Is one of your many goals in life to build wealth and be successful? If you have that part figured out, but you’re not sure where to start, check out these five simple secrets to building wealth and make your move!
Set Your Goals
Setting goals for your financial future will help you stay on track and keep you motivated to learn more about personal finance. If your goal is to grow your wealth by $100 each month, brainstorm ways you can make that happen. For example:
- Commit to not buying a coffee every morning before work.
- Quit a bad habit such as smoking or buying energy drinks.
- Open a MoneyLion investment portfolio and Auto Invest $25 each week.
Pick one or two goals to prioritize at a time, and work at them until they become second nature. Maybe even create a little mantra for yourself, like “I deserve financial freedom,” or “I will move out of mom’s house,” or “I will visit Disney World within one year” that you can repeat to yourself when you’re struggling to make the right financial decision!
Know Your Wants Vs. Needs
Sometimes it helps to make lists of what you’re spending your money on and think about whether you actually need it or you just want it. Building your wealth takes dedication and compromise. Prioritize your needs, always. Before spending on your wants, ask yourself some important questions like, “Will this help me financially?” or “Will this purchase improve my life dramatically?” or even the basic “Can I really afford this?” If the answer is no or not sure, you’re better off leaving it on the shelf and putting those funds in your investment account.
This isn’t to say you shouldn’t treat yourself here and there, but just be conscious of your spending habits. The more thoughtfulness you put into your purchases, the less likely you are to be frivolous with your cash.
Invest With MoneyLion
No one ever amassed a healthy nest egg by plopping their money in a traditional savings account. The key to building wealth is investing. If you’re someone who isn’t very familiar with investing, you can still build your wealth by investing with MoneyLion, because we make it super easy with a personalized, managed portfolio.
We take care of the investment selection, investing, rebalancing — everything. You only need to make deposits (no minimums!), and our finance professionals will take it from there. You can tell us how aggressive or tame you want to be with your investments and help grow your money on your terms.
The best part about investing with MoneyLion is that there are no management fees and no investment minimums. So whether you invest $5, $50, or $5,000, you’ll get the same premium investments insights and expertise on your side, helping to put your money to work in the stock and bond markets.
Spend Less Than You Make
This may seem like pointing out the obvious, but spending less than you make is a crucial building block to increase your wealth. In order to keep track of your income and expenses, use the MoneyLion app’s Financial Heartbeat tool. Set your monthly income, monitor your expenses, and put limits on yourself to ensure you’re not spending more than you should.
You can even set aside extra money on a weekly or monthly basis and invest it in an account that builds interest instead of putting into your spend bucket. MoneyLion offers Auto Investing, where you can set recurring transfers (of any amount you choose) from your checking or savings account into your fully managed MoneyLion investment account!
Increase Your Revenue Stream
If you already have a full-time job, this might seem intimidating, but there are things you can do to bring in more revenue without overloading yourself. You can try joining a company like InstaCart and do a quick shopping trip on your lunch break or UberEats and deliver 30 minutes to an hour after you clock out.
Do you have a knack for writing or some other talent that you’re not currently putting to use? Maybe it’s baking, painting or design. Start your own side business from home and market it on your social networking profiles. Sign up for a freelancing website like UpWork and get side jobs that you can do from home or while you’re at work. You can set your own rates, work as much or as little as you’d like and build your portfolio to attract even more clients and income.
Knowledge is Power
Harness these secrets and work at them until you feel like you’ve created the financial success that you desire. Be honest with yourself about your income and expenses. Start journaling about the things you want versus the things you need and think of ways to have both. Get resourceful both with your career and the investment opportunities that surround you. Use these actionable tips to start building your wealth and empire today!
Investment advisory services provided by ML Wealth, LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees. Accounts are subject to administrative fee of $1 per quarter.