Five steps to increase your wealth in 2020:
Five steps to increase your wealth in 2020
- Develop your main income source
- Save more and spend less
- Invest what you save
- Diversify your investments
- Find alternate income sources
This Image is an oversimplified version of what you should consider in 2020. Hopefully, it will spark some motivation to change your current habits and improve your situation in 2020. Yes, it is 2019, let’s talk about your future.
Develop your main income source: Continued education related to your field is a great way to develop your main income source. Knowing all aspects of what you’re doing will make you an authority in your field.
Networking: Joining clubs, events, trade shows, etc. Reach out to people in your field and grow your network. You never know where your network will take you. IE a new/better position.
Save more and spend less: This is a simple thing to track. Do you have an established budget? Stick to it, and save as much as you can while maintaining the lifestyle you’re comfortable with. If you’re going over budget it’s time to re-assess what you require from life.
Invest what you save: You’re saving for a reason, it’s time to make your money work for you. As Gordon Gecko said, “money never sleeps”
Diversify your investments: If you put all your eggs into one basket and that basket is lost so is your nest egg. Diversification reduces risk which can eat away at your wealth.
Find alternate income sources: One stream of income in this day and age doesn’t meet our needs. At least in my experience, two-income sources are a minimum. Three or more is even better!