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 guaranteeing new drivers $1,000 of earnings in the first month.
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 8.3 and have paid out over $279,000,000 to its members.
2. Open a High Yield Bank 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 CIT Bank which is FDIC insured and pays up to 1.85% interest. This percentage is crazy because this is much higher than the normal savings account.
You can open an account with as little as $100. 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 5.95% with autopay 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.
4. File Your Taxes Online for Free (Yes, really!)
According to the IRS, most people are filing their taxes online these days, which isn’t surprising considering the times we live in where pretty much everything can be done online.
But, did you know you can file your taxes online for free?
While most tax filing companies let you file a free federal tax return, they’ll charge you to file your state tax return. Whomp!
Luckily, that’s not the case with H&R Block’s free online filing product. It really is free!
But H&R Block also has several paid products that offer other benefits to fit any tax filing scenario. Plus, as part of an exclusive offer with Well Kept Wallet, you can save 35% on the cost of filing your taxes with H&R Block.
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 Investment Fees
Tired of losing money from your investments because of high fees? Blooom is here to change that.
Blooom helps assess your 401k fees, your stock/bond mix, and the opportunity cost associated with your investments. Opportunity cost is how much you could be missing out on by not investing more, or by investing too conservatively.
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.