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Are you tired of where you are financially?
Do you see others getting ahead and all you are doing is staying in the same place?
Or worse, are your finances getting worse as time goes on?
You might be wondering what others are doing so you too can grow your wealth.
Well I am here to tell you the secrets others are using to build wealth and reach their financial goals.
And the best part of this is that these secrets are simple for you to start using!
If you can follow just a couple of these secrets, you will see your wealth skyrocket and your financial situation improve quickly.
Let’s look at these 17 secrets to grow your wealth fast!
17 Incredible Secrets To Grow Your Wealth
#1. Have A Plan
This is the first step for a reason.
You need to know why you are doing something if you want to be successful.
And the only way to do this is to sit down and have a plan.
So why do you want to build your wealth?
Do you want to achieve financial independence and not work?
Do you want to work whatever job you want?
Take the time to figure out the main reasons why you want wealth in your life.
It’s a good idea to try to get specific here too.
The more details you can have for your reasons, the more likely you will succeed because your goals will have more meaning to you.
#2. Save First
This is at the top of the list because it builds a solid foundation for everything else and it is so simple to do.
If you are like many others struggling financially, you are probably trying to save whatever is left over at the end of the month.
The problem with this is that we easily find things to buy. Come the end of the month, there is nothing to save.
By saving before you spend, you guarantee you save money each and every month.
What are the easiest ways to do this?
- Split your paycheck. Most employers allow you to split your paycheck between accounts if you have yours direct deposited. So fill out the form and have $20 from each paycheck go directly to your savings account.
- Invest in your 401k. While the money won’t go towards a savings account, it will go towards your retirement. Again, you fill out the form and relax as money is invested for you automatically.
- Set up a transfer yourself. If you can’t split your paycheck, set up an automatic transfer yourself. Just log on to your bank and set up a transfer to happen once a month. Pick a dollar amount and watch as your savings grow.
What savings account should you use?
I like CIT Bank.
They consistently pay a high yield, which means the money you save will grow fast.
You can click the link below to open your free account.
It is absolutely critical that you get into the habit of saving money first.
Don’t worry about the amount.
Just make it a habit and you can increase the amount you automatically save in time.
#3. Track Your Net Worth
This tip to grow your wealth is one of my favorites.
I track my net worth each month and doing so has helped me to grow my wealth dramatically.
By calculating my net worth, it motivates me to grow it each month.
How do you grow your net worth every month?
You pay off debt, save more money and stop spending money.
Any combination of these will have your net worth grow.
And as it grows, you will get motivated to grow it more and more.
The benefit to you when you increase your net worth is having more money and more freedom in life.
How do you get started calculating your net worth?
You can read this post I wrote to see how to do it yourself.
If you want to take a more automated approach, you can use Personal Capital.
It’s a free service that will update your net worth automatically right up to the minute. I use it and can’t get enough of it.
You can try Personal Capital by clicking the link below.
#4. Review Your Spending
While calculating your net worth is the best thing you can do to help grow your wealth quickly, you should also review your spending.
After all, if you don’t know where your money is going, can you really get control and grow your wealth?
This means you should set up and follow a budget.
By following a budget, you can see where you might be overspending and this will help you to limit spending in these areas and save more money.
How do you get started with a budget?
Here is a great resource of 17 free excel spreadsheet budget templates.
My favorite is Tiller Money.
It is simple to use, automated, and allows me the flexibility to customize it.
You can learn more about Tiller by clicking below.
Another option is to use an app like GoodBudget.
After you set up your budget, you might notice just how much your living expenses are.
Make it a point to review your spending every few months and cut back in some areas.
You will see results quickly.
And if you do it slowly, you won’t realize you are cutting back.
If you would rather have someone else review your spending for you, check out Trim.
It’s a service that will cancel unused subscriptions for you, find you cash back, and even negotiate your cable bill for you!
They cite that over 70% of users slash their cable bills by at least $30 a month!
All you have to do is sign up for free and they will get to work on your behalf.
Click below to try it out.
#5. Round Up Your Purchases
Do you know how much of an impact rounding up your purchases can have on building wealth?
On the surface you might think doing this would have a small impact, but the reality is it can have a huge impact.
Take my situation as an example.
I use Qapital to round up my purchases and put the money into a savings account.
In just under a year, I’ve saved over $750.
The best thing is that I never even notice this money not in my checking account.
Because of this, Qapital is a great option for anyone, even those living paycheck to paycheck to start saving money.
New users can get a free $5 for signing up below.
It’s a simple way to automate the process of saving money and the money you save adds up quickly!
#6. Invest Your Spare Change
Rounding up your purchases and putting the money into a savings account is great.
