create a plan and manifest into it I know it's sort of cliche to manifest your goals but there's a reason why every other guru swearing by this in order to achieve anything you need to plan it start by writing down what you want and put a time line to it no down exactly how much you want to have the next 12 months 2 years 5 years and manifest into it my manifesting I mean constantly review what you've written and speak it into reality for example if one of the things you wrote down include saving $4000 within the next 12 months you can read it out loud once every week until it becomes a reality also create a checklist beside your plants so that whenever you achieve something you check it as you make the plan make room for adjustments because as you continue watching this video you'll learn additional strategies that could be implemented in your plan to grow your wealth.
say noted debt debt can be good in building a credit score but it can also be crippling for most people date is a March whenever they try to get out of it they have to take on new debt which leads to them sinking even deeper and deeper into it create a habit of not taking dead unnecessarily only take the debt which you can afford to pay back within the shortest time by the shortest time I mean within 2 to 3 years we're not talking about a mortgage here because that's an entirely different story with mortgage debt you're using the finances to purchase an asset that will appreciate in value so the interest will be paid off by the capital gains in this case get refers to borrowing money either from the bank or via your credit card to purchase items that are not appreciative and you probably don't need if you currently have debt create a plan to pay this off remember the master plan we created in step 1 now go back to it and adjusted accordingly least paying off your debts is the first to do list it's advisable to start off with the debts with the highest interest rates first create a list of all your debt with all the interest charges to find out which 1 is creating the largest in your account then start paying those off immediately don't even think about investing for getting rid of the heavy Baghdad on your shoulders once you clear the debt work on increasing your liquid cash to cater for any recurring expenses this way you won't need to borrow again
start saving if you haven't started already what are you waiting for now that you're debt free it's much easier to stretch out your savings capacity there are so many rules to govern the whole saving theory but the most common and effective is the 503020 rule this rule states that 50 percent of your income should go to expenses such as rent utilities school fees and food 30 percent your salary should go to personal entertainment and all other fun stuff and 20 percent should go to your savings it sounds like a great plan right but if you really want to see results as soon as possible then you may have to switch up 30 percent 20 percent so essentially it ends up being the 502030 rule where 30 percent goes toward savings and 20 percent to entertainment we advise you channel 30 percent a year in. Come towards savings the more you have saved up the more your money will grow faster in order to do this you have to list all of your expenses and their costs then identify those that you can cut down or get rid of entirely for example you can opt out of your daily Starbucks coffee and make your own Cup of coffee instead you can also change your current data plan into a cheaper 1 there are so many ways you can reduce your monthly expenses just put in the effort remember growing your wealth will require full commitment from you
retirement fund like it or not we all grow old then we get weak and then we won't be able to work anymore that's why in our later years we need to fund to keep us going so after you've increased your savings capacity part of this you go to your retirement fund if you're planning on retiring early or securing yourself financially in old age if you have no choice but to start your fun today if you already have 1 maybe it's time to increase your contributions financial advisers usually recommend having a 401 K. plan this not only grows your money through compounding that reduces your taxable income for example you'll only be taxed on $70000 if you are in 70 5000 and contribute 5000 your 401 K. account with the proper retirement fund you'll be growing your money saving money and securing your future all at the same time.
identify investment opportunities if you've established a healthy savings account you can now venture into investing it however don't rush into this death take your time to review all the available options evaluate the viability of each opportunity then select ones that will meet your financial needs. Well you're deciding which investment is the most suitable for you your money can be growing in value from the interest rate your savings account however as great as secure as a fixed deposit account is it's not recommended to keep your money in there for too long since your money will only be increasing at a relatively smaller rate than it would in other investments some of the investment opportunities you can look into include mutual funds stocks bonds and real estate once again I repeat do your homework you have to invest time and energy throughout your research process.
keep an eye on growth and review your investments once you've invested your money it's only logical to follow up on the growth after a couple of months you can go back and review the benefits of your decisions are the investments delivering the promised results are you on track as you had planned do the numbers add up once you've reviewed the changes you can now make the relevant adjustments it's important to always know how much you're worth always be aware of the asset you have the value of your investments and the money you have in the bank being cautious of your current financial situation and reviewing the growth is one of the most important step to growing your money.
seek expert advice once you see some traction you can ask for expert advice this is where you could be in a situation where you don't have the capacity to make major decisions say you want to determine whether you're financially able to buy a house worth $600000 or $1000000 or maybe you're just stranded on the next financial moves to make it might be the right time to seek expert advice most people have the wrong perception the financial experts are expensive to hire and work with the super wealthy exclusively contrary to the common belief you'll be surprised to find very affordable yet well qualified financial advisors we're not telling you to go for the first convenient one but select one who has a good track record of helping people facing the same financial issues you have also ensure they have the right certification and background
be consistent you have to continuously make the right financial decisions if you want your money to grow not just today and tomorrow but for the rest of your life any mistake could take you back a couple of steps and then a second you can lose everything you strive to build the only way to be consistent is by building that discipline muscle only pay for things you need stick to your budget and strictly follow your blueprint plan there are no short cuts to building wealth well unless you're the lucky few like mark Zuckerberg and you can come up with $1000000000 idea overnight it will take time and a lot of discipline but the rewards are worth the while to invest in knowledge they say you can never know too much this applies in every aspect of your life including your finances take up online courses on personal finance management continuously read finance blogs online get wealth management magazines and attend events and conferences they'll expand your knowledge on this topic the more you know the more you'll be in a better position to make informed decisions concerning your money also being always on the lookout will help you identify deals promotions which could save you a lot of money this can also be approached in another way you can improve your skills based on your career path it's no longer a secret that companies retrench their employees during for. Financially hard times if you're well qualified chances are you'll keep your job and if you get retrenched your additional skills will give you an upper hand in getting another job if you're an entrepreneur continuously study on new trends and apply them to your business to increase your competitive advantage this can increase your sales giving you a better paycheck at the end of the month which in turn grows your wealth taking that time to study or learn something new can really pay off big time.
maintain all your assets well this is the most underrated strategy in the whole process of growing wealth many people don't understand the importance of taking good care of whatever they currently on so you have a car if you don't take it to the garage for regular servicing it will end up breaking down the repair costs will be far much more than what it would cost you to maintain it this way you end up spending a lot more than you should also if you don't take care of the simple things like clothes and shoes you run you'll end up needing to buy new ones every other time this also applies to your help when you don't take care your well being you end up incurring unexpected medical bills take care of yourself as you're the biggest asset your life make sure your self care routine covers you mentally spiritually emotionally and not just physically it's not that hard really just follow the basic rules of life don't drink and drive exercise regularly eat your vegetables practice self love and you'll be on the right path I bet you now understand how prevention is better than a cure as you're growing your wealth you don't need unnecessary interruptions that would be brought about by unexpected bills and expenses
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