When it comes to growing your wealth, there is often the presumption that you need to have extensive knowledge of financial instruments, confusing graphs, and financial markets in order to succeed. But that isn’t always the case. You can begin growing your wealth by doing simple lifehacks that allow you to build your bank account bit by bit.
- Money is a resource, treat it as such
A lot of people have a skewed perception when it comes to money. Often, people consider money as the ‘objective’ instead of the ‘tool’, forgetting that it is merely the resource that you use to obtain what you want. One of the keys to increasing your wealth is changing your perspective of money – from seeing it as a ‘goal’ to seeing it as a ‘resource.’ When you view money as the goal, there will always be the danger of being a slave to it, consumed by greed and the desire to want more of it. When you think of money as a resource to enjoy something, like a dream vacation or a business you have long planned on establishing, you are more likely to make rational financial decisions.
- Set your priorities
What is it that you really want – to look wealthy or to be wealthy? Due to the cultural phenomenon that is social media, more and more people are wanting to appear wealthy amongst their peers – just for the likes. Dining at posh restaurants – just for the likes. Going on luxury cruises – just for the likes. If you want to be truly wealthy, and not just appear wealthy, understand your priorities. You don’t need wealth management software to tell you where you need to be allocating your money. Simple everyday decisions such as putting a portion of your monthly salary into a savings account instead of treating yourself to a luxurious spa could help you grow your wealth over time.
- Expand your horizons
You can’t expect to have more if you can’t offer more. If you want to increase your wealth, first you must increase your value. For example, instead of spending your idle time binge watching a television series or playing video games, try to enhance yourself and build your knowledge bank. If you have time to spend on the weekends, you can take up online courses or learn something new. Your personal time is a resource that should be utilised efficiently. You can listen to audiobooks while on your commute or in the shower. You can also explore new means of building your wealth, such as foreign exchange trading. To learn more about that, visit maxmarginfx.com today.
The UAE real estate market has gone through some challenges recently, experiencing drops in sale prices and rental rates in 2016. This decline has been attributed to reduced demand for accommodation. However, analysts are saying that the market is likely to see an uptick in 2017, as developers look to accelerate their construction projects in time for Expo 2020. This presents a unique opportunity for real estate investors to grow their portfolio. At the same time, it opens a door for new investors to penetrate the real estate market, while the prices are low. If you are looking to make a real estate investment in the UAE this 2017, here are a few tips you could use to help you make the smart financial choice.
- Location, Location, Location
When investing in real estate, location is one of the most important factors for you to consider. The location of a property can have a significant impact on the growth of its value in the long term. Check the quality of the neighbourhood, the surrounding facilities, if there are good schools nearby, the availability of modern necessities, and the like. A property in a good location is likely to grow in value as demand starts to pick up.
One old adage that still works today is this: buy the worst house in the best street. This allows you to build your equity over time, thus growing the value of your investment. If you pick a good location, prices in your market will increase over time, without any effort on your part. However, if you want to actively build your equity, you can do so by investing in improvements that increase the value of the property. There are numerous ways to do this, including improving the energy efficiency of the property and developing its landscape. another way to build equity is to keep the property in excellent condition through regular upkeep.
- Credit Report Check
If it is your first time investing in real estate, you will likely need a real estate loan from the bank. Thus, it is important to have an immaculate credit report before you take the plunge and invest in real estate. If you have red marks on your credit report that are errors in reporting, then it is best to have them addressed immediately. On the other hand, if you have legitimate red marks on your report, then you must improve your standing before you apply for a loan.
Banks are more apprehensive towards lending a loan for a home that is not your private residence as compared to a home loan for property that you will be living in.
If you are in need of legal advice from a real estate lawyer for your upcoming real estate investment, go to this website today.
Running a business can be stressful, no matter what size it is. But you know what is even more stressful? Making sure that you are on top of your business expenditure. This is dissuading people from starting their own business.
But you don’t have to be a math genius to be on top of your business expenses. By arming yourself with the right knowledge and discipline, tracking your business accounting can be less daunting.
- Set up your bank accounts
Yes, you read it right. Opening several accounts for your business can be an advantage. As the old adage goes, do not put all your eggs in one basket. Set up a bank account for savings and another one for other expenditures. You can put a percentage of your business income into the expenditures account and deposit the rest in your savings account. Be sure to activate its online settings so you can transfer money electronically if needed.
- Do not mix personal expenses with business
The downfall of most businesses is they use business funds for personal matters. This can cause financial instability. As much as possible, keep your hands off your business income. It will save you not only from going through a horrendous accounting mix up, but also from potential bankruptcy.
- Keep track of your business expenses
This can be a handful since you have to list down every business-related purchase or expense. But once you get the hang of it, it can be pretty useful to you. You can see what purchases take up majority of your business income and you can come up with a plan to cut corners. Be diligent in reporting any expenses to your finance officer or accountant. If you are handling your business on your own, create a internal system.
- Invest on a good payroll system
If you have a couple of people working under you, it can pretty stressful during payday if you don’t have a payroll system. A payroll system makes it easier for you to compute and allocate the salaries of your employees and lessen human errors on computations. Get one that suits your business needs. There are free payroll software platforms that you can use if you don’t have the budget for it.
- Be mindful of your calendar
Some business owners pay a hefty price for forgetting the tax month. Penalties usually cost more than you think. Be sure to set reminders so you will know when to prepare your tax papers and when to pay your suppliers.