3 Biggest Tactics To Grow Your Wealth In 2018

Who’s eager to multiply the funds in their bank account this year?

My hand is certainly raised.

OK, who out of you money-hungry individuals has a detailed strategy of how they are going to multiply their funds this year?

Thought so.

I see this common affair time and time again; the New Year looms and people find themselves in the same position they were in the previous year – feeling financially insecure with no real plan of how to reach their financial goals.

For most people, building wealth doesn’t happen overnight. I hear you. But unfortunately, each year we vow (and fail), once again, to make better choices with our money. Therefore another year of financial progression is lost.

As many financial planners will tell you, securing a healthy financial future is a process built up over time. That’s why we put together a list that will help you to make this year the year you take control of your finances.

Whether you have little to no savings, or you are unsure of what to do with your current means, you can use these tactics to grow your wallets in 2018.

3 Biggest Tactics To Grow Your Wealth In 2018

Get a reputable financial advisor

Not to beat our own chest, but this is probably the best thing you can do to build a secure financial future for you and your family. A good financial advisor will take the time to get to know you and understand your current situation, as well as help you to establish your ultimate financial goals and structure a plan to ensure you achieve those goals.

Need more convincing? Take a look at what our clients have to say here, or check out our blog Signs You Need A Financial Advisor.

Defer unnecessary indulgence

It’s pretty obvious, but avid money savers are typically more financially stable. Those who know how to build wealth understand that every dollar they spend should be seen as an investment. So next time you feel a sporadic and indulgent ‘I want that right now’ purchase pending, think of shunning the splurge as an investment in your financial future.

It can also be beneficial to create an automated savings transaction from your salary each fortnight/month, rather than performing it manually and potentially forgetting. Furthermore, not seeing the money in your spending’s account means you will be less tempted to waste it.

Invest in appreciating assets

Appreciating, tangible assets grow in value over time and can potentially generate an attractive income. So if you’re in a good financial position to invest, we recommend you to jump on the bandwagon. Assets that are expected to gain value, such as property, land or collectables, have the potential to help build wealth and can act as a hedge against economic uncertainty. If you’re new to the investment world, it will be worth your while to take a look at our blog A Beginner’s Guide to Investments.

You may also like to think about investing in the stock market. Stock prices go up and down, so, as a shareholder, you can make a profit by investing in companies you believe will make money – or in other words, you’ll see a positive return. We always advise our clients to seek a professionally managed shared portfolio, particularly if they are a beginner to the world of stocks and shares.

Our vision at Positive Dynamics is to give our clients the enthusiasm and security to chase and manifest their dreams. Essentially we help people make good decisions with their money, and we can help you too! Contact our friendly and professional team for more information and advice.