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13 Basic Rules To Grow Your Wealth Effectively

13 Basic Rules To Grow Your Wealth Effectively

Perhaps you started this year vowing to grow personally, expand professionally, or simply grow up.  Do you also want to grow your wealth?

While no two financial pictures are exactly the same, healthy portfolios do have similarities. Follow these 13 rules to grow your wealth effectively.

Think of money as a tool.

That’s all those papers and coins are — a tool to get you what you want. They aren’t the only way, but it is a universally accepted exchange. Thinking of money as a tool empowers you to avoid many of the negative, intense emotions that can be associated with it, and to make rational, calm spending and saving decisions free of emotion. Money is a tool. That’s it.

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Accept that it takes time to expand your tool kit.

It takes time to grow wealth. Period. “Time” in this case means years, sometimes decades. This can be a frustrating concept for young folks who are rarin’ to earn that cash, accustomed to getting what they want with the click of a button and bombarded by stories of internet sensations who made it big overnight and photographs of 20-somethings with luxury cars and diamonds in their ears.

Define “wealth”…

Do you desire a fat bank account, for uses to be determined in the future? The ability to fund an expensive hobby, like horses or photography? The chance to take years off work and afford time to raise your young children? Your definition of “wealth” may, or may not, be a McMansion and six sports cars. Whatever your definition is, congratulations! You’ve established a goal that is yours. Your definition of “wealth” is the one that matters.

… then define “wealth” again.

Accept that you will end up spending vast amounts of money on unplanned expenses. Your car will break down. You will have kids before you’re financially ready. You or a loved one will incur a hefty medical bill. This is called life. Money, that tool we keep in our pockets, will help us meet life challenges. So take a deep breath, relax, and accept the fact that your financial goals will change time and time again. Staying calm during times of unexpected spending will help you keep your eye on the long-term prize; freaking out or giving up on your savings plan in the face of adversity will not.

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Acknowledge that cash is king.

If you can’t pay cash for it, you can’t afford it. Treat your credit cards like cash; this means sticking to a lifestyle that suits your income level so you don’t rack off more than you can afford, and paying them off regularly. Do your best to avoid assuming car loans — if you can’t pay the sticker price, search for a used car or take advantage of public transportation for as long as possible. If you have a take a home loan, keep it modest, and wait to look at homes until you can afford to put at least 20% down.

Save.

This is frequently repeated advice, and for good reason — the secret to growing wealth is to accumulate it. Read up on the latest from accountants and peruse personal stories online, check books out of the library, or hire a consultant through your bank to help with financial planning; however you do it, you must develop a savings plan. Once you have at least six months of living expenses for you and your family readily available, you can start to grow your wealth through different types of funds, according to the level of risk you want to assume.

Diversify your tool kit.

Talk to a certified professional about the benefits and drawbacks of savings accounts, stocks, certificates of deposit, IRAs, mutual funds, and any other number of savings and investment options. The key word here is “diversify.” You want to build a broad foundation, so that if something unfortunate happens to any one area of interest, your financial ship simply bobs along in a different direction, it doesn’t sink (and neither do you). Remember that purchasing land or a rental property, or upgrading a home you currently own are also ways to invest.

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Shop around until you find a no-fee, cash back credit card.

Avoid complicated rewards point structures, or even airfare cards unless you are a frequent traveler; it can be difficult to gauge whether you will actually use these rewards and the value back on each dollar that you spend can be minimal. Annual fees add up and mean you often end up paying for your plane ticket or hotel room yourself with the fee. Once you find a card you like, stick with it for maximum benefit to your credit score.

Shop around, period.

It is tempting to purchase what we want, when we see it. Online shopping, however, means that nearly every product can be compared to a competitor, whether in your community or across the globe. Take the time to compare prices before you buy, especially on big ticket items. Once you have a good feel for the market, don’t be shy about negotiating for a lower price from a local merchant if you find an item cheaper elsewhere.

Expand your mind.

Get creative in seeking out ways to increase income — there are a lot of ways to earn money out there. Make a list of your skills, whether learned in a professional setting or elsewhere, then hop online to do some research, and talk to everyone you meet about how to possibly leverage those skills. Your local chamber of commerce, or meet up groups advertised online, can be good places to start. It’s a freelancing nation, and you may be surprised at what and how much you can pick up on the side of conventional employment.

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Get your hands dirty.

Nothing is ever “too small” or “beneath you” in the money-growing game. Do not shirk from the hard jobs, the dirty jobs, or those that pay only a little in the beginning — pick them up, see where they go, and remember to save, save, save.

Find a good accountant.

Once you have money, you don’t want to give it away, do you? That’s exactly what you do come tax time — give your hard-earned cash back to the government. Tax codes are complicated, to say the least, so make sure you are giving exactly what you owe and not a penny more by enlisting the help of a seasoned professional. Though Certified Public Accountants are more expensive than do-it-yourself options, what they save you this year and in the years to come truly make this investment worth it.

