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 $300 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.
Swagbucks will pay you for doing every day tasks like searching the internet and shopping online. They have a Trustpilot rating of 8.4 and have paid out over $279,000,000 to its members.
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. Stop Paying Bank and Credit Card Fees
Bank and credit card fees are the worst because they are literally taking your money away from you!
If you can’t switch to an account with no fees for one reason or another, check out the other possible solution, Cushion.
Cushion is the automated bot that helps you fight fees, like:
- Overdraft fees
- Monthly service fees
- ATM fees
- Late fees
- Foreign transaction fees
- Minimum balance fees
- Credit card interest charges
Cushion is currently in beta with over 4,000 users who have saved over $100,000 in fees! Plus, Cushion is currently free to use.
One user, Blake, got back a combined $1,050 in overdraft fees from two fee fighting sessions using Cushion.
7. Check Your Credit
It is important to know that your credit is in good standing. A couple of years ago, my wife had a fraudulent account opened in her name and the only reason we found it was because we checked our credit on a regular basis. We ended up getting her credit report cleaned up, but it could have been worse if we weren’t paying attention.
I use a site called Credit Sesame which will give you your credit score almost instantly for free along with a credit report CARD with a letter grade that shows your utilization. Make sure to check your credit at least a couple of times per year to make sure that there is no fraudulent activity and that your credit is in good order.
What money moves are you taking to increase your wealth this year? Please share in the comments below.