Personal Finance Tips to Help You Accrue Wealth

While your bank account might be a far cry from Bill Gates’, that doesn’t mean you can’t take action to build your personal wealth. By adopting the practices below you can learn how to build upon your existing funds, how to expand them, and what to do in the future to ensure your financial stability. Attaining and maintaining wealth stems from smart financial habits. The sooner you implement them, the sooner you can reap the benefits. 

Create Motivating Goals

Nothing motivates quite like a goal that gets you excited for the future. Create the type of goals that are not only attainable but make you want to strive to achieve them. Write down a list of both short-term and long-term goals you can take steps towards achieving each day or week. You’ll have a clear direction of where you stand and where you’re headed. 

Utilize a Plan for Spending and Saving

Budgeting is one of the simplest things you can do to gain wealth, but it is often overlooked. Use an app, make a spreadsheet, or write in a journal, but make sure you’re keeping track of every purchase and every income source. You won’t be able to fully take advantage of the opportunities available to you unless you have a clear grasp of your finances before you start to invest and grow.

Reduce Spending & Generate New Income

To maximize your profit potential, find ways to reduce your spending. No matter how small your cutbacks may be, they will make an impact. Create realistic goals on how to cut back and make headway each day towards that goal. Once you’ve made the necessary cuts, find ways to generate new income streams. Acquire a rental property, use your home as an Airbnb, create an online store, or invest in entities that can provide passive income. By having multiple revenue streams you can still keep a stable income even if one goes through a less than ideal period. 

Invest to Create Passive Income

Want to make money without doing hours of work each day? You need to invest and invest wisely. Find ways to invest some of your profits back into what is fueling your growth. Choose different avenues in which to invest your funds, such as stocks, bonds, IRAs, and more, to diversify your holdings. Don’t forget to add to your savings accounts each month to continue to earn interest and build upon your nest egg. 

Keep an Eye on the Market

A lack of awareness of how the stock market is doing can directly impact the success of your personal finances, especially if you have a lot invested. Changing interest rates can alter your long-term costs and market shifts could alter your passive income sources and require small to massive changes. Adopt a long-term mindset for the best chances of success. Take full control of the way you use your money so you can make necessary changes that spark new opportunities to grow your finances and wealth.

from Sabah Mikha’s Latest Blog PostFinance

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About Sabah Mikha

Sabah Mikha laid the foundation for his career in financial services at the University of California, Santa Barbara, where he gained expertise through a combination of hands-on experience and relevant coursework. Sabah is a business economics major who achieved Dean’s Honors for his academic performance, he chose to enhance his studies with a role at Washington Mutual Bank. For nearly two years, he maintained his commitments as a full-time student with his role as Operations Supervisor at Washington Mutual’s Santa Barbara branch, where he managed a team of financial representatives and tellers, ensured compliance with bank policies and federal regulations, and audited crucial documents. Besides fulfilling his myriad professional duties as a financial professional, Sabah Mikha, a Los Angeles resident, performs a wide range of charitable acts and supports a number of worthy causes that benefit the underprivileged locally and internationally. Sabah Mikha regularly contributes to Habitat for Humanity International, an organization that dedicates its resources to building safe, decent, and affordable housing for low-income families. He also participates in a number of outfits that benefit cancer research, such as Susan G. Komen for the Cure and the Ovarian Cancer National Alliance, an organization that advocates for US women with ovarian cancer and seeks to increase funding for research into the areas of life-saving treatments, improved health care and early detection tests. Sabah Mikha actively participates in the Cedars-Sinai Women’s Cancer Program at the Samuel Oschin Comprehensive Cancer Institute and completed its 5K Run & Friendship Walk on November 13, 2011 to raise funds for ovarian cancer awareness and research. In the prior year Sabah Mikha’s team raised over $3,000.

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