But you can also round up and invest your change as well.
Thanks to Acorns, you can do this with minimal effort.
In just over a year, my brother in law has saved over $1,000.
In just over 2 months, I have saved close to $300.
You can get started with Acorns here and get $5 just for trying it out.
This is a great option for many investors since you can afford to invest $10 a month and by doing so, you allow your money to work for you.
#7. Invest In Your 401k
Investing in your 401k plan is an awesome way to grow your wealth.
Not only do you lower the amount of taxes you pay, resulting in you keeping more money, but you also take advantage of the stock market to grow your wealth.
And if you are lucky enough to get an employer match, you will grow your wealth even faster.
This is essentially free money your employer is giving you to save for retirement!
If money is tight, invest as much as you need to in order to get the full employer match.
Then as your finances improve, you can invest more.
Ideally you want to invest 15% in your 401k plan.
Once you do this, it is time to put money into another retirement account, namely a Roth IRA.
With this account you won’t pay any taxes when you withdraw the money in retirement, plus you can access your money before retirement too.
#8. Build Your Emergency Fund
If you look over the finances of wealth people, you will see they all have a large emergency fund.
They know that life happens and you need cash sometimes.
Sadly, most non-wealthy people don’t have money in savings.
Start by building up a savings account to $1,000 and then slowly add more money.
Ideally you want to end up with close to one years worth of living expenses in this account.
#9. Pay Extra On Debt
When you are in debt, you are working for someone else since the money you earn is going into someone else’s pocket.
When you are out of debt and save and invest your money, you are working for yourself, by making yourself wealthier.
If you are in debt, the easiest way to grow your wealth is to pay extra on that debt every month.
For every extra dollar you are putting towards your debt, you are freeing up more money to invest and grow.
But what is the best way to go about paying extra on your debt?
I like the debt snowball method.
This is the plan I used when I dug myself out of $10,000 of credit card debt.
When you follow this plan, you stay motivated as you pay off small debt quickly.
But what about figuring out how to come up with extra money to put towards your debt in the first place?
One the first things you should do is look at the bills you are paying and where your money is going.
Are there any expenses you can cut to free up some money?
Another great option to get out of debt is to start using Qoins.
This is an app that will round up your purchases to the next dollar and move the money from your checking account to a savings account.
You then tell Qoins which debt to pay and they will take the money from the savings account and apply it towards your debt.
It’s incredible how quickly your spare change adds up and helps you to pay off your debt.
You can learn more about Qoins here.
When it comes to your mortgage, I keep this debt separate from the snowball strategy simply because of how big it is.
But I always make it a point to pay extra on my mortgage payments.
Whatever my monthly payment is, I round it up to the next $10.
For example, if my payment is $1,265.33 I pay $1,275 and have the extra $9.66 go towards principal.
It’s not a lot but it saves money in the long run.
#10. Invest Your Money Long Term
I talked about investing for retirement, but you also need to invest money outside of retirement too.
This is because you can’t get a better return on your money anywhere else.
To be successful, you don’t need a lot of investment accounts.
You just need a solid investment strategy to follow.
This includes knowing why you are investing, how long you plan to invest for, and your risk tolerance.
All that is left is to build a diversified portfolio.
If this sounds like too much work, say hello to Betterment.
Betterment is a hands off way to invest your money.
Just answer a few questions and Betterment does the rest for you.
You can click the link below to learn more.
#11. Improve Your Credit Score
When you have a higher credit score, you get a lower interest rate on any loans you take out.
So when you buy your next car or house, you can save a lot of money over the life of the loan by getting a lower interest rate.
But it doesn’t stop there.
Potential employers use your credit score as a factor in hiring you.
And insurance companies use your credit score to help set the premium you pay for coverage.
In other words, it is critical to have a high credit score.
So what is your credit score?
If you don’t know, you can find out for free with Credit Sesame.
Not only will you be able to see what your credit score is, they will give you tips to help you improve your score as well.
Because having a high credit score has so much impact on your finances, I encourage you to know and track what yours is.
Making sure you have a high score can easily save you tens of thousands of dollars on your next mortgage alone.
#12. Pause Before Buying
Do you suffer from buyer’s remorse? Do you know why this is?
The reason is simple.
Advertisers do an amazing job at getting us emotionally connected to their products, which gets us to buy without thinking through the purchase.
This works well for them because our emotions work a lot faster than the thinking part of our brain.
When that part catches up, we realize we didn’t need the item and as a result, feel buyer’s remorse.
To overcome this, you can simply wait before you buy anything.
Wait a week or two and see if you still want the item.
If you find you don’t, congratulate yourself as you just saved yourself some money.
