How to Grow Wealth and Save
Why, at some point in your life, do you want to be wealthy? Are you starting to see how big of an impact money can have on your life and the lives of those around you? It’s no secret that money can be your key to freedom or it can control you; the choice is up to you. So how do you grow wealth and save? Here are three tips that will help you on your journey to financial stability: 1) Keep track of where all of your money goes 2) Invest wisely 3) Set goals and meet them through savings and wise spending.
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Saving for emergencies
Whether it’s an injury, a job loss or a leaky roof, you never know when you’ll have to deal with an unexpected expense. You may have that rainy day fund stashed away, but having one isn’t enough—you need to make sure it has grown big enough in case you need it. One way is by keeping your savings actively growing through appropriate wealth management (e.g., investing) strategies.
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Saving For Retirement
It might seem like a long way off, but retirement is right around the corner. If you start saving early, your money will have time to grow with compound interest. So set up an IRA (or other investment vehicle) now, even if it’s only a few hundred dollars. Your bank may have an IRA you can open for free—look into it!
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Saving For a Home
Many people prioritize saving for their dream home, but fail to adequately finance their other goals—including retirement. The most surefire way to stay on top of your finances is by using a separate savings account for specific expenses or goals. After six months or so, take a look at where you stand with each goal, and make adjustments accordingly. If you have extra money in your housing fund but nothing set aside for a rainy day, move some of it over.
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Using Savings to Become Financially Independent
Here’s a great life hack: Let your savings make you money. The more savings you build up, especially if they’re in a tax-advantaged retirement account, such as an IRA or 401(k), or if they’re in investments that produce dividends, interest or other sources of cash flow (such as rental properties), your wealth will compound over time, which means it can grow faster than other types of income.
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