If you want to be wealthy, you have to think like wealthy people do. Some of the richest people in the world like Warren Buffet and Mark Cuban are not there by accident. They have done certain things consistently over time which has helped get them where they are today.
Here are 7 things you can do in order to increase your wealth:
1. Invest in Your Future
If you want to truly become wealthy, you need to have some sort of investment strategy. There are a lot of great investment companies out there, but one worth considering is Ally Invest because trades are as low as $3.95. This is awesome because most brokers charge around $10 per stock trade.
2. Make More Money
One of the best things you can do to increase how much you can invest is to find ways to increase your income. Here are three ways that you can do that starting today:
Survey Junkie has over 6,000,000 members and this company is cool because they will pay you instantly with cash via Paypal.
Swagbucks will pay you cash for things you do every day like surfing the internet, watching videos, etc. They have paid out over $194 Million to their members.
Panel PayDay is a survey company where you can make some serious money. Sign up to Panel Pay Day and earn $25-75 per survey.
3. Revisit Your Grocery Budget
According to the USDA, the average American family of four spends, on a low-cost budget, between $719 and $852 a month for groceries. The liberal spending plan has families spending between $1102 and $1287 on groceries each month. Most bloggers that I know with families manage to easily keep their grocery spending around the $500-a-month range.
Check out a company like Thrive Market where you can potentially save 20-30% per month on your groceries as well as get them delivered to your front door.
4. Improve Your Credit
Although I am not a fan of borrowing money, it is necessary to buy a home. It is even used sometimes for employment and renting as well. There is a free service called Credit Sesame that will allow you give you recommendations on how to improve your credit, but it will give you a free credit score as well.
5. Get a Life Insurance Quote
Protecting your family is one of the best things you can do and life insurance is one of the easiest and cheapest ways to make sure they are covered. Accidents happen every day. Just think about it. How many accidents have you seen or heard about in the past 48 hours?
Seriously, no one expects for bad things to happen, but truth be told, they do. In the event that you were no longer around, wouldn’t you want your family to be financially taken care of?
Life insurance will give you peace of mind in knowing that your partner and children’s financial needs will be covered should anything happen to you.
One of the best places that I have found to get a competitive life insurance quote is Haven Life. They are a life insurance startup backed by MassMutual – an insurer that has been around over 160 years.
Haven Life offers an entirely online process for buying quality term life insurance coverage.Once an application is submitted, you find instantly whether or not your approved, and can start coverage that day.And, not all applicants need to take a medical exam.
As far as cost, a healthy 35-year-old male can pay as little as $22.25 per month for a 20-year, $500,000 policy.
That is a small price to pay for a lot of peace of mind. Remember: your life insurance is their safety net.
To get a free life insurance quote click here.
6. Refinance Your Credit Card Debt or Student Loans
If you have credit card debt or student loans, this is a no-brainer. You can potentially refinance both to a much lower rate which will increase your wealth even faster.
One of my favorite companies is SoFi as they will refinance your credit card debt to as low as 4.99% so that you can pay your debt off even faster.
They do not have a prepayment penalty which means that you can pay it off as fast as you want and reduce your interest at the same time. Use this link to get $100 cash back if you get approved.
It is also worth checking out Credible as well as they refinance student loans to as low as 2.60% APR. Use this link to get $150 cash back if approved for refinancing your student loan!
7. Save Money Without Much Thought Required
How would you like to save money without having to do much effort? Well, now you can.
There is a free tool called Trim which will cancel your unused subscriptions, find you cash back, and renegotiate your bills for you. All you do is sign up, connect an account and their robotic assistant will email you ways that you can save money.
It is actually really cool and easy to use.
What money moves are you taking to increase your wealth this year? Please share in the comments below.