4 Habits to Grow Your Wealth
Author: Elle Miller
Financial freedom. We all want it. But right now, you probably feel like we’re still far from it or barely inching your way closer to it…
Have you ever felt:
- The heart palpitations, palms sweating worry for the next bills dues
- The dread and avoidance of checking your bank account balance
- Not having enough to invest or make a difference in your future
No matter if you’re just starting to get out of that or have paved the way to start investing and building a buffer for yourself, it’s important to ensure you never go back there again.
The more you focus on having financial freedom, the more you will be able to work on increasing your income. And as your income increases, so does your ability to create financial freedom for yourself and grow your wealth.
That’s where the importance of financial freedom is. It’s about never being held back by money again. If you want to achieve this, truly transform your life, and create the freedom you deserve, these are the 4 key habits that can help you achieve that.
1.Set a very clear freedom goal and review it regularly
The first habit that will help you reach your goals is setting a very clear goal for yourself. This will allow you to work towards it without giving up when things get tough or when there are obstacles in your way. It also gives you something to focus on so that every day feels like progress toward achieving that goal instead of standing still or going backward from where you were before setting it.
Answer the question: what is financial freedom for you?
- Is that treating yourself and your family to any travels you want?
- Is that paying off all your loans that have been stressing you for WAY too long?
- Is that leaving your day job and going after your dream business or other goals?
- Is that setting up your retirement fund so that you can spend more time with your family?
2.Have a consistent and complete money ritual every single week
A money ritual is simply creating a habit to make saving and spending money easier. You can do this through several methods, including setting up automatic savings, creating an automatic budget, or even creating a physical reminder to help you stick to your routine.
From there, you can start integrating and tracking your income, expenses, savings, investments, and where you are in achieving your goals. By doing this weekly calibration, you are setting up a time every week when you can reflect on what good you’ve done, the mistakes to learn from and opportunities you might not have seen during your usual busy schedule.
3.Seek knowledge and learn
The best way to grow your wealth is through learning about investing and personal finance so that you can make more informed decisions regarding how much money you save and how much debt you take on. The more knowledge you have about investing, the better decisions you’ll be able to make for yourself and your family.
The best way to grow your wealth is by investing in assets that will provide long-term returns such as stocks, bonds, real estate, or other forms of investments like mutual funds or retirement accounts but oftentimes, people are not able to put it into action.
4.Put it into action and grow your wealth by investing
The three things that hold people back from building wealth and investing traditionally are typical, knowledge, mindset, and capital. The last is typically the most influential: capital. Who has a spare million bucks to purchase property, or the means to pay back debt-backed loans?
Time for a mindset shift.
What if there was a way to gain knowledge, build the mindset, and start implementing the same wealth creation strategies, without a lot of upfront capital or debt?
That’s where digital assets and Breakout Solutions come to help.
At Breakout, we specialise in educating people on taking tried and tested wealth creation principles from the traditional finance world and applying them to digital assets, without requiring a lot of upfront capital to start.
In fact, you can start with as little as a few hundred dollars. Dip your toes in the water, test it out, generate passive income, re-invest, rinse and repeat.
Of course, if you have capital that you can leverage upfront to accelerate the process, it can make a big difference.
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