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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 June 6, 2019

The Average Retirement Savings and How to Save Wisely

The Average Retirement Savings and How to Save Wisely

Are you on track for retirement?

If not, don’t worry, I’m not sure either. I save each month and hope for the best.

Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

What Does the Average American Have Saved for Retirement?

Saving for retirement is tricky.

Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

Here are the average savings Americans hold by age bracket:

20’s – $16,000

During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

30’s – $45,000

At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

40’s – $63,000

This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

50’s – $115,000

During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

60’s – $172,000

By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

Ways to Save Money on a Tight Budget

The sad reality is that most Americans aren’t saving enough for retirement.

Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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How to Save Money Each Month

By this point, you know the average amount of money you should have saved for retirement based on your age.

But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

Top Money Saving Challenge Tips

To prepare for your financial future and not be another statistic you need to be different.

How?

By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

Automatically Contribute Towards Retirement

If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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Use the Right Tools to Know Where You Stand

Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

Bring in Experts to View Your Blind Spots

If you have too little or too much money saved, you should consider hiring financial experts.

Why?

You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

Regardless of the reason, getting help may help improve your financial situation.

Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

Speed up Your Retirement Contribution

After learning how to manage your money well, the next best thing is to earn a higher income.

You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

By starting a side-business.

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This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

Reach Financial Freedom with Confidence

What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

My guess is that you’d feel happy and relieved.

Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

If you do, you’ll save money and pay debt faster.

Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

Featured photo credit: Huy Phan via unsplash.com

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