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10 Actions You Can Take to Get Rich at an Incredibly High Speed

10 Actions You Can Take to Get Rich at an Incredibly High Speed

Do you want to be rich? Many people believe that being financially successful is pure luck, but there are many things that anybody can do to become rich.

From changing your mentality to extra learning, check out 10 actions you can take to get rich at an incredibly high speed.

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1. Think of four ways you could make money outside of your job.

If you want to be rich it is important to stop thinking “I earn enough” and to start thinking “I could earn more.” Write down four ways you could earn money outside of your main job. From creating an e-book to selling on Amazon, there are many ways you could increase your income that would only require a little effort and time.

2. Learn in your free time.

To move up in your career and become rich, you must master new skills and knowledge in your area. Instead of just focusing on putting effort in at work, it can be very useful to learn more about your area in your free time. There are many ways you can do this, from reading books to listening to pod-casts to attending classes and seminars. Remember that the more skilled you are, the more you deserve to earn.

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3. Set specific financial goals.

“If you do what you’ve always done, you’ll get what you’ve always gotten.” This phrase is very true when it comes to finances, with many people believing that their financial goals are to pay the rent and bills. If you are already paying your rent and bills, it is time to set higher financial goals, such as saving, paying off debt or increasing your annual income. Mentality is important; always think big when it comes to your finances.

4. Make money your friend instead of your enemy.

Money pays for your home and it is has the ability to give you security, so it is important to view money as your friend and not your enemy. Write down 20 things you are glad your money pays for, such as your home and your new shoes. If you struggle to see money in a positive light, remind yourself that money can either open doors or closes doors—it is your choice.

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5. Solve a problem every week.

Rich people choose to focus on solving problems, rather than complaining about them. This attitude helps to improve your solution thinking, opening your eyes up to new financial opportunities and chances that could benefit you. Write down a financial problem once a week, such as raising your income or figuring out how to lower the price of your grocery shop, and come up with a practical solution to solve the problem. Keep going until you have improved all aspects of your financial situation.

6. Get a library card.

A library card is excellent value for money and opens up new worlds of knowledge. Having a library card gives you the option to expand your knowledge in your chosen area without spending too much, which is the perfect tactic to help you earn more money within your career.

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7. Do something that pushes you out of your comfort zone.

Many people are too scared to make uncomfortable decisions, but rich people are often more willing to. From leaving your job so you can start your own business to asking for a raise, many choices that seem initially difficult will be financially rewarding. Do something that makes you feel uncomfortable but may improve your life situation. It is pleasant to be comfortable, but it is much better to improve your life and financial situation.

8. Track your financial progress every month.

If you are bad with spending, it doesn’t matter if you are rich or not. You could have a high wage and still be left with little to nothing by the end of the month. Write down your income, as well as all of your out-going expenses. Is there anything that costs too much which you can cut out? This gives you a chance to see the bigger picture and allows you to make changes that will improve your finances.

9. Prioritize your goals.

You probably already have financial goals, but if you having too many can mean none of your goals are met. Instead of simultaneously trying to save up for a car and a holiday while paying off debt, decide which goal is your most important. Focus on achieving that, and then move on to your next goal.

10. Start investing wisely.

If you have no experience of investing, don’t start to invest without knowledge. Speak to a professional about how to invest well, or read up on the subject on-line. When you are educated and knowledgeable about investing, make small investments in business you know will be lucrative.

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Amy Johnson

Amy is a writer who blogs about relationships and lifestyle advice.

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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