Want to be content with your wealth, like these Breaking Bad characters? Invest in yourself. | AMC
13 Simple Ways You Can Build Wealth Right Away
Increasing wealth isِ a lofty goal — oneِ we allِ probably have.
But ifِ you’re theِ average American, youِ mightِ not knowِ howِ to start ifِ your expenses don’t leave muchِ room forِ investing.
Finding ways toِ generate income doesn’t alwaysِ mean stocks, investments, andِ portfolios.
1. Declutter: It’s good for the mind and wallet
Instead ofِ tossing yourِ unwanted items inِ the trash, tryِ selling themِ forِ cash.
Consignment stores oftenِ take unwanted clothes inِ good condition andِ give youِ a portion ofِ the profits.
You canِ alsoِ get a tax break onِ goods you’ve donated toِ charity byِ claiming charitable deductions based onِ the item’s market value.
Donated items often result in a tax break. | iStock.com/LuminaStock
2. Exercise more
Healthy people spend lessِ on health care.
In a study published inِ Journal ofِ the American Heart Association, researchers foundِ people whoِ work outِ spend hundreds, orِ evenِ thousands, ofِ dollars lessِ eachِ year onِ health care thanِ people whoِ don’t exercise.
The study revealed thatِ those whoِ engaged inِ “adequate physical activity” wereِ saving loads ofِ money onِ hospitalizations, medications, outpatient visits, andِ more, justِ byِ breaking a light sweat fiveِ times a week.
3. Put some effort into your appearance
There haveِ beenِ studies proving thoseِ who areِ deemed moreِ attractive getِ paid more.
So doesِ that meanِ you shouldِ place emphasis onِ your appearance asِ a result ofِ this so-called “beauty premium”.
To beِ fair, theِ Journal ofِ Business andِ Psychology study alsoِ showed thoseِ deemed “very unattractive” earned higher wages thanِ those considered average, butِ let’s forget aboutِ that.
4. Shop around for better bank rates
Healthy people save more money. | iStock.com
One ofِ the easiest ways toِ pad yourِ wallet isِ to monitor yourِ money efficiently.
CNN reported thatِ banks cashed inِ on overِ $6.4 billion inِ ATM andِ overdraft fees inِ 2016.
Money-conscious Americans canِ andِ should shop aroundِ for no-fee banking thatِ limits anyِ frequent charges.
5. Learn how to negotiate a raise
Making moreِ money wouldِ increase yourِ wealth, noِ doubt.
Marc Cenedella, founder ofِ the career resource, Ladders, saysِ that providing a reason forِ a raise andِ using polite persistence areِ two keys toِ negotiating.
Tactics, suchِ asِ ultimatums, word-vomiting aboutِ your debt problems, comparing yourselfِ toِ co-workers, andِ other emotional responses, areِ surefire ways toِ getِ rejected — andِ possibly fired.
6. Sleep more
Your appearance affects your pay. | iStock.com
Those whoِ getِ the recommended sevenِ hours ofِ sleep a night tend toِ seeِ a boost inِ performance atِ work.
Not onlyِ doesِ that turn youِ intoِ a walking zombie atِ the office, butِ your judgment suffers, asِ well.
So insteadِ of spending allِ that extra dough onِ venti lattes, justِ goِ to bed onِ time.
7. Take a walk
We allِ know theِ feeling weِ getِ when co-workers won’t stop talking orِ can’t quit complaining aboutِ something trivial.
Walking inِ the fresh air helps youِ thinkِ while enhancing yourِ creativity.
Investing inِ your health andِ well-being isِ the sameِ asِ investing inِ your wallet.
8. Stop thinking you’re poor
High bank fees can be a drain on your savings. | iStock.com/guruXOOX
Those whoِ experience poverty forِ anِ extended period ofِ time oftenِ show a decrease inِ cognitive function.
But what’s mostِ interesting isِ those whoِ aren’t actuallyِ poor, butِ feel poor, perform justِ asِ badly onِ cognitive screening tests asِ those whoِ areِ poor.
That small shift inِ positive thinking mightِ justِ might makeِ a difference inِ your wealth.
9. Eat better
While ourِ intake ofِ meats, diary, andِ sweeteners areِ down, soِ areِ fruits andِ veggies.
Eating betterِ can helpِ prevent thousands ofِ dollars inِ hidden obesity costs thatِ canِ add upِ quickly.
Health insurance premiums areِ higher, andِ obese people areِ less likelyِ to beِ working atِ full capacity asِ a result ofِ health-related issues.
10. Focus on mental health and happiness
Thinking aboutِ our financial situations canِ often dominate ourِ thoughts andِ overtake ourِ lives.
You beginِ to thinkِ ifِ you couldِ just makeِ $10,000 moreِ a year, you’d feel moreِ free.
Yes, money canِ make usِ happier byِ way ofِ lessِ stress, butِ it isn’t everything.
11. Make reading a priority
What wasِ theِ lastِ book youِ read.
With theِ rise ofِ e-books andِ other digital reading devices, you’d thinkِ we’d beِ turning pages everyِ night when, inِ fact, we’re not.
Yes, theِ king ofِ money spends roughly 80% ofِ hisِ time reading.
12. Don’t keep money secrets
The experts atِ TD Bank sayِ millennials areِ twice asِ likely toِ break upِ with theirِ partners ifِ they discover a financial secret, suchِ asِ hidden debt orِ bank accounts. Talking aboutِ money canِ beِ uncomfortable — butِ not asِ uncomfortable asِ divorce. So creating a precedent forِ frequent money talks canِ improve yourِ relationship andِ decrease stress.
13. Create an emergency fund
The sameِ TD Bank Study shows millennials areِ pretty good aboutِ saving forِ unexpected expenses orِ scenarios. One ofِ the bestِ ways toِ increase yourِ wealth isِ to create a cushion forِ emergencies. Consider setting a monthly savings goal orِ generating extra income fromِ a side hustle.