Treat money management like a job.

Set aside time each week to review your financial accounts. If you’re starting out, this time may be as simple as going over your credit card statement to confirm that every charge is legitimate; if your financial picture is intricate and complicated, this could mean a weekly meeting with your financial planner or bank. Take time to study articles online, read a book from the library, or attend a local class that will teach you more about what all of those financial terms mean and how they apply to you.

Want to make progress today?  Find out The #1 Thing Stopping You From Becoming Rich Right Now 

Featured photo credit: Alan Cleaver via Flickr

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Last Updated on July 4, 2019

25 Killer Sites For Free Online Education

25 Killer Sites For Free Online Education

Whether you’re five or ninety five, the internet has a lot to offer. Particularly when the topic is education, the resources on the internet are endless.

Best of all, many high quality sites are completely free. From history to coding, excellent free online education awaits on the following 25 sites.

1. Coursera

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    Coursera is a website that partners with universities and organizations around the world. This brings a wide variety of topics and perspectives to one searchable database.

    Coursera is a powerful tool for free online education, and includes courses from many top universities, museums and trusts. This gives the site an extremely wide range of in-depth courses.

    Coursera is extremely useful if you’re looking to study many different topics, or want courses from different schools and groups.

    2. Khan Academy

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      Partnering with many post secondary schools, Khan Academy offers a useable, well organized interface. Also curating many courses from around the web, Khan Academy offers impressive depth on many different subjects.

      Among the more well known educational sites, Khan Academy is also incredibly useable, which may make it easier to keep learning goals.

      3. Open Culture Online Courses

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        If you are struggling to find exactly the material you are looking for, try Open Culture’s listing of free online education courses. The page highlights 1000 lectures, videos and podcasts from universities around the world. The site features a lot of material found only on universities private sites, all in easy to browse categories. This means you can find hundreds of university courses, without having to visit and search each university’s own site.

        Open Culture’s list features courses from England, Australia, Wales and many state universities around the United States. A very helpful resource for finding many courses in one area of study.

        4. Udemy 

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          Udemy’s free courses are similar in concept to Coursera’s but additionally allows users to build custom courses from lessons.

          Working with many top professors and schools, the site mixes the customizable platform of other sites with a heavy emphasis on top quality content. This is another site however, that mixes free and paid content.

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          5. Academic Earth

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            Another site with courses from many different schools is Academic Earth. Much like the three sites above, Academic Earth brings together top notch courses from many different sources, and focuses on offering a wide variety of subjects.

            Academic Earth lists courses by subject and school, so it might be easier to find what you’re looking for.

            6. edX

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              Another great option for free online education is edX. Also bringing together courses from many different schools, the site has impressive, quality information for everyone. edX covers a great range of topics.

              7. Alison

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                Unlike the previous sites on this lists, Alison is a free education site offering certification in some areas. Alison offers courses mainly in business, technology, and health, but also includes language learning courses.

                It’s a great option if users need certification for their learning as Alison also offers school curriculum courses.

                8. iTunesU Free Courses

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                  A very convenient place for free online education is iTunesU, because it integrates seamlessly with your iPod, or any app-ready Apple mobile device. On iPad, iPhone, or iPod touch, users download the iTunesU app.

                  Desktop users can access  iTunesU on the upper right hand corner of the iTunes Store. iTunesU is also convenient because the store is categorized much like iTunes.

                  Users can search learning materials in many different ways, including genre and topic. However, courses are often a mix of free podcasts or videos, and paid content.

                  ITunesU does include courses on a pretty wide scope of topics, but does not integrate with Android, Google or Windows mobile devices.

                  9. Stanford Online

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                    Your hub for all the online offerings from Stanford University, Stanford Online offers self-paced and session based courses. While Coursera features some courses from Stanford, many classes are only available via other hosts. Some courses require iTunes, but most are completed in your web browser.

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                    Stanford Online is a great site for high quality courses, though the topics are somewhat limited compared to sites partnered with more than one school.

                    10. Harvard Extension

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                      Like Stanford Online, Harvard Extension features free online education courses from Harvard only. This is another excellent source for top notch course material, though the course variety is less rich than multi-school sites.

                      Additionally, Harvard Extension allows you to search for courses by professional certificate. This makes it much easier if your online education goal includes certification.

                      11. Open Yale Courses

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                        Open Yale Courses echoes Harvard Extension and Stanford Online, in that it offers only courses from Yale. While the site is similarly limited to topics taught at the school, Open Yale Courses offers a lot of videos of actual campus lectures. The availability of videos makes the site a great option if you’re looking for quality courses, but learn better by watching than by reading.

