You can never be too rich or too thin, at least that is what Wallis Simpson is quoted as once saying. While you’ll have to go to another website for tips and advice on the latter, the former is something that we might just be able to help you out with. In particular, in the post below you will find some strategies on how to increase your wealth, even if you are starting from not very much. Read on to find out more.
Increase by saving
It seems pretty obvious we know, but saving where you can is something that can really help you grow your finances. However, you do need to go about this in the right way especially if you can put away huge amounts each and every month.
That means to get the best return on a small saving investment you need to locate the accounts that pay the best interest rates. You can look at articles such online for help, or you can shop around on the high street for the best deal.
Just remember that you will probably have to sacrifice instance access to your money for a better rate. Something that may not actually be all that bad, because this condition actually removes the temptation of wanting to spend what you know has saved up, when out on a shopping trip.
Increase by investing in commodities
Another possibility for making the little you have to go a long way is to invest your money. There are many different markets to invest in, but one that is particularly popular at the moment is the commodities market.
Commodities are resources that can be traded inclined gold, lithium, oil, gas, bitcoins, and even cocoa. The benefit of this market, something you can read about at Commodity.com is that it has recently opened up to a wider audience with the advent of CFD trading online. Something that means you don’t have to have the fortune to invest to be in with a chance of making some money from this area.
Of course, like all trading and investments, there is no guarantee that you will strike it rich. In fact, losses are also possible so even if you are only investing smaller amounts, be sure that you can afford to lose them before you part with your cash.
Increase by investing in property
Property is another clever strategy to allow you to make more of your money, even if you are only starting with a small amount in the first place.
The way that most people do this is to buy a cheap house or apartment that is essentially structurally sound but needs a little renovation and decoration here and there. Then they spend a small amount of time and money getting the place up to scratch and put it back on the market and sell it for more than they originally bought it for.
This is often known as Flipping and can be quite lucrative if you invest in the right properties. The main benefit here is that you can start with something small at the cheaper end of the spectrum, and build up to larger value places as you go. Something that makes it perfect for those that aren’t working with big sums in the first instance.
Increase by cutting living costs
Last of all, a major way that you can increase your financial stability is to reduce your living costs. The benefit of this is two-fold. The first benefit is that it allows you to pay out less month to month, so if you earning potential changes you are likely to be able to maintain your standard of living. The second benefit is that you will have a greater amount of money each month that can be saved or invested in the ways above.
To cut your living costs you need to come up with some clever strategies that means you still get a great quality of life, but you aren’t paying out as much for it. This can include simple things like taking showers instead of baths, cooking and eating at home more, and even limiting the money you have available for socializing.
However, it is also possible to cut your living costs by taking some more extreme steps. These may include buying your clothing and homewares second hand, foraging for some of your own food, or even things like living in a hotel. Something that can save you a fortune on electric, internet, and gas bills each month.