6 Ways to Build Wealth

November 30, 2014 Sam Saggers

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6 ways to grow your wealth

2015 is right around the corner…what do you want for the New Year?

While I can’t make you instantly richer or smarter, I can give you the tools to obtain wealth – and all it will cost you is a little time and effort!

Are you doing these 6 things to create wealth?

If you want to get wealthier in 2015, follow these six steps – and while it won’t make you richer over night – these strategies are proven to help you on your path.

1. WORK SMARTER, NOT HARDER

Salaried workers (people with no cash flow from assets) spend less than 1/5th of their time on leisure. Instead, they work. A lot.

Based on the “Pareto Principle”, 20% of your work consumes 80% of your time and energy. Therefore, you need to focus on what really matters because for 80% of your workload you only have 20% of your efforts left. Wealthy people are known for their 5am starts because they know they need to do the important things before the barrage of email requests begin!

2. INVEST IN PROPERTY

Yes, investing in the share market can make you money, however, property investing is what I like to call “user friendly”.

It’s easier to understand and what’s even better – you have more direct control over your results! Why do you think the wealthiest 1% choose property investing to grow their wealth?

3. SAVE MORE THAN YOU SPEND

This one seems fairly simple, but you’d be surprised the amount of people that spend more than they earn resulting in credit card debt, personal loans, overdue bills and lapsed mortgage repayments. All you need is a deficit of expenditures if you want to gain money! Got it? Great.

Start by drawing up a simple spreadsheet in Excel to keep track of your incomings and outgoings – they have lots of templates to help you get started.

4. START SAVING NOW!

Start right now – don’t wait. Find a good compound interest calculator and plug in your numbers until you find a figure that you can afford and which inspires you to keep saving!

Next have your broker set up an offset account and each payday, toss your pay (and any rental income and bonuses) into it.

Pay for your necessities with your credit card throughout the month and then (this part is important) pay the bill in full from the offset account before you’re charged any interest. Usually a good credit card will have a 55-day interest free period.

Why bother with an offset account?

The more cash you have in your offset account the greater the interest it will earn… oh yeah!

Finally, don’t be afraid to search for another financial product and/or bank if the one you have isn’t doing it for you. Make your money work hard!

5. MAKE MORE MONEY

Along with spending less, you want to add more money to your bottom line.

You can do this two ways:

  1. Trade your time for money (by getting a second job, a higher paying job, or a pay rise) OR
  2. Put a system in place to deliver passive income and free up more time to do what you love (see #2 INVEST IN PROPERTY).

6. MAINTAIN YOUR LIFESTYLE

Ever get a raise and then wonder where the extra money went? Yep. That’s known as “lifestyle creep” and it happens to everyone… except many of the world’s wealthiest individuals!

Put the extra away before you even get your hands on it and maintain your lifestyle at its current level. You won’t even miss it!

There you have it: the 6 ways to create more money.

For tips on how you can create wealth with property investing, come along to our Property Investor Night. They’ll teach you how you can create a passive income with property – so you work smarter, not harder – and create more wealth without needing a second job.

Register with the form below. We look forward to seeing you at one our events very soon!

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