Key Takeaways
- Create a budget that reduces financial waste.
- Lower the interest rates on existing debt.
- Add to your income sources, so you have more money to save and invest.
- Use technology to make the asset building process efficient and easy.
With inflation continuing to take a toll on household cash flows, getting financially ahead can feel almost impossible. But by implementing even a few smart strategies you can boost your net worth faster than you may think, even in tough economic conditions.
If your aim is to create a secure nest egg, you’re not alone. A 2023 study by financial services company Empower found that 56% of people have financial goals, and 92% of them believe they can achieve them at certain life stages.
While the process of saving and investing is simple on the surface, getting started and maintaining progress can be a challenge. As motivation, here are nine ways to grow your assets in 2024 – and in years to come.
1. Minimize Spending Waste
Almost everybody wastes money from time to time, but every dollar you spend on something that isn’t important is a dollar you don’t save for something that is. It’s time to refine your cash flow so you can keep waste to an absolute minimum.
Develop an individualized, flexible budget. It will enable you to make key decisions, like cutting unnecessary subscription services or reducing the number of meals you eat out of the home. With a personalized budget, you will free up cash today that you can save and…
