11 Dec Success – Keys to acquiring wealth
Stick to a budget –
Be very particular about what you want and how much you want to spend and stick to it. Track what you earn and what you spend. Only by mastering this simple routine can you increase your net-worth. A budget is what you can use to make sure you keep your spending reasonable over time and it also aids in helping you prioritize your spending according to your values, so that you can spend more freely on the things that are most important to you and cut back on things that are really not.
Savings and Investments –
Having a savings culture is important in acquiring wealth. As well as investing. They go hand in hand. Many people crave financial independence but are unable to actually put in the work. The higher your plan for the future is the higher your percentage for saving and investing should become. Investing is a means of creating more income, but it takes longer to yield meaningful results. But it’s okay, it could very well be your retirement plan.
Make More Money –
Basically you save what you have. And when what you have is not enough you need to begin thinking about making more money. If you have a job, you can and should negotiate a salary bump especially if your work load has increased, change jobs, get another job that pays higher than the last and you could start a business, a side hustle or a freelancing gig.
Taking Risks –
If you are scared to invest, scared to take risks you are not on your way to financial establishment. And that is a problem. Basically, most investments come with some degree of risk involved. You have to accept some degree of risk if you hope to earn a return on your money.
Sitting on your growing pile of money, being too careful is a risk in itself, basically even riskier than investing it. You risk losing purchasing power to inflation, you risk opportunity costs associated with all the time you spend outside of the market, and you risk not being able to save enough cash on your own to meet your goals.