Are you tired of where you are financially? Do you see others getting ahead and all you are doing is staying in the same place? Or worse, are your finances getting worse as time goes on? You might be wondering what others are doing so you too can grow your wealth.
Well I am here to tell you the secrets others are using to grow their wealth. And the best part of this is that these secrets are simple for you to start using! If you can follow just a couple of these secrets, you will see your wealth skyrocket and your financial situation improve quickly.
Let’s look at these 15 secrets to grow your wealth fast!
15 Incredible Secrets To Grow Your Wealth
#1. Save First
This point is number one for a reason. It is because it works and it is so simple to do. If you are like many others struggling financially, you are probably trying to save whatever is left over at the end of the month.
The problem with this is that we easily find things to buy. Come the end of the month, there is nothing to save. By saving before you spend, you guarantee you save money each and every month.
What are the easiest ways to do this?
- Split your paycheck. Most employers allow you to split your paycheck between accounts if you have yours direct deposited. So fill out the form and have $20 from each paycheck go directly to your savings account.
- Invest in your 401k. While the money won’t go towards a savings account, it will go towards your retirement. Again, you fill out the form and relax as money is invested for you automatically.
- Set up a transfer yourself. If you can’t split your paycheck, set up an automatic transfer yourself. Just log on to your bank and set up a transfer to happen once a month. Pick a dollar amount and watch as your savings grow.
#2. Track Your Net Worth
This tip to grow your wealth is one of my favorites. I track my net worth each month and doing so has helped me to grow my wealth dramatically. By calculating my net worth, it motivates me to grow it each month.
How do you grow your net worth every month? You pay off debt, save more money and stop spending money. Any combination of these will have your net worth grow. And as it grows, you will get motivated to grow it more and more.
The benefit to you is having more money and more freedom in life. How do you get started calculating your net worth? You can read this post I wrote to see how to do it yourself.
On the other hand, you can use Personal Capital. It’s a free service that will update your net worth automatically right up to the minute. I use it and can’t get enough of it. You can learn more here.
#3. Review Your Spending
While calculating your net worth is the best thing you can do to help grow your wealth quickly, you should also review your spending. After all, if you don’t know where your money is going, can you really get control and grow your wealth?
This means you should set up and follow a budget. By following a budget, you can see where you might be overspending and this will help you to limit spending in these areas and save more money.
How do you get started with a budget? Here is a great resource of 10 free excel spreadsheet budget templates. Another option is to use an app like GoodBudget.
After you set up your budget, you might notice just how much you are spending on certain things.
Make it a point to review your spending every few months and trim back some areas. You will see results quickly.
If you would rather have someone else review your spending for you, check out Trim. It’s a service that will cancel unused subscriptions for you, find you cash back, and even negotiate your cable bill for you!
All you have to do is sign up and they will get to work on your behalf. Here is where you can get started.
#4. Round Up Your Purchases
Do you know how much of an impact rounding up your purchases can have? On the surface you might think doing this would have a small impact, but the reality is it can have a huge impact.
Take my situation as an example. I use Qapital to round up my purchases and put the money into a savings account. In just under a year, I’ve saved over $750.
The best thing is that I never even notice this money not in my checking account. Because of this, Qapital is a great option for anyone, even those living paycheck to paycheck to start saving money.
If you primarily pay in cash, put your spare change in a jar and then once or twice a year, roll your coins up and deposit them into your savings account.
#5. Invest Your Spare Change
Rounding up your purchases and putting the money into a savings account is great. But you can also round up and invest your change as well. Thanks to Acorns, you can do this with minimal effort.
In just over a year, my brother in law has saved over $1,000. In just over 2 months, I have saved close to $300. You can get started with Acorns here and get $5 just for trying it out.
Another option to consider is Stash. While this investing app won’t round up your spare change, it does let you invest $5 or $10 at a time. This is a great option for many investors since you can afford to invest $10 a month and by doing so, you allow your money to work for you.
You can learn more about Stash here.
Don’t think your small savings will add up? Check out the calculator below to see just how much your spare change can grow into.
#6. Invest In Your 401k
Investing in your 401k plan is an awesome way to grow your wealth. Not only do you lower the amount of taxes you pay, resulting in you keeping more money, but you also take advantage of the stock market to grow your wealth.
And if you are lucky enough to get an employer match, you will grow your wealth even faster. Just be sure to invest in low cost investments so you aren’t losing a lot money to fees. Not sure how much you are paying in fees?
Open a free Personal Capital account and you will see. You will also see the impact of the fees over time. Just a head’s up, you might want to be sitting down when you see the number.
#7. Pay Extra On Debt
If you are in debt, the easiest way to grow your wealth is to pay extra on that debt every month. For every extra dollar you are putting towards your debt, you are freeing up more money to invest and grow.
But what is the best way to go about paying extra on your debt? I like the debt snowball method. This is the plan I used when I dug myself out of $10,000 of credit card debt.
When you follow this plan, you stay motivated as you pay off small debt quickly. But what about figuring out how to come up with extra money to put towards your debt in the first place?
One the first things you should do is look at the bills you are paying and where your money is going. Are there any expenses you can cut to free up some money?
Another great option is to start using Qoins. This is an app that will round up your purchases to the next dollar and move the money from your checking account to a savings account. You then tell Qoins which debt to pay and they will take the money from the savings account and apply it towards your debt.
