“It’s not only your salary that gets you rich, it is more importantly, your spending habits!”
Vowing to get ahead financially but not exactly sure how? Here’s advice for you – from some of the experts in this industry:
Eliminate credit card debt:
As per Self-made billionaire Mark Cuban (of Shark Tank), not only should you pay off what you owe, but you should stop relying on credit cards. If possible, stop using them entirely!
Get financially organized:
Here’s award-winning journalist Bobbi Rebell advice.. “Focus on cleaning up your digital financial life. Be vigilant about unsubscribing to anything that might tempt you to spend money you would otherwise not spend.”
Plan for a ‘happy retirement’:
Wes Moss, a chief investment strategist and host of the radio show “Money Matters”, has this to say – “A happy retirement is more within your reach than you think.” According to Moss, happy retirees share five traits. They have at least three core pursuits in retirement. 1. They’ve planned for the cost of those pursuits. 2. They have a plan to be mortgage-free by retirement. 3. They have at least three separate sources of income. And they are income investors who rely on their portfolio cash flow to replace their former paycheck.
Track your net worth:
J. Money, the famous money blogger starts with tracking ‘net worth’ of individuals. “It only takes a matter of minutes. And it’s the one thing you can do right now to give yourself a clearer snapshot of your finances,” says J. Money. It gives a sense of control as to where your money is. It also aids in making smarter choices as to where you should be investing it.
Make more money:
If you want to get ahead, renegotiate your salary and benefits package. Increase your knowledge and skill set to command a higher rate. Millennial money expert Stefanie O’Connell says, “take action to bust through any perceived constraints on your income and command that salary that serves your goals and dreams best.”
Automate your savings:
Each month, let a part of your income / bank balance, go automatically into a savings scheme (such as any SIP, etc.) – this way, automatically, you will have less, and spend less, and thereby – save more. Best-selling financial author of “The Automatic Millionaire,” David Bach says, “Pay yourself first, one hour a day of your income — automatically,” (implying – transfer it in a savings plan). Automating savings makes it easy to ensure that you’re saving for the future.
What is your plan to multiply your money?
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