                        12. UC Berkeley Class Central

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                          Much like the other schools on this list, UC Berkeley has a variety of free online education options. The school has slightly fewer courses than the schools above, but includes some supplementary lectures, webcasts and RSS Feeds, making it easy to keep up with the topics you choose.

                          13. MIT OpenCourseWare

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                            Similarly, MIT offers a variety of free courses. The school has a comparable number of courses to the schools above, plus includes very in-depth course materials on the subjects available. MIT also offers free RSS feeds, a convenient way to continue learning.

                            14. Carnegie Mellon Open Learning Initiative

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                              Carnegie Mellon’s free online education site is comparable with the other school’s on this list, however, Open Learning Initiative also covers a smaller range of topics. But for the topics that are covered impressive, in-depth material is available.

                              15. Codecademy

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                                Codecademy is a website dedicated specifically to teaching coding. Where other coding sites follow an example/practice session workflow, Codecademy includes a live practice window. This means you can practice coding while still viewing the lesson material.

                                The courses at Codecademy are well written and easy to follow and the website is organized very nicely. Codecademy features a centralized dashboard where you can monitor your progress, plus organizes lessons into complete modules. This lets you learn an entire language without needing to pick the next course manually.

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                                16. Code

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                                  Code is another website focused on coding and app writing. A site with high quality courses, Code also features learning options for kids.

                                  In addition to kid friendly courses, Code offers free online education classes on a wide variety of technology topics. These classes include app writing, robotics and Javascript.

                                  Most of the courses are also geared in a such a way that they can be useful in a classroom setting. This makes Code a great resource for harder to find coding topics, as well as various learning settings.

                                  17. University of London Podcasts

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                                    The podcast page on the University of London website is another great source for free education. While the courses are limited to podcasts, the site features podcasts from it’s own campus, as well as eleven universities in and around London. This gives learners a wide base of topics and lectures, but still ensures in-depth material.

                                    18. University of Oxford Podcasts

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                                      Similar to the University of London, the University of Oxford features many different podcasts. Most are public lecture series or lectures from visiting professors, with several different recordings available.

                                      The advantage to this particular site is that podcasts are organized into series, making it easy to subscribe to multiple lectures on one topic. Another good site for thoroughly in-depth lectures.

                                      19. BBC Podcasts

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                                        For the more casual learner, the BBC offers a wide variety of podcasts on many different topics. Most podcasts are updated weekly, and focus on everything from finance, to sports, to current events.

                                        Through the World Service line of podcasts, there are also many in different languages. The focus of these podcasts are less in-depth and theory based, which may be more accessible to the average person.

                                        20. TED-Ed

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                                          Another great destination for more general learning is TED-Ed. From the same people that brought you the all encompassing, motivational web series, comes a site chocked full of educational videos. Most include impressive animation, and all are ten minutes long or less.

                                          Not only is TED-Ed an excellent site for the curious, it also includes supplemental materials and quizzes on the videos. This makes the site extremely useful in formal education settings, as well as in entertaining ways to brush up on new discoveries and topics.

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                                          21. LessonPaths

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                                            LessonPaths is another great tool for those looking for a more usable and convenient way to access learning material. On this site, users create link playlists of their favorite learning materials from other sites. Users then rank these collections, making it easy to find many different high quality, accessible sources on a given topic.

                                            22. Memrise

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                                              Another impressive free online education site offering ease of use and convenience is Memrise. Available both on desktop and as an app, Memrise is a particularly powerful tool if you are studying a language. The site encompasses many other topics as well, though some of the course material is user generated content.

                                              Part of what makes Memrise special is their integration of games into the learning materials, mixing learning with entertainment.

                                              23. National Geographic Kids

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                                                The kids site for National Geographic is another site that makes free online education applicable for younger users. For those looking for kid friendly education, a large variety of games, puzzles, videos and photos keeps kids interested on this site.

                                                National Geographic Kids doesn’t organize learning into courses, making materials available by topic and medium instead. This makes National Geographic Kids a good option for those looking for a more casual learning environment.

                                                24. Fun Brain

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                                                  Fun Brain is another good option for kids who want to learn online, but focuses on games and fun puzzles. Particularly focused on math and reading, Fun Brain’s game based approach can be valuable if the child in question struggles to pay attention.

                                                  Fun Brain offers rewards and challenges as well, and is another site aimed at a casual learning experience for kids K-8.

                                                  25. Whyville

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                                                    Similar to the sites for kids free online education is Whyville a destination for preteen online learning. The site includes a variety of social features, with a focus on learning materials geared for young teens.

                                                    Whyville also mixes in educational games, to make the site a well rounded option for kids too old for simple games, but too young for heavy reading based material.

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                                                    Featured photo credit: Dai KE via unsplash.com

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