It’s incredible how quickly your spare change adds up and helps you to pay off your debt. You can learn more about Qoins here.
#8. Pay Off Your Debt
When you are in debt, you are working for someone else since the money you earn is going into someone else’s pocket. When you are out of debt and save and invest your money, you are working for yourself, by making yourself wealthier.
In order to stop the credit card debt cycle, you first have to understand why you are in debt. Once you figure this out, you can work on getting out of debt for good.
One smart option to getting out of debt and saving money at the same time is to consolidate your debt. Having one payment and a lower interest rate will save you time and money. Play around with this awesome calculator to see how much you could save.
In addition to consolidating your debt, a great tool to help you stay out of debt is called Debitize. They allow you to use your credit cards and earn cash back and rewards, but you will be paying off your balance in full every month.
How does it do this? When you spend money on your credit card, Debitize will take the money you spent and transfer it from your checking account to a savings account. Then when you credit card bill is due, you have the money to pay off your bill in full every month.
You can learn more about Debitize here.
#9. Improve Your Credit Score
When you have a higher credit score, you get a lower interest rate on any loans you take out. So when you buy your next car or house, you can save a lot of money over the life of the loan by getting a lower interest rate.
But it doesn’t stop there. Potential employers use your credit score as a factor in hiring you. And insurance companies use your credit score to help set the premium you pay for coverage.
In other words, it is critical to have a high credit score. So what is your credit score? If you don’t know, you can find out for free with Credit Sesame. Not only will you be able to see what your credit score is, they will give you tips to help you improve your score as well.
Because having a high credit score has so much impact on your finances, I encourage you to know and track what yours is. Making sure you have a high score can easily save you tens of thousands of dollars on your next mortgage alone.
#10. Pause Before Buying
Do you suffer from buyer’s remorse? Do you know why this is? The reason is simple. Advertisers do an amazing job at getting us emotionally connected to their products, which gets us to buy without thinking through the purchase.
This works well for them because our emotions work a lot faster than the thinking part of our brain. When that part catches up, we realize we didn’t need the item and as a result, feel buyer’s remorse.
To overcome this, you can simply wait before you buy anything. Wait a week or two and see if you still want the item. If you find you don’t, congratulate yourself as you just saved yourself some money.
#11. Find Coupon Codes Online
A simple way to save money and grow your wealth is to pay less for the things you buy. When I shop online, and find a site I want to buy from, I open another window and search for the store and the word coupon. I’ll get a number of websites with coupon codes and discounts that I can apply to my order.
It’s simple and fast and it usually ends up in me paying less than full price for the item I was planning to buy.
#12. Shop Online At Cash Back Sites
If you buy anything online and don’t earn cash back, you are paying more than you should. There are two great sites, Ebates and Swagbucks, that allow you to earn cash back on virtually all of your online purchases.
Just log into your free account and find the retailer you want to shop at. Click on the link and you will earn the noted cash back amount. This amount can range between 1% and 25%.
I make it a point to shop through these sites before I buy anything. And thanks to them, I save a ton of money. In just a few years, I’ve earned well over $1,000 in cash back. I then take that money and invest it to grow my wealth.
#13. Ask For A Discount
This tip to save money and grow your wealth is simple yet so few people take advantage of it. When you are buying anything, just ask the cashier if there are any discounts you can get.
You might be able to get a discount for paying in cash, or the cashier might have a coupon or discount code they can apply to your order.
You would be surprised as how many times you can save 5% or more just for asking. The worst that can happen is they say no.
#14. Don’t Shop When Bored
When you are bored, what do you do? In the past you might have headed to the mall to window shop. Thanks to technology, you might jump online to window shop or scroll through social media.
In both cases you are playing with fire. Remember a few tips ago that told you how advertisers trick you into spending money you had no intention of spending? Well, when you shop when you are bored, you play right into advertiser’s hands.
Instead of shopping, read a book or watch a movie. Or play with your kids. Do anything other than surfing the internet or wandering around the mall.
#15. Start A Side Hustle
Finally, to grow your wealth, you need to bring in more money. The more money you make, the more money you can save. And the more you can save, the more it can grow and compound over time.
Just look at the impact of investing $250 a month has over 10 years earning 8% annually.
You’d end up with close to $47,000 to use towards retirement, a vacation, a house, or whatever you want.
What are some great options to make more money?
The easiest is to start taking surveys. By taking 1 or 2 a day, you could easily make an extra $100 or more a month. Here is the survey site I earn the most money from.
Another option, especially if you enjoy dogs, is to become a dog walker. This is easier than you might think when you use the app Wag which connects people who need their dog walked and walkers. You can get started by signing up here.
If you want to earn more money, you could consider a work at home job. For example, if you are a good speller and good with grammar, you could start your own transcribing business. You could easily bring in an extra $1,000 a month or more. Here is a great tutorial to get started.
So there are 15 easy ways to grow your wealth. Pick and choose a handful of ideas and get started. Before you know it, you will begin to see your savings increase and your wealth growing larger each month.
And soon after that, you will notice that money is no longer a stress in your life. You will have more control and freedom to do what you want and not have money be a reason to not enjoy life.
Hi, my name is Jon and I run Penny Thots. I’ve been interested in personal finance since high school and love writing and talking about it. You can learn more about me in the Authors section of this site.