Is your net worth where you want it to be? Is it straight up depressing? Younger millennials and those right out of school probably don’t have much to look at, but for the older crowd, we should be seeing our net worth getting larger every year. If you’re ready to kick-start your net worth, here are five ideas…
Spend less: We all have certain areas in which we overspend. Figure out your weak spot for spending and cut back. If you’re not spending then you’re saving and that means a higher net worth. Eliminating wasteful purchases can turn into big savings over the course of the year.
Decrease debt: If you’re having to make debt payments every month, you’re definitely not going to be good at saving money. Get out from under that debt as soon as possible so you can go back to focusing on putting money aside for the future.
Let your company help: Do you have a 401k? Some companies will match contributions, and if yours does, you need to take advantage. Free money is the best.
Earn more: Are you due for a raise? Do you deserve one? Then ask for it. How do you spend your weekends? Considered a part-time job? Working a second job for a few hours on the weekend can be a great way to increase your income.
Buy. Don’t rent: Owning real estate is a great way to build your net worth. If you’re ready to buy your first home, make it happen. The longer you rent, the more money you’re throwing away.