everyone wants a fat bank account I mean
who wouldn’t want to be able to retire early go on expensive vacations whenever
they want the Bahamas are looking quite excellent this time of year and buying
whatever their heart desires on demand it’s every man’s dream but to get there
there’s a tall price to pay if you want to be wealthy and grow your money within
the next few years then you better pay attention here are
ten proven strategies that you can use to achieve your financial goals and
maybe even buy that dream car or house you’ve always wanted make sure to watch
until the end because I think the last three will really surprise you 10 create
a plan and manifest into it I know it’s sort of cliche to manifest your goals
but there’s a reason why every other guru is swearing by this in order to
achieve anything you need to plan it start by writing down what you want and
put a timeline to it note down exactly how much you want to have in the next 12
months two years five years and manifest into it by manifesting I mean constantly
review what you’ve written and speak it into reality for example if one of the
things you wrote down includes saving four thousand dollars within the next 12
months you can read it out loud once every week until it becomes a reality
also create a checklist beside your plans so that whenever you achieve
something you check it as you make the plan make room for adjustments because
as you continue watching this video you’ll learn additional strategies that
could be implemented into your plan to grow your wealth 9 say no to debt debt
can be good in building a credit score but it can also be crippling for most
people debt is a marsh whenever they try to get out of it they have to take on
new debt which leads to them sinking even deeper and deeper into it create a
habit of not taking debt unnecessarily only take the debt which you can afford
to pay back within the shortest time by the shortest time I mean within two to
three years we’re not talking about a mortgage here because that’s an entirely
different story with mortgage debt you’re using the finances to purchase an
asset that will appreciate in value so the interest will be paid off by the
capital gains in this case debt refers to borrowing money either from the bank
or via your credit card to purchase items that are not appreciative and you
probably don’t need if you currently have debt create a plan to pay this off
remember the master plan we created in step one now go back
to it and adjust it accordingly list paying off your debts is the first to-do
list it’s advisable to start off with the debts with the highest interest
rates first create a list of all your debt with all the interest charges to
find out which one is creating the largest dent in your account then start
paying those off immediately don’t even think about investing before getting rid
of the heavy bag of debt on your shoulders once you clear the debt work
on increasing your liquid cash to cater for any recurrent expenses this way you
won’t need to borrow again 8 start saving if you haven’t started already
what are you waiting for now that you’re debt-free it’s much easier to stretch
out your savings capacity there are so many rules that govern the whole saving
theory but the most common and effective is the 50 30 20 rule this rule states
that fifty percent of your income should go to expenses such as rent utilities
school fees and food 30 percent of your salary should go to personal
entertainment and all other fun stuff and 20 percent should go to your savings
it sounds like a great plan right but if you really want to see results as soon
as possible then you may have to switch up 30
percent and 20 percent so essentially it ends up being the 50 20 30 rule where 30
percent goes towards savings and 20 percent to entertainment we advise you
channel 30 percent of your income towards savings the more you have saved
up the more your money will grow faster in order to do this you have to list all
of your expenses and their costs then identify those that you can cut down or
get rid of entirely for example you can opt out of your daily Starbucks coffee
and make your own cup of coffee instead you could also change your current data
plan into a cheaper one there are so many ways you can reduce your monthly
expenses just put in the effort remember growing your wealth will require full
commitment from you 7 retirement fund like it or not we all grow old then we
get weak and then we won’t be able to work anymore that’s why in our later
years we’ll need a fund to keep us going so
after you’ve increased your savings capacity part of this should go to your
retirement fund if you’re planning on retiring early or securing yourself
financially in old age then you have no choice but to start your fun today if
you already have one maybe it’s time to increase your contributions financial
advisors usually recommend having a 401k plan this not only grows your money
through compounding the reduces your taxable income for example
you’ll only be taxed on $70,000 if you earn 75,000 and contribute 5,000
to your 401k account with a proper retirement fund you’ll be growing your
money saving money and securing your future all at the same time 6 identify
investment opportunities if you’ve established a healthy savings account
you can now venture into investing it however don’t rush into this death take
your time to review all the available options evaluate the viability of each
opportunity then select ones that will meet your financial needs while you’re
