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How To Grow Your Wealth

April 25th 2016 by
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Grow Your Wealth

Becoming secretly wealthy can be better than flaunting your wealth. There are several ways in which you can maximize your wealth with self-control and motivation.

When most people want to be wealthy, they are talking about the uber-wealthy people they see on TV. Rather, it is better to strive to be the person who can payoff outstanding balances or cover a large dinner bill and not have to worry about the price. So how can you achieve this? Reduce spending and have higher earnings. This includes cutting out luxuries such as cable TV and long nights out, along with obtaining a higher salary.

The Washington Post compiled a list of “7 Life Lessons from the Very Wealthy” to gain tips and insight on maximizing wealth:

  1. Having money is better than not having money.
  2. Don’t become “cash rich” and “time poor.”
  3. Memories are better than material objects.
  4. Watch your “lifestyle leverage”, especially early in your career.
  5. Having goals is incredibly important.
  6. You must live in the here and now.
  7. It helps to be incredibly lucky.

You cannot simply live by this list; you need to take action on each item in order to achieve your wealth.

  1. Learn to budget and how to live within your means while cutting back on expenses. Try turning away from name brands or start your own side business.
  2. There is a cost for just about everything, and not just financially. Keep in mind what you give up when you choose one thing over another. Instead of making money your idol and spending all day at work, use it as a tool to achieve your goals while being sure to make time for your friends and family.
  3. While keeping your goals in mind, remember to appreciate life in the current moment. Experiences and memories create happiness, not things, and it is important to make memories that will stay with you throughout your life.
  4. Living a college lifestyle is okay during your years in college and for a year or two after, however, you need to start saving money by questioning every purchase you make. Everyone has a different lifestyle but building your savings should always be a priority. Avoid letting your emotions control your spending and consider whether or not your purchase will help you achieve your goals.
  5. Make a sequence of small goals for yourself. Make small goals that will affect your larger goals. Taking on the bigger goals all at once can become overwhelming and cause you to give up. Setting smaller goals as you go can help you see the progress you’re making and give you the motivation that you need.
  6. You cannot live in your future plans. It is very important to keep a firm grasp on your goals but it is equally important to live the life you have. No plan is guaranteed and while dreaming of your future, you will miss out on what is in front of you.
  7. Believe that you are lucky and have faith in your abilities. Prepare yourself to seize the opportunities that arise and have faith that you have the ability to embrace them.

Trying to become wealthy can seem overwhelming but will help you find where you want to be. Save your money and have faith to acquire the wealth you desire!

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