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Now that we’ve made it past the first third of the year, you’ve probably learned much about investing financial growth. What you may not know is what it takes to give your finances the push they need if your situation seems stagnant. Maybe your New Year’s Resolution hasn’t really happened yet when it comes to your goals, in which case, you might need to take a closer look at how you are managing them.
Whatever your dreams may be- buying your first-time home, going on that vacation you’ve been waiting on all your life, purchases a car or even perhaps saving up for your education, here are some smart investment ideas that should give your money the push that it needs to grow.
How much do you actually spend per month? A coffee here, an inexpensive pair of shoes there might not seem like it makes a dent in your wallet, but in fact, these things add up quickly if not watched properly.
Netflix, fitness memberships, monthly additions to our phone services are all things that make our life a little more enjoyable, however when looked at considerably, how much are you actually enjoying these little pleasures? If you’re not at least using them monthly and perhaps only twice out of the year, then it’s time to call it quits
Do you have a gym membership, but you’ve only stepped inside the building twice? Say your subscription is only $22 per month. You’ve just spent over $200 on a service that you don’t even use.
Take note of every bill, expense, and subscription that you are using and whittle it down to only the necessities. By simplifying your life and things that matter, you’ll gt a better start to a great financial future.
#2) Stay On Track
One way of keeping your money in your pocket, not only to pinpoint where it’s going and how you’re spending it, is to be sure you actually subtract what you’re spending from your monthly budget.
Ideally, you’ll want to spend no more than 50% of you make on frivolous things . I actually have a friend that will only spend 1/3 of his income on expenses and other miscellaneous things, but he makes a considerable amount of money. Even if you don’t earn as much as you like, try to adjust your lifestyle to your earnings and you’ll see that living check to check is not something that you have to do.
When we try to live beyond our means, that’s when things can take a toll. Try reducing your rent and other bills and eating out less.
Along with saving your money, other means of building income are investing in bonds that tend to grow, unlike cash. Technology and industrial fields are great categories to invest in because they are greatly effected by economic progress.
#3) Pay Your Dues
We’ve all seen those commercials about how to get out of debt and stay that way, but the problem with these ads is that they try to entice consumers to take loans out in order to pay bills, which isn’t really getting you anywhere. You’ll just end up back in debt because you owe the people who gave you the loan.
Credit cards are a good way to raise your credit but on the other hand, credit cards can also become a major source of debt if you aren’t keeping track of your spending habits and paying off your balance.
There are always more ways to make money. Have a yard sale, ask your boss for a raise, lower your bills, sell your arts and crafts, etc. Any ways to make better income can be applied to anyone.
If that isn’t your ideal route of producing more cash flow, then think of investing in stocks and bonds internationally, especially in European and Japanese sectors, which are said to outperform the United States.
By investing in an international bonds and keeping up with the stock market, you’ll be able to grow your money without the strenuous tasks of taking on another job. Keep in mind that it might not grow as quickly, but it’s a nice start.
#4) A Start up
If you don’t have any debt, then consider your pay as means of investing in your future, retirement plans or even beginning a start up company.
Although entrepreneurs are growing by astounding records, it’s also important to note that taking on a company is hard work. You might not make lots of money in the beginning, but if you play your cards right, you’ll soon have money working for you. Whatever profits you do make can thus contribute to retirement plans in the future.
With some of the income that you make, you’ll be able to spread your money across different bonds allowing more diversification in a volatile market, as opposed to just one category.
No matter who you are or what you do, if you put your mind to it, great things can happen. Even if you don’t have much money, investing as much as you can and being smart about spending will set you up for a great future. Remember, your money might not grow by leaps and bounds, but a little growth is better than nothing at all.
Please tell us what you think! What are some great investment plans that have worked for you this year? What types of investment opportunities have you considered for your financial success? We want to hear your suggestions in the comments below!