7 Ways to Get Richer by the End of 2018

Read Time:3 Minute, 34 Second

The start of a new year is a great time to resolve to do better financially. We all know how that tends to go– a few months pass, and suddenly, you’re back to your old ways. Thankfully, there are a few steps you can take to end the current year richer than you were when it started.

1. Follow a budget
Sticking to a budget is one of the easiest ways to track your spending and identify savings opportunities to boost your wealth, most Americans don’t follow one. Thankfully, creating a budget is easy, and it doesn’t need to take more than about an hour of your time.

2. Make a compelling argument for a raise
Getting your boss to agree to a pay increase is a good way to end the year on a wealthier note. Job site Glassdoor has a particularly useful “Know Your Worth” tool that allows you to compare earnings by job title and geographic region to see how yours stack up. If you can prove to your manager that your company could be doing better, you’re that much more likely to see a boost in your income.

3. Get a side hustle
You can’t bully your boss into increasing your pay, you can boost your earnings by working a secondary gig, even if on a very part-time basis. These days, side hustles are becoming so common that a good 44 million Americans are said to be holding one down. If you’re able to take on the occasional freelance project, or a few weekend shifts at a local retailer or restaurant, you stand to not only pocket some additional cash, but be well-positioned to stick it directly into savings since it’s money you weren’t counting on to begin with.

4. Turn a hobby into a moneymaking opportunity
If you have a hobby that tends to occupy much of your spare time, why not turn it into an income source? This way, you get the best of both worlds– a chance to do the things you get and enjoy paid for them.

5. Stop paying credit card interest
U.S. credit card debt reached an all-time high late last year, with the average indebted household on the hook for roughly $16,000 in outstanding charges. The best way to pocket that money instead of handing it over to your credit card company? If your balance is moderate, you can accomplish this in a number of ways, from selling belongings and using the proceeds to knock out your debt, or utilizing one of the money-making opportunities mentioned above.

6. Buy dividend stocks
Just because you’re planning to stay invested in the stock market for 20 to 30 years or more doesn’t mean you can’t enjoy some nice paydays along the way. Check out these recommended options to get started.

7. Know your tax breaks
One of the most effective ways to close out the year on a wealthier note is to be smart about how you file your taxes. If you’ve itemized in the past, you may want to rethink that this year since the standard deduction has almost doubled.

The start of a new year is a great time to resolve to do better financially. Getting your boss to agree to a pay increase is a good way to end the year on a wealthier note. Just because you’re planning to stay invested in the stock market for 20 to 30 years or more doesn’t mean you can’t enjoy some nice paydays along the way. One of the most effective ways to close out the year on a wealthier note is to be smart about how you file your taxes. If you’re looking to close out the year in a better financial position than you’re in right now, then there’s no time like the present to start making changes that lend to that goal.

If you’re looking to close out the year in a better financial position than you’re in right now, then there’s no time like the present to start making changes that lend to that goal. Altering your financial picture often means making the right choices and, yes, a few sacrifices. The peace of mind you’ll get in return will make that effort more than worthwhile.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleppy
Sleppy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published. Required fields are marked *