Connect with us

Life

5 Ways for Entrepreneurs to Build Wealth Faster

Avatar

Published

on

Financial Success and money decisions

Most people today spend more than they earn and also have credit card debt that is spinning out of control.

As an entrepreneur, it’s especially easy for expenses to spin out of control and cause instability in your personal life. No matter what kind of business you own, and how much money you already earn, its always important to go back to the basic principals of building long term wealth.

Many times, the process doesn’t even involve as many difficult sacrifices as people might think. It can require some patience and a little planning, but with these five tips any person can find themselves on the road to building a strong foundation of wealth.

 

1. Save More

This tip should come as no surprise. If you want to have more, then you have to save more. The goal should always be to save 20% of the money you make every month. For some people, this simply is not possible, so shooting for 10% (or even less and than scaling up each month until hitting 10%-20%) is acceptable.

Remember to be conservative both in your small and large purchase decisions. The old idiom to not be penny-wise and pound-foolish is very important for business owners. It’s an easy tendency to look for the hardest bargain on paperclips and office supplies while recklessly spending larger amounts of bigger expenses before they are even necessary.

Wait 30 days to make a large purchase and this will give you the best clarity in your decision making.

 

2. Invest Right Now

Saving money is a great first step, but no one becomes wealthy from putting their money into a savings account. As soon as you set money aside for the month, invest as much of it as you can.

The sooner you start earning returns on your money, the faster you will build wealth. Invest in a variety of different assets, and create a diversified portfolio.

Also, never spend your investment principal.

 

3. Pay Off That Credit Card Debt, Now

Credit card debt means lots of credit card interest. Many times that interest is as high as 21%. Avoid the damage this high interest is likely doing and start paying off your credit card debt as fast as possible, and keep your charges to a minimum.

It can really add up over time.

 

4. Track Your Expenses… And Take Time To Review Them

Write down every expense down to the penny. Do this every day, and at the end of the month take the time to review it. You may be surprised to see how much you are spending on things like eating out or shopping.

For some, these expenses can add up to more than their ‘big items’ like utilities or mortgage payments. Look at areas you can cut and think about places where you are spending money wastefully.

A few simple cuts here and there can really go a long way.

 

5. Set a Monthly Goal, and Stick To It

At the beginning of every month, you want to set what is known as a “wealth goal” for how much money you want to have in your savings and investment portfolio at the end of the month. Write it down somewhere where you will see it and look at this goal every day. Put in the work, hustle and do what it takes to meet that goal.

At the end of the month, you will love the feeling of satisfaction you have over meeting your goals and will find that you are quickly building up a great deal of wealth.

 

Don’t forget!

These tips are changes that any entrepreneur can easily make to their lifestyle to start multiplying their wealth and running a more profitable business. But they don’t work unless you do the work, so start implementing now!

Paul Scolardi is a millionaire stock trader, financial educator and the CEO of Super Trades LLC. Widely known as the “Superman of Stocks” on Twitter, Scolardi is known for his preternatural ability to spot momentum before it appears on nearly any other radar. His twitter handle @super_trades was named one of The Top Ten Traders to Follow on Twitter. Visit him at http://www.super-trades.com

Life

5 Ways to Rediscover Your Purpose in Life

Avatar

Published

on

Image Credit: Unsplash

Ever since I was a little girl, I wanted to be a writer. But my quintessential Indian father thought that was a terrible idea, and well, so did everybody else I knew. Eventually, thanks to nasty teachers and being in the wrong stream (IT engineering), I resigned myself to having a purposeless existence. But after graduation, I could not bring myself to conform any longer. So I dove into the world of writing. (more…)

Continue Reading

Life

4 Practices to Tame Your Inner Critic Starting Today

Avatar

Published

on

Image Credit: Unsplash

Given the stress and challenges of this past year, your inner critic may be at a dull roar by now. This harsh internal voice can contribute to “imposter syndrome” or a feeling that you’re not worthy of success. This roommate you would never choose might sound something like this: “I’m not doing anything well,” “I’m not as smart as my colleagues and not equipped for this job,” “I should be further along in my career; I’m stagnating,” “That person is so together,” “I am overwhelmed!” And as you listen to this inner voice, you may be thinking you are the only one in the world wired this way. The truth is, you are not alone. (more…)

Continue Reading

Life

4 Ways Unresolved Trauma Is Sabotaging Your Bank Account

Avatar

Published

on

Image Credit: Unsplash

It can be easy to run headlong into burnout when you live in a hustle culture where you’re told the answer to all of your financial problems is simply to work harder. The problem is that how hard you work may actually be part of what’s stifling your bank account. (more…)

Continue Reading

Life

Make These 4 Mindset Shifts to Optimize Yourself and Live an Incredible Life

Avatar

Published

on

Image Credit: Unsplash

We start every year with big goals and a desire to accomplish more than any previous year. We spend each day telling ourselves that tomorrow will be the day we’re going to start living life the way we’d like to live it. There’s always an inherent desire for more on the horizon but not acted upon. (more…)

Continue Reading

Trending