#13. Find Coupon Codes Online
A simple way to save money and grow your wealth is to pay less for the things you buy.
When I shop online, and find a site I want to buy from, I open another window and search for the store and the word coupon.
I’ll get a number of websites with coupon codes and discounts that I can apply to my order.
It’s simple and fast and it usually ends up in me paying less than full price for the item I was planning to buy.
#14. Shop Online At Cash Back Sites
If you buy anything online and don’t earn cash back, you are paying more than you should.
There are two great sites, Rakuten and Swagbucks, that allow you to earn cash back on virtually all of your online purchases.
Just log into your free account and find the retailer you want to shop at.
Click on the link and you will earn the cash back amount that is listed.
This amount can range between 1% and 25%.
I make it a point to shop through these sites before I buy anything.
And thanks to them, I save a ton of money.
In just a few years, I’ve earned well over $1,000 in cash back.
I then take that money and invest it to grow my wealth.
You can sign up for each site for free. New Rakuten members earn $30 gift card when signing up.
New Swagbucks members earn $5 when you sign up.
#15. Ask For A Discount
This tip to save money and grow your wealth is simple yet so few people take advantage of it.
When you are buying anything, just ask the cashier if there are any discounts you can get.
You might be able to get a discount for paying in cash, or the cashier might have a coupon or discount code they can apply to your order.
You would be surprised as how many times you can save 5% or more just for asking.
The worst that can happen is they say no.
#16. Don’t Shop When Bored
When you are bored, what do you do? In the past you might have headed to the mall to window shop.
Thanks to technology, you might jump online to window shop or scroll through social media.
In both cases you are playing with fire.
Remember a few tips ago that told you how advertisers trick you into spending money you had no intention of spending?
Well, when you shop when you are bored, you play right into advertiser’s hands.
Instead of shopping, read a book or watch a movie. Or play with your kids.
Do anything other than surfing the internet or wandering around the mall.
#17. Start A Side Hustle
Finally, to grow your wealth, you need to bring in additional income.
The more money you make, the more money you can save.
And the more you can save, the more it can grow and compound over time.
Just look at the impact of investing $250 a month has over 10 years earning 8% annually.
You’d end up with close to $47,000 to use towards retirement, a vacation, a house, or whatever you want.
What are some great options to make more money and grow your wealth?
Here are a few of my favorites.
The easiest is to start taking surveys. By taking 1 or 2 a day, you could easily make an extra $100 or more a month. Below are the survey sites I earn the most money one.
- Survey Junkie: easily make between $5-$10 per survey. Click here to get started!
- Springboard America: another great survey site that offers high paying surveys. Click here to sign up!
- Opinion Outpost: a survey site that offers plenty of surveys for you to make serious cash. Click here to get started!
And here is a bonus tip when taking surveys. Sign up for multiple sites.
The reason is because each company offers different surveys.
By signing up with 2 or 3, you increase the number of surveys you have access to and the amount of money you can make.
If you enjoy looking at websites, this could be the perfect side hustle for you!
Once you join, you get to review websites and record your thoughts.
Businesses are interested in how easy it is to navigate their sites, if they have any dead or broken links, or even if users like their sites.
Each review takes around 10-15 minutes and you earn $10 for your time. Click here to get started.
#3. Amazon FBA
If you want to earn more money, you could consider a work at home job.
For example, if you know where to find deals, you can buy items and resell them on Amazon for a profit.
I did this for a few months and quickly made $500.
There is some work to it, but you can make serious money at this if you have a plan.
Don’t know where to start?
Here is a great guide to help you get started quickly and making money fast! Click here to get started!
There is one other benefit to having a side hustle and it is multiple streams of income.
This means you have money coming in from different sources.
If one source dries up, you are not stuck.
Think of it this way.
Let’s say you only have your job providing you an income.
One day you suffer a job loss.
How will you survive financially?
You will have to hustle to find another job and in the meantime, life is going to be stressful.
But if you had other sources of income, you wouldn’t be in such a rush and life won’t be as stressful.
This is why having multiple sources of income is never a bad thing.
So there are 17 easy ways to grow your wealth.
Start at the first step and work your way through the list.
I won’t lie, financial success is going to take work on your part and depending on how bad your finances are, it might take a lot of hard work.
But these wealth-building strategies work.
I’ve used them and taught them to many others.
It’s all about making small changes at a time.
Change some of your daily habits to improve your finances and before you know it, you will have many good money habits.
You will begin to see your savings increase and your wealth growing larger each month.
And soon after that, you will notice that money is no longer a stress in your life.
You will have more control and freedom to do what you want and not have money be a reason to not enjoy life.