Money can be a great tool to accomplish goals, live a comfortable life, or make your dreams come true, but there is more than one way to build wealth than winning the lottery or finding a sugar daddy.
Below are 3 wise rules to follow as you begin to build more wealth.
Invest in Yourself
Author Robin Sharma wrote, “Investing in yourself is the best investment you could ever make. It will not only improve your life, but the lives of those around you.” We couldn’t agree more! Investing in yourself doesn’t mean strictly investing in your retirement (although you should be doing that too!)
“Investing in yourself” could include going back to school, attending a conference, or getting a certification to advance your career. When the time comes to invest in yourself, make sure you do your homework and comparison-shop for the best loan interest rate. Being a savvy shopper could save you thousands, which will come in handy once your education is complete!
Personal finance principal #1- spend less than you earn. Sounds simple, but many struggle with this concept. When you spend less than you earn, you’re able to set aside money in savings that can go toward unexpected emergencies, weathering financial tough times, or making progress on the other items on this list.
Invest in Ways to Grow Your Money
Once you’ve saved a little something you can then decide how you want to grow your money. Saving money in a checking account or a savings account with a low interest rate can be a mistake. Why not look for ways to build your net worth instead? Option like investing in the stock market, buying an investment property, or starting a side business can be great ways to ensure your money not only stays put, but increases over time!
Often, true wealth is built penny by penny and through a series of strategic steps. Which path will you choose?
Allen Kors is the Founder and CEO of Achieve Lending, the first ever search engine for education loans. Designed to help both traditional and non-traditional students find the best student loans, Achieve Lending offers users a free online portal to search, find, and compare student loans, often in as little as 30 seconds.
Kors founded Achieve Lending at just 27 years old after six years of working in the finance industry. His resume boasts time spent at the world’s premier financial firms, with positions in investment banking, private equity, angel investing, and consulting. After leaving his job in angel investing to pursue entrepreneurship and form his own financial technology company, Kors now aims to build the ‘Kayak’ for education loans and empower Achieve Lending users by providing financial education on the loan process and terminology.