Do you worry because your safety net has gotten a little thin?
If so, the good news is that you don’t have to simply resign yourself to hoping for the best.
We have some simple wealth accumulation strategies you can use to start building your savings to a more comfortable level.
3 Wealth Accumulation Strategies You Can Begin Using Right Away
While there are countless wealth accumulation strategies out there, we chose these three specifically because anyone can begin using them immediately and will see actual results in the very near future, too.
1. Cut Your Living Expenses
Far too often, living expenses go unquestioned on people’s budgets. Something about the term seems to make people think, “While I can’t cut that.”
But the truth is that you can definitely cut down on your living expenses and that this is probably the simplest of all the wealth accumulation strategies out there.
Four things you can immediately save money on are:
- Brand-name anything
- An extra vehicle
- Credit cards
- Cable TV
That should only be the tip of the iceberg, though. Look through you supposed living expenses for ways you can either cut down on your spending or eliminate certain expenditures altogether.
2. Join the Gig Economy
We’re big fans of the gig economy here at Mooney Lyons. The obvious reason is that we know that it’s a great way for our clients to make extra money in their free time.
That’s why this form of part-time income makes our list of wealth accumulation strategies.
However, the gig economy is especially helpful for retirees simply because many of them find that they actually miss work. While bringing in a steady income is great, gigs can also be a fun activity to enjoy during retirement.
3. Make Room in Your Budget for Investing
Investing may be the most obvious of our wealth accumulation strategies, but we want to stress the importance of making room for it in your budget.
In other words, investing can’t just be some luxury you indulge in when your budget has room left at the end of the month. If you treat it this way, you’ll never invest in anything and, consequently, you’ll never enjoy large amounts of wealth.
After you’ve revised your living expenses, there should immediately be money you can now use to begin investing. You don’t need a small fortune to get started. Little by little, as you build your wealth, continue to make investments a priority.
Get Started with Wealth Accumulation Today
One approach to wealth accumulation that applies to everyone is to get started early. No matter where you currently are with your finances or what your goals are, the longer you wait, the harder it will be to build serious savings.
While we know the wealth accumulation strategies above will take you a long way, we appreciate that you may still have questions or simply want guidance. Feel free to contact Mooney Lyons if you do. We love helping people meet their financial goals.
The opinions voice in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Investing involves risk including loss of principal. No strategy assures success or protects against loss.