5 Major Life Changes You Can Make To Grow Your Wealth
Written by
Cindy Lamothe
Edited by
Levi Leidy
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In an economy where money is tight and it’s getting harder to squeeze more value out of one’s income, being able to make more money, especially during this holiday season, would be one shortcut many would welcome with open arms.
“Frankly, if the goal is to make more money sooner, it would take making big adjustments that would most likely alter your schedule and routine,” said Mafe Aclado, finance expert and general manager of Coupon Snake.
“In my experience, some of the two most effective ways to make the most impactful difference on your finances are to first get better at taking advantage of financially advancing opportunities and to invest in self-improvement.”
Below are some major life changes you can make that experts recommend for growing your wealth.
Make the Most of Your Current Job
If you are an employee looking to impact your finances fastest, Aclado said your options are either to ask for a raise (that is if your level of efficiency as an employee is impressive enough), or work extra hours and earn more.
“Either in your current job, or on a side hustle that either relates to your passions or suits your abilities.”
Look For a New Job
“Look for a new job and take an offer that is significantly better than what you’re making now,” said Melanie Musson, finance expert with Insurance Providers.
“Staying at a job you enjoy is comfortable, but if you’re not being compensated for your skills and experience, you need to move on to an employer that recognizes your value.”
Cut Down on Expenses
If the goal is to make the most impact on your finances, then in addition to focusing on increasing your income, Aclado recommended also focusing on deducting your expenses.
“Because let’s face it, the more your income increases, the more you are at risk of becoming a victim of lifestyle inflation,” Aclado said. “However, if you are careful to pay attention to little things like putting a peg on your expenses, negotiating bills and practicing cost-saving habits like using public transport and canceling subscriptions, then you will be able to see your money add up fast.”
Sell Your Expensive Vehicle
If you have a payment of $1,000 a month on your vehicle, Musson recommended selling that vehicle.
“A vehicle that costs you $5,000 will get you back and forth to work and will allow you to save $1,000 a month.”
She said that will put you in a completely different financial situation.
“You can use that money to save for retirement and boost your emergency savings. Emergency savings can keep you out of debt in the future, so it should be prioritized.”
Get a Second Job
The holiday season is a great time to find temporary work that can help you pay off your debt and get ahead in your finances.
“If you work as many hours as you can over a short period, you’ll quickly boost your income without getting completely burned out,” said Musson.
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