Upgrade These 10 Items Once You Make More Money, Codie Sanchez Suggests
Making more money doesn’t mean you should immediately rush to buy the newest car or put 20% down on a big house. Entrepreneur and investor Codie Sanchez believes that your first upgrades should be on things that make your life easier and help you make even more money.
In other words, the best upgrades aren’t always extravagant or expensive. They’re the ones that can give you some of your time back and improve your health, skills or earning potential.
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Here are the 10 things she recommended upgrading once you start making more money so you can buy back your life.
1. Your Professional Appearance
Sanchez suggested investing in one quality item that can make you look more put together in a professional setting, whether that’s a bag or a new hairstyle. “I like having one super nice purse that I wear with every outfit,” Sanchez said.
2. Your Proximity to Opportunity
Paying more to live closer to work, join a better coworking space or spend time in places where you can meet like-minded people is another area worth splurging on. Sanchez said proximity is one reason her career grew so quickly. “It costs you money not to be in the room with other winners. I think I joined three or four masterminds before I made all my cash,” she explained.
3. Your Appearance and Self-Care
Sanchez also started spending more on skincare, grooming and cosmetic treatments once she started making more money. You don’t have to follow her exact routine, but it may be worth upgrading whatever makes you feel healthy and confident.
4. Tax Help
Once your finances become more complicated, Sanchez suggested investing in professional tax advice. “Once you've made, in my opinion, at least a couple hundred K [sic] a year, you're probably overpaying in taxes. And especially if you're an employee, you need to figure out a way for the IRS to take less from you legally,” she said.
That said, always make sure you check the tax professional’s credentials, fees and history before hiring them.
5. An 'Exit Fund'
Most people save money to start things. Sanchez recommended also saving money to leave them. An exit fund can come in handy when you want to break a lease, end a contract or walk away from a bad business relationship. “Before you commit to anything, price out exactly what it costs to undo it,” she said.
6. Better Food
Health is wealth. When you make more money, spend it on high-quality food that’s actually healthy for you. And if you don’t have time to prepare your food, paying for meal prep or delivery can be worth it if it buys back both your time and energy.
7. An Assistant
Sanchez considers delegation one of the best upgrades entrepreneurs can make because it can save you time on tasks you don’t have the energy or knowledge for. You don’t always need a full-time executive assistant. A few hours of virtual assistance may be enough to start.
Sanchez suggested calculating your buyback rate, which is around half your hourly income. If you can outsource a task for less than that amount, it may be worth paying someone else to do it.
8. Your Sleep
“Tired people make expensive decisions,” Sanchez said. Without quality sleep, you could also suffer mood changes, a higher risk of health issues and an inability to concentrate. If you’re struggling to get quality sleep, Sanchez recommended investing in a more comfortable mattress, earplugs and an eye mask.
9. Your Skills
Sanchez said the more often you’ll use a skill, the more valuable it may be to invest in learning it. For example, if you want to become a better real estate agent, improving your sales and negotiation skills could pay off every time you pitch a client, negotiate a deal or close a sale.
10. Time
Almost every upgrade on Sanchez’s list comes back to one thing: time. She pays people to handle tasks ranging from cooking to beauty appointments so she can concentrate on work and relationships.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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