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Smart Ways to Boost Your Net Worth
Do your personal finances need a boost? The single best way to evaluate your financial health is to calculate your net worth. By definition, the total includes all your assets minus all your liabilities. So, if you own a home, two cars, a stock portfolio, a savings account and a checking account, you’d just add up the grand total to arrive at a figure for your assets. Liabilities encompass any and all debt, including what you owe on your mortgage, vehicle loans, any personal debt, student borrowing, and credit cards. Subtract the liabilities from the assets, and the result is your personal net worth.
The real question is not how to calculate the figure but how to increase it. Fortunately, there are dozens of ways to add to your wealth. Some of the most effective ways are listed below and different types of people can have more or less success with each of the strategies on the list.
Get Serious About Saving
A reliable technique for ramping up savings is to reduce spending. One part of the equation is signing up for a payroll auto-deduction plan at work. That way, you never see the money and cutting down on discretionary spending is much less of a challenge. There is truth to the old saying about money’s ability to burn through pockets.
Do Some Strategic Refinancing
A painless way to give your monetary health a shot in the arm is by refinancing student loans. The best student loan refinance companies can get you a lower interest rate, more time to repay, and lower monthly payments. That last point is key because it gives you an instant way to reduce monthly expenses. For consumers who don’t have any education debt, it’s a good idea to look into refinancing a home or vehicle, especially if you already have a decent amount of equity built up.
Get a Second Job
Some wince at the prospect of another job, but keep in mind that it not be a 20-hour weekly endeavor. Many of today’s entrepreneurs and recent college grads are opting for a side hustle to bolster their monetary health. Online tasks are ideal for micro work. Devoting five or so hours each week to evaluating websites or writing technical articles in your field are just two examples of ways you can choose to labor for any amount of time you desire. Consider this, a five hour weekly micro job can net you in excess of a few thousand per year. After five years, with interest added in, that’s a major addition to your wealth profile.
Invest in Blue Chip Stocks
Even people who are averse to the stock market can do well by placing a modest amount into blue chip stocks. These shares often pay regular dividends, which you can simply reinvest, and tend to hold up well over the long term. Putting even a small percentage of your gross income into a set it and forget it portfolio is a tried and true way to ramp up your personal bottom line.
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