Inflation, interest rates, surging energy prices, food shortages…2022 is barely halfway through and these economic issues are becoming louder and louder. If there’s anything they signal, it’s that now’s the time to quit playing and get your financial house in order. But how do you begin when everything seems to be happening all at the same time? Luckily, there are a few things to do here and there that can help set you on the right track. How to become rich and successful.
Many analysts agree that the current financial state of the global economy is thanks to the pandemic and the response of many central banks. While I am not writing this to try to figure out the problem (which we can all agree is already here), the purpose is to help you navigate your way through this mess. Yes, you can still become rich and successful in spite of the brewing financial tsunami. Interestingly, experts preach that now’s the best time to grow your wealth from where you are to where you would like to be. However, the question remains: how prepared are you?
Oprah Winfrey famously said: “Luck is preparation meeting opportunity.” Simply put, if you haven’t been building yourself and getting ready for the times, you’ll never be able to make something out of the opportunities that come your way. In order to avoid sad money songs, I’ve curated the necessary things to do to be top of your money game this year to enable you to weather the money storm. Now, all that’s left is that you take action.
Wondering how to become rich and successful? Check out 6 financial things to do…
#1. Educate yourself
It all starts with knowledge. Knowledge is what separates the winners from the losers, especially in money matters. On many occasions, it’s not that individuals don’t want to better their lives, it’s just that they lack information. Therefore, educate yourself on this subject and then put your acquired knowledge into practice. An easy way to begin is by looking up the meaning of terms like recession, inflation and interest rate and how they affect you. Read books and articles, watch educational YouTube videos, etc. By doing this faithfully, you’ll gradually become financial literate.
#2. Take savings a little more seriously
Yeah…yeah! We’re going on about savings for the umpteenth time. If you still have an income no matter how small, consider putting out some emergency funds. The past two years should have opened your eyes to a realization that ‘anything can happen.’ From as little as piggy banks to major savings accounts, this is a must-do.
#3. Learn a skill, preferably online
Recently, many of us have spent most part of our days indoors, and for good reason. This has resulted in a boost in online courses. Whether you’re a major key in your industry or job hunting, adding a relevant skill to your arsenal would most definitely boost your skill set and salary. The only note is that you take a course you love.
Quick tip: Getting armed with programming languages is lucrative and even with a ready market. Try something new, it helps.
#4. Cut down on spending
There’s a way better chance of staying afloat and even holding it down if you strike out the countless guilty pleasures you’ve labeled “reward for hard work.” Shop strategically by exploring the best deals available. It’s true that you’ve worked hard and deserve random treats but reducing spending to basic necessities and making use of budgeting tools are essential things you need to do to be on top of your money game this year.
#5. Get a side hustle
If there’s anything you should have on the side, it’s a complementary hustle. Another source of income will always be welcome because a few more bucks in hand keeps the debt song away. Freelance online or seasonal jobs are options to consider. The key to nailing this is to leverage your skills for your side gig. For instance, if you’re a great writer, selling your skill on a platform like Fiverr will not only prove lucrative but will also help you begin your journey to become rich and successful.
#6. Protect your money
A major thing to do to be on top of your money game this year is to protect your financial information. Researchers claim that the number of fraudsters has tripled probably due to the economic decline and the laid-back approach of individuals to their finances. Be mindful at the ATMs, create more complex passwords, and don’t share personal data carelessly.
“Money is better than poverty, if only for financial reasons.” – Woody Allen
Featured Image: Anna Nekrashevich | Pexels
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