Money Hacks Help You Create More Wealth Fast!
Money is what makes the world go around. While there is often a stigma attached with being wealthy, it is the wealthy who can have the greatest impact on society.
According to the Wall Street Journal, the top 20% of income earners in the US pay 84% of the total income tax bill. It is this large chunk of income tax that funds Social Security, health insurance programs – like Medicare and Medicaid – and national defense forces. It even provides additional layers of safety net programs for those on hard times.
Now nobody really enjoys paying taxes. It is the only other certainty in life besides death, as the saying goes.
I have been in the upper tax brackets and have paid some healthy tax bills. On the other hand, I have also once been at a point where that was not the case – where I was struggling just to get by – and my contribution to the national tax bill was negligible (and that is being generous).
Money hacks don’t really help when you have no money…
From experience, I can honestly say that I’d rather pay a whole bunch of money in taxes than pay nothing at all. If you aren’t paying taxes, the likelihood is that you are either broke, or you are evading the tax man. Neither scenario is particularly promising.
My goal is that you, too, get to a point where you earn more money, can do all the things you want to do, where you have the ability to make your family comfortable, and yes, where you even pay a hefty tax bill. If you are paying a ton of taxes, then most likely you are succeeding financially.
For most, the road to financial prosperity – even with money hacks – is laden with occasional struggle, but ultimately ends with greater knowledge and clarity.
It is never too late to begin to arm yourself with financial knowledge – money hacks and more – that will pay dividends for the rest of your life.
Consider this, $10,000 invested at 20% annually for 25 years would grow to nearly $1,000,000. Now clearly 20% is not your average return on investment, but reportedly, Carl Icahn and George Soros both top 30% annually… you have to start somewhere.
With that in mind, here are a few simple money hacks to get you started with creating more wealth:
The importance of this cannot be stressed enough. There are so many great books written on money. Furthermore, most of these are written by experts and people with first-hand knowledge and experience in getting to where you want to go. Empower yourself with knowledge!
Get Rid of Multiple Store Credit Cards
Try to stick with just a couple of main credit cards. Having a store specific credit card at every store you shop at might save 10% on your first purchase. However, more than likely, the result will likely be greater debt down the road.
Be honest about where you are financially. The reality is 76% of Americans are living paycheck to paycheck, according to Bankrate.com. Thus, while debt can be embarrassing, you are not alone. Have the difficult conversations and be willing to actively address your financial situation.
Stop Receiving Catalogs
Catalogs that come in the mail are there for one reason – to make money for whatever business sent it. While it might be appealing to save an extra 20%, many people end up buying things they don’t need.
Invest in Your Health
By exercising and eating right, you are making an investment into your greatest asset – your body. The cost of fixing something that goes haywire in your body is generally high. At least, higher than the cost of investing a little time and money daily for you to be healthier and to perform better.
Get Rid of Clutter
If you get rid of excess items cluttering up your home, you will be less inclined to go out and buy more things to re-clutter your space. Further, the average American wastes nearly one hour a day looking for things they own but can’t find. After all, time is money.
Eat In More Often
Going out to eat can be fun. Additionally, it can be much easier than the cooking and cleaning involved with preparing your own food. BUT, it is way more expensive than staying in and usually not as healthy, either.
Save $5-10 (or more) per week
We can all find an extra $5 or $10, can’t we? Try a small weekly savings transfer first. You set this up so a specified amount will go from your checking into your savings automatically. After a year, you will have an extra $250-$500. Furthermore, if you can use your knowledge from #1, you could even find some savvy ways to turn that amount into more.
Use Cash Whenever Possible
With so many Americans living paycheck to paycheck, the easy route is to use credit to buy everything. On the other hand, the responsible thing, is to only buy that which you can pay for in cash. There are obvious exceptions, of course – like houses, cars, or business expenses. Also, some appliances, electronics, and such may have extended warranties through card companies. Booking travel is also recommended because of many of the benefits associated with travel rewards cards.
Stay on Top of Your Taxes
I know I made a case for paying more taxes as being a good thing. Yet, this is only as it applies to how much income you are making. Clearly, however, you never want to pay more than you are obligated to under the law.
By simply instituting these easy ten tips – these money hacks – you will be on your way to becoming more responsible, more savvy, and more informed when it comes to your money and your future.
Susan Sly is a best selling author, speaker and entrepreneur. She has appeared on CNN, CNBC, Fox, Lifetime Television and the CBN. Susan is the mother of five children and resides in Scottsdale, Arizona.