If you have the ability to become wealthy, why don’t you? Wealth gives you options, and options is power. In this article, we give you 10 Tips To Increase Your Wealth.
1. Start A Business
One of the best ways to become wealthy is to start a business. With a business, you control all of the variables when it comes to wealth. You control how much you charge for your products and services, you control how many sales you can make, and you control how much money you make. This is what this blog is about. Creating millionaires and wealth through entrepreneurship.
2. Invest in Real Estate
Investing in real estate is also one of the best ways to become wealthy. In the realm of real estate, there are multiple ways you can invest. Some of my favorite include single family, multifamily, and commercial real estate. Here are a few reasons why you should invest in real estate:
- Income: Through cash flow, real estate can offer long-term income for years to come. Since it’s an asset and will always be in demand, you can pass it down and create generational wealth.
- Depreciation: Tax laws favor those who purchase real estate. In some cases, you may be able to write off the cash flow on your property completely. This means you pay no tax on the cash flow your receive from your property in that year.
- Equity: If you purchase a property right, you can benefit from the equity in the property. Also, over time, your equity will increase through debt pay down [if you have any] and appreciation.
- Appreciation: Over time, the value of the properties you own are likely to increase, this is called appreciation. In commercial real estate, you can force appreciation through increased occupancy, increased rents, and decreased expenses.
- Leverage: One of the main benefits of real estate is the ability to use leverage. With leverage, you can purchase a cash flowing property by only putting 25% down [in some cases lower].
3. Invest in Stocks
Another way for you to become wealthy is to invest in stocks. Not just any type of stocks, but stocks that offer increasing dividends. One way is for you to buy blue chip stocks, this include companies such as Ford, Coca Cola, etc. Household companies that have been operating for years and are likely to continue growing in the future. Most people should be investing in the stock market if they haven’t already. Start with a few stocks and continue to buy over time.
4. Invest in a Business
If you are spending time in the right circles, you are likely to have opportunities to invest in other businesses. Now, I wouldn’t go out and spend all of your retirement, investing in a business. That wouldn’t be smart. However, I would advocate that you at least hear the person’s business plan before writing them off. Most of us are trained to be skeptical of different businesses and opportunities, and this could be the main reason why most people aren’t wealthy.
5. Buy a Business
If you don’t want to go through the challenges of starting a business from scratch, think about buying one instead. Everyday there are business owners who are looking to sell their business for various reasons. Of course, don’t just go out and purchase the first business you see for sale. I would choose a business that is aligned with one of your passions. Just because you aren’t starting it from scratch, you are still going to have to put in work to operate the business. However, the good news is that you can purchase a business that is already producing income.
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6. Save Half of What You Make
This is a good habit to have as your income increases and your wealth increases. Start saving a percentage of your money now. On the other end, I’m not a fan of scrimping and saving every penny you have to the point of you not being able to live. I believe in enjoying the fruits of your labor along the way. It’s possible to have your cake and eat it too, you just need to create the habits now.
Related: Wealth Can Bring Freedom
7. Hire a CPA
Taxes are going to be one of the biggest expenses in your lifetime. Having a CPA can allow you to keep more of the money you make. This can be money used to invest in other assets to increase your income and wealth or for retirement. Either way, you want to have a professional in your corner helping you keep more of your money. If you have some friends with money, reach out to them they should be able to recommend CPAs.
8. Network with Wealthy People
You become who you hang around. If you aren’t wealthy yet, figure out a way to start hanging around other wealthy people. This can be through in-person events, online events, online groups, or even books. With the internet, it has never been an easier time to network with other wealthy people online. Spend more time with wealthy individuals and you increase your chances of becoming wealthy.
9. Set Big Goals
This may be one of the best things you can do to become wealthy. Setting big goals not only can keep you focused they can also increase your chances of you reaching them. Big Goals should be aligned with your purpose in life. In other words, they should lead you closer to the achievement of your purpose. It’s nothing like waking up everyday working towards something. Many people sell themselves short by thinking small and setting small goals. Set big goals and work towards them, you may be surprised by the results.
10. Pay off Bad Debt
Not all debt is bad, but paying off debt is also a way for you to increase your wealth. If you have car loans, student loans, medical loans, etc. work towards getting those paid off. Many people take on different kinds of debt without having a plan to pay it off. Before getting any new debt, create a plan to pay off the debt. Focus on creating and buying assets that can increase the speed of paying off debt. Eventually, you’ll have assets that cover your expenses, increase your income and wealth, and eliminate your debt. At this point, you have options.
Thanks for reading 10 Tips To Increase Your Wealth. If you’re interested in starting your own business, we’ve put together a free guide that you can download here: 25 Six Figure Businesses You Can Start Today.
