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 to increase your wealth:
1. Make More Money This Week
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 a couple of ways that you can do that starting today:
Lyft will pay you to drive people around. This side hustle is a great way to make money around your already busy schedule. They are even giving a $250 bonus to those that sign up right now.
Survey Junkie will pay you for taking surveys in your spare time. They have over 6,000,000 members, and this company is cool because they will pay you instantly with cash via Paypal.
InboxDollars will pay you cash for things you do every day like watching TV, shopping, etc. You will get $5 just for signing up!
2. Open a High Yield Savings Account
Traditional banks pay next to nothing on savings accounts these days. I was tired of getting such a low return on my money, so I started to research banks that were paying the most interest. I came across CITBank which is FDIC insured and pays 1.55% interest. This percentage is crazy because this is much higher than the normal savings account.
They have a $100 minimum requirement to open an account, and they have no monthly fees. Definitely check them out if you are getting less than 1% in your savings account.
3. Refinance Your High-interest Debt
If you have any credit card debt at all, then DO NOT overlook this option. With the average credit card interest rate around 15%, this could save you a ton of money over the long haul.
One of my favorite companies is Credible as they will provide you with lenders that can help you refinance your credit card debt to as low as 4.99% so that you can pay your debt off even faster.
If you have student loans to refinance, you can also use this link to refinance your federal and private student loans. The average Credible user saves $18,688 by refinancing their student loans!
4. Invest in Your Future
If you want to truly become wealthy, you need to have an investment strategy. For instance, if you put away only $400 per month for 40 years at 10% interest, you would have over $2.2 Million.
There are a lot of great investment companies out there, but one worth considering using is Ally Invest because it trade fees as low as $3.95 per trade.
This is crazy because most companies charge around $10 for trading fees.
5. Make Money By Renting Out Your House or Apartment
If you have an extra room in your home, consider using Airbnb to rent it out. Whether you list a room, your basement or your entire place, Airbnb is such an easy way to make extra income.
Airbnb recommends a price for you to list your space, so you can stay competitive with other listings in your area.
All you need to do is take clear photos of the space (clear out clutter!), and write a description that explains amenities and what you have to offer.
It’s also helpful to include how close you are to the airport, public transportation and what your neighborhood is like. The more detailed, the better.
6. Invest in Crowdfunded Real Estate
Did you know that you could invest in real estate with as little as $500? Well, now with crowd-funded real estate you can. Fundrise is one of the more popular companies that will allow you to invest at this level.
This way you can have a piece of real estate and not have the hassle of having to manage it yourself.
7. Get a Free 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.
No one plans to for bad things to happen, but truth be told, they do. In the event that something does happen, wouldn’t you want your family to be taken care of? Life insurance will give peace of mind, knowing that their financial needs will be covered should anything happen to you.
The best place I have found to get a competitive life insurance quote is Policy Genius. They’re a broker which means they will provide you with multiple providers to choose from so that you can get the best deal for you and your family. For example, I pay a little over $20 per month for $500,000 in coverage for my family. That is a small price to pay for a lot of peace of mind.
To get a life insurance quote within 5 minutes, click here.
What money moves are you taking to increase your wealth this year? Please share in the comments below.