won’t miss it! Put these savings toward an emergency fund or an investment.
4. Switch to a high-interest savings account to earn more money. This won’t make you a millionaire, but if you have money sitting in an account, make sure it’s one that has a decent interest rate. If you can, put your money in an account with compounding interest.
5. Surround yourself with successful, goal-oriented people. Interacting with people who lack a frugal mindset will set you up for failure. It’s important to surround yourself with people who share your financial values and will motivate you to be successful.
6. Start a side hustle. Wealthy people have more than one stream of revenue coming in. Get a job on the side to add to your income. This will accomplish one of two things—earn more money, or allow you to pursue a passion that could lead to a new career.
7. Negotiate everything. Your salary, rent, an in-person transaction, everything. Sure, it might be uncomfortable, but the worst that can happen is they say no. The best-case scenario is big savings.
8. Devote 20 minutes a day to a new skill. Studies show that wealthy people are dedicated to self-improvement. Take time out of your day to challenge yourself. Learn a language or read a book about an unfamiliar topic. A new skill could lead to new opportunities.
There is no get-rich-quick scheme. Building wealth requires small, purposeful steps and a mindset shift. Following any or all of these eight tips could help you reach your financial goals. Member One is fully committed to serving you in your financial endeavors, so feel free to call, click, or come in to speak with us.