Building wealth is a slow process and involves making minor changes that help you save money in the long run. Increasing your net worth is possible by prioritizing the right spending habits and cementing them into your personality.
Most people try to focus on the big wins and don’t pay much attention to smaller wins, like choosing the best investment strategy or savings account. Let’s explore how to increase your net worth and build wealth with $100 at a time.
Open a High-Yield Savings Account
One of the best options out there for increasing your wealth and net worth is to choose the right savings to account for your money storage needs. Although interest rates vary with time, you will find that a high-yield savings account can help you earn up to 20 times more money than a conventional savings account. This way, you can save much more money by storing your wealth in the appropriate place.
It’s worth noting that simply opening a high-yield savings account won’t increase your riches dramatically, but it is not an ineffective strategy. Additionally, you can prioritize adding more money to this account, in the long run, to benefit from even higher interest rates in your favor.
Hire a Financial Planner
Hiring a financial planner can help you get your finances in order, and they can offer you some of their best insights for increasing your net worth. For example, they can help you make better budgeting, retirement, investments, and more decisions, making it possible to accumulate wealth by prioritizing the appropriate actions.
You may be charged 100-300 USD per consultation with a financial planner, but you will often find the first session to be free. It is worth hiring a financial planner intermittently if you can afford it to help you make better financial decisions and multiply your wealth.
Depositing Extra Money in Your Retirement Account
Many people realize that the earlier they start depositing money into their retirement account, the better their results will be. For example, if you’re 21 and just started your career, you can slowly increase your deposits by $100 every few months. This amount can greatly impact your retirement savings, which will be accessible several decades down the line.
There is no guarantee that things will end up exactly as you plan since the market is always changing in unpredictable ways. If you’re thinking about your deposits and don’t recklessly spend your money on things you don’t need, you will see a positive change in your bank balance.
Increasing your net worth takes several years of hard work, and the change doesn’t happen overnight. If you’ve been a spendthrift your entire life, you will have to make behavioral adjustments that help you save money in the long run. These small positive habits will yield big rewards in the future, and you will increase your net worth with time.
