5 Tips For Increasing Your Wealth In The New Year
by Arina Smith Real Estate 23 November 2017
As the New Year beckons, New Year’s resolutions are on everyone’s mind – specifically, how do you make 2018 a good year financially? Well, there is a simple way of making and keeping your financial New Year plans: watch what you spend and invest your money wisely. Below area few tips on how to increase your wealth as the New Year sets in.
Cut on Your Expenses
If you want to become wealthier, cut down on your expenses – it may seem simplistic, but any good list of tips for increasing your wealth should start with practicing budgetary restraint. What we spend on a daily basis is what defines our wealth, and if you are a spendthrift, the chances of you failing to meet your financial goals are increased. The idea is not to make you ditch your previous expenses, but to show you how much you can save by making simple yet effective spending adjustments.
Investing in Gold
Investing in gold is another way of becoming wealthier, and though this market can be tricky and hard to pounce on, the moment you get into it you are guaranteed results in the long run. For instance, buying gold in Canada only requires you to get in touch with a reputable, accredited Canadian company that deals with gold – after that, the trade is regulated, and hence you have the peace of mind that you are getting yourself into a genuine market.
Pay Your Debts
The money you owe other people (or the bank) may act as a hindrance towards your growth, wasting your money on interest, and wasting your time on worrying about it. If you want to grow financially, clear your debts and focus more on your future financial capabilities.
Save on your Income
Your monthly salary is, obviously, your first step towards creating a substantial amount of wealth, but you don’t have to earn millions to save millions. With a$4k monthly pay, you can create a fortune by projecting yourself to save at least 20% of your basic salary every month, reinvesting that money or putting it in an RRSP.
Invest in Real Estate
Many savvy investors have embarked on real estate as a way of growing their wealth, and it is not hard to see why – the real estate sector has grown tremendously in the past few years, making it an investment safe haven to risk-averse investors. The good thing about real estate is the fact that you don’t have to invest millions when starting up. You can by a fixer-upper, rehabilitate it, and sell it at double the price bought. If you make a good profit from your first venture, you can proceed further and invest more as time goes on.
Making 2018 a banner year for you financially is not as difficult or as unbelievable as it might’ve seemed. With some common sense fiscal practices, some budgetary restraint and wise investments, you can start on your path toward wealth. Then, maybe next year’s New Year’s resolution will be to finally buy that yacht you’ve always wanted!