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6 Ways To Make Your Wealth Habits Stick In 2020

6 Ways To Make Your Wealth Habits Stick In 2020

 

Does it sometimes seem like the wealthy are just always getting wealthier? Ever wondered why?
 

Or what their success habits may be? Well, I’ve learned that it really comes down to your mentality and how you apply that mentality to your daily habits. And it’s specifically turning those everyday money-practices into the wealth habits that, over time, can last you forever.

Depending on your relationship and views around a little thing called m-o-n-e-y, it can sometimes be a hard topic to discuss, especially if you are seeking new ways to save or bring in more means.
 

Where do I start?

How much should I be putting away?

Is it too late to invest?
 

Well, Benjamin Franklin once said,
 

“An investment in knowledge pays the best interest.”
 

...And that’s exactly why I’d like to share some knowledge with you to help you create the kind of wealth habits that stick with you forever!

Excited Businessman in Front of Building
1. Take inventory

Taking inventory on your expenses every month is a great way to stay on top of your finances and make sure your money is always growing. With things like monthly bills or subscription services, you never know when you may be overlooking hidden charges or fees.

While this may not be something you need to do every single day, staying meticulous about the things you are paying for every month will keep you sharp and financially sound to make sure you aren’t being taken advantage of. So if you’re being billed every month for things like a music streaming service, a TV-streaming service (i.e., Netflix), you have a cable TV bill, an internet bill, etc., you may consider cutting down on or consolidating those items:

  • Reach out to your cell phone provider to see if they are running any special discounts that perhaps include entertainment streaming for free (this is very common nowadays)

  • Try bundling your cable and internet bill for a lower rate

  • And if you realize that you never really watch cable television, consider getting rid of it altogether

Remember, a closed mouth doesn’t get fed, so don’t be afraid to call your service providers every couple of months to see how you can save because trust me, they’d much rather help you save than lose your business as a customer.
 

2. This instead of that

This next tip is all about substitution. So in your daily money transactions, a great rule of thumb is to always ask yourself if there is a more economical way. Just like substituting for healthier food options, if you are trying to lose weight, you can keep that same mentality about money. Everything from food, transportation, expenses, etc., think: instead of this, let me try that!

  • Buy in bulk from wholesale stores (i.e., Costco): Things like groceries, household products, and necessities

  • Take up cooking: Find and make the recipes you love from your favorite restaurants at home

  • Check for lower prices: If you’re out shopping at retail product stores, many places will price-match with Amazon (where rates are usually lower)

  • Carpool: Take your next ride-share (i.e., Uber/Lyft) where you carpool with other riders - this also happens to be a great way to meet new people :-)

  • Shop your closet: When you have the urge to buy new clothes, check your closet first to see if there are any items you can revamp or recycle to make new
     

3. Embrace the unexpected… and then save it

Ever reach inside your pocket and find spare change? Or maybe you went to buy something, and it ended up being less than what you expected. Well, no matter what you may find, putting away any unexpected money is a great way to make sure you always have more than enough.

Remember, this isn’t taking from your monthly salary, or the money you already know is coming. This is money that before you found it, didn’t necessarily exist to you. So when this happens, your gut reaction should be to put it away. Even if it’s just a few dollars here and there or a small unexpected check you receive in the mail - save it! Be sure also to take note of these unexpected moments and check back every month or so to see how much excess you can save.
 

4. Automation is your friend

It’s 2020, people! That means it’s time for your finances to be on autopilot. Taking advantage of the innovative finance tools the world has to offer is the most effortless way to make your wealth habits stick. Most banks have a way for you to automatically put money away each month into a savings or investment account. That means the money you want to save will be out of sight, out of mind, and steadily growing your net worth. This is a habit that you never have to remember because automation does it for you!
 

5. Do your research

Remember all the spare change you are saving (#3)?  Well, there are investing apps like, Acorns, that round up your purchases to the nearest dollar and use that spare change as investment money. And the best part? It’s automatic. There are countless resources at your fingertips just like this, so make sure to do your research and stay up to date on the latest tools.

Other micro-investment apps like Robinhood and Stash are also excellent (and non-intimidating) ways to make your money work for you. Everything is directly connected to your bank account, so no need to take a walk down Wall Street to start investing, as the integration is easy and right in the palm of your hand.

Maybe you have a good amount of money saved, and the stock market just isn’t your thing. Well, that’s okay. Buying a rental property or even flipping houses are also great ways to invest. While the initial start-up costs may seem jarring, the potential return on your investment could be life-changing. The extra income you make by owning an investment property and collecting rent from the occupants can really set you up for success, allowing you to use that money to invest and save even further. But again, the bottom line here is to make sure you are investing in a way that works for you. So don’t forget what our old friend Ben Franklin said earlier, “An investment in knowledge pays the best interest,” so you’ve got to remain consistent and persistent in educating yourself.
 

6. Keep at your hobbies

Aside from things like the stock market or rental properties, one of the best things to invest in is you. You may have already heard me talk about the concept of paying yourself first, meaning to put away money for yourself before putting money toward your monthly bills and expenses. But since you may already be doing that, a great way to become You-2.0 is not to just paying yourself first but to invest in yourself first.

Maybe you’ve been wanting to start selling handmade goods online, or you happen to be great at some form of consulting. Well, the time is now to press “go” on your own dreams, because they have the potential to help you build the kind of wealth you’re really looking for.

What better way to start bringing in extra income than to monetize your passions or hobbies? Having that ‘side hustle’ mentality is really going to help keep you on track with sticking to your hobbies and using them to your advantage. So start small, but stay in action because the next thing you know, you’ll be on your way to a more fulfilling (and wealthier) life.
 

And while I have you here, I’d like to offer you instant access to an eye-opening mind exercise that will help you to unlock the hidden subconscious programming that’s keeping you stuck in a rut of stress, lack, and self-doubt.

In just less than 15 minutes, you’ll be able to expose what’s sabotaging your wealth potential and use that information to turn your life around for the better! So here’s to our best, vibrant, and most abundant selves!

 

 

Natalie Ledwell is a best selling author, speaker and successful entrepreneur. She's passionate about helping others to achieve their greatest dreams and ambitions through her personal development programs and her online TV show, The Inspiration Show.

 

 

 

 

 

 

 

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