Frank Salvatore
Health and Lifestyle

Tips to Gain Wealth

January 1, 2017 by · Leave a Comment 

A common New Year’s resolution is to save more and spend less. When it comes to acquiring more money, sometimes you just need to create smart habits and make some lifestyle changes. Here are some slight changes you can make to your lifestyle if you want to learn how to master your bank accounts.

Surround Yourself With People You Admire

If you surround yourself with like-minded, talented people, you may create a force of creative minds that can come up with some powerful ideas. Also, people tend to associate with others who are like them, which is why wealthy people typically interact with other wealthy people.

Spending time with those who are more successful than you are creates a potential to deepen your thinking as well as your wallet. Financially successful people think differently about money than the middle class, and a lot can be learned from those who are successful.

Invest

Start investing your money early to get the best possible returns in the long run. The more money you are able to invest today, the more it will grow. An easy way to begin investing is to look into the 401(k) plan that your employer offers. Also, research Roth and traditional IRAs as well as retirement accounts to have a strong variety of investments.

Another way to invest your money is to put savings in a low-cost target date fund. This is a diversified retirement account that will produce a better return on your money than you would get in an average savings account, with not much extra work.

Get An Additional Job

Pick up a second job to earn more money. This will also help you expand your skill set as well as your professional network. This is a great way to save up for something specific, such as money towards a hobby or towards a long awaited vacation.

Read More

Wealthy people choose to be educated over entertained. To increase your chances of financial success, cancel the cable and start reading financial books on investing, or simply read the biography of a successful person.

While wealthy people do not necessarily put a lot of stock in furthering their wealth through more education, they appreciate learning beyond a classroom setting.

Obtain a High-Yield Savings Account

You don’t want to keep too much savings in a savings account that is not accruing interest of any sort. Rather, invest excess savings, at least in a high-yield savings account. Leaving money in an everyday savings account makes you lose out on opportunity costs because the money is just sitting there.

If you do not want to take risks, another way to manage an overflow of savings is to move extra money into a high-yield account, where you have the ability to earn much more interest than in a traditional savings account.

Get Comfortable With Being Uncomfortable

Wealthy people are able to find comfort in uncertainty. While a middle class mindset is to be comfortable physically, psychologically, and emotionally, wealthy people are taught early in life that gaining wealth is not an easy task, and comfort may not be readily available. It is important to know how to be comfortable while living in a constant state of uncertainty. To start learning this mental tool, make a list each day of things that you need to do that may cause you discomfort, but will result in a positive financial outcome.

Visualize Achieving Your Goals

In order to create wealth, you need to have a clear set of goals, along with a specific plan to achieve the goals. Wealthy people choose to make a commitment to attaining their wealth, using focus, knowledge, courage, and effort. This is all possible if your goals are precise and your vision is clear.

Be realistic when creating your goals, but also think big and remember to challenge yourself. A big reason that people do not get what they want is because they do not know what they want.

Automatically Save Money

Pay yourself first by automating your finances. Have a portion of your paycheck come out automatically and go into savings so you never even see it. It takes very little time to set up an automatic system, and you can choose to save as much or as little each day as you wish. Start with one hour of earnings each day and build that up as you get comfortable with your new net income.

Create Passive Income

Passive income is essentially the idea of earning money in your sleep. Some common forms of this are real estate investments or business partnerships. However, this can also be done by creating simple YouTube videos or using affiliate advertising on your blog.

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Frank Salvatore