Five Ways to Boost Your Wealth

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The time is now to strategise your financial security into the future…

Invest in yourself

Think about this: employment is someone buying your time, so make yourself worth as much as possible. That can mean advancing your tertiary education or taking a class to learn a new skill, but even on an everyday level, it means absorbing information like a sponge — seek out a meeting with a manager or mentor you trust and admire, expand your perspective by reading fiction and listening to podcasts on your morning commute, and keep fit — it exercises the mind as well as the body.

Develop multiple income streams

Millionaires don’t keep all their eggs in one basket — they insulate themselves from economic downturns by developing several streams of income. You already have one primary source of income — your job — but start a side hustle to expand your means — that might be using your savings to invest in the shares or property, developing a side business, or finding some freelance or consulting work.

Get defensive

You can improve your finances by attacking — raking in more cash or investing in shares or real estate — but what about defence? Put everything you purchase under the microscope — is that $5000 you’re planning to use on a Rolex better spent on the stock market? Can that $300 dinner be better used elsewhere in your budget? You don’t need to swear a vow of poverty and subsist on peanut butter sandwiches but discipline is important.

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And decisive

Steve Jobs wore the same outfit everyday, Anderson Cooper eats nothing but the same meal for months at a time, Barack Obama rarely departed from a blue or grey suit with a white shirt. Why? “I’m trying to pare down decisions,” the ex-President said in 2012. “I don’t want to make decisions about what I’m eating or wearing because I have too many other decisions to make.” Successful men ward off decision fatigue because indecision is a cancer that eats away at productivity — reach decisions quickly then strive to execute them.

Set goals

Grab a pen and paper and actually jot them down — that big European holiday, paying off your mortgage, the age at which you want to retire. What’s your timeline, and how are you going to get there? Setting out those milestones creates a game plan that you can stick too. Or, hey, marry into money — whatever works for you.

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