deciding which investment is the most suitable for you your money can be
growing in value from the interest rate in your savings account
however as great and secure as a fixed deposit account is it’s not recommended
to keep your money in there for too long since your money will only be increasing
at a relatively smaller rate than it would in other investments some of the
investment opportunities you can look into include mutual funds stocks bonds
and real estate once again I repeat do your homework you have to invest time
and energy throughout your research process 5 keep an eye on growth and
review your investments once you’ve invested your money it’s only logical to
follow up on the growth after a couple of months you can go back and review the
benefits of your decisions are the investments delivering the promised
results are you on track as you would plan do the numbers add up once you’ve
reviewed the changes you can now make the relevant adjustments it’s important
to always know how much you’re worth always be aware of the asset you have
the value of your investments and the money you have in the bank being
cautious of your current financial situation and reviewing the growth is
one of the most important steps to growing your money four seek expert
advice once you see some traction you can ask for expert advice this is where
you could be in a situation where you don’t have the capacity to make major
decisions say you want to determine whether you’re financially able to buy a
house worth $600,000 or a million dollars or maybe you’re just stranded on
the next financial moves to make it might be the right time to seek expert
advice most people have the wrong perception that financial experts are
expensive to hire and work with the super wealthy exclusively contrary to
the common belief you’ll be surprised to find very affordable yet well qualified
financial advisors not telling you to go for the first
convenient one but select one who has a good track record of helping people
facing the same financial issues you have also ensure they have the right
certification and background 3 be consistent you have to continuously make
the right financial decisions if you want your money to grow not just today
and tomorrow but for the rest of your life any mistake could take you back a
couple of steps and in a second you can lose everything you’ve strived to build
the only way to be consistent is by building that discipline muscle only pay
for things you need stick to your budget and strictly follow your blueprint plan
there are no shortcuts to building wealth well unless you’re the lucky few
like Mark Zuckerberg and you can come up with a billion-dollar idea overnight it
will take time and a lot of discipline but the rewards are worth the while two
invest in knowledge they say you can never know too much this applies in
every aspect of your life including your finances take up online courses on
personal finance management continuously read finance blogs online get wealth
management magazines and attend events and conferences that will expand your
knowledge on this topic the more you know the more you’ll be in a better
position to make informed decisions concerning your money also being always
on the lookout will help you identify deals promotions which could save you a
lot of money this can also be approached in another way you can improve your
skills based on your career path it’s no longer a secret that companies
retrenched their employees during financially hard times if you’re well
qualified chances are you’ll keep your job and if you get retrenched your
additional skills will give you an upper hand in getting another job if you’re an
entrepreneur continuously study on new trends and apply them to your business
to increase your competitive advantage this could increase your sales giving
you a better paycheck at the end of the month which in turn grows your wealth
taking that time to study or learn something new can really pay off
big-time 1 maintain all your assets well this is the most underrated strategy in
the whole process of growing wealth many people don’t understand the importance
of taking good care of whatever they currently own say you have a car if you
don’t take it to the garage for regular servicing it will end up breaking down
the repair costs will be far much more than what it would have cost you to
maintain it this way you end up spending a lot more than you should
also if you don’t take care of the simple things like clothes and shoes
your own you’ll end up needing to buy new ones every other time this also
applies to your health when you don’t take care of your well-being you end up
incurring unexpected medical bills take care of yourself as your the biggest
asset in your life make sure your self care regime covers you mentally
spiritually emotionally and not just physically it’s not that hard really
just follow all the basic rules of life don’t drink and drive exercise regularly
eat your vegetables practice self-love and you’ll be on the right path I bet
you now understand how prevention is better than a cure as you’re growing
your wealth you don’t need unnecessary interruptions
that would be brought about by unexpected bills and expenses in summary
the 10 steps to growing your money are 10 create a plan and manifest into it 9
say no to debt 8 start saving 7 open a retirement fund 6 identify investment
opportunities 5 keep an eye on your investments or seek expert advice 3 be
consistent 2 invest in knowledge 1 maintain all your assets well that’s it
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