Reaching financial goals, whether short-term or long-term, require most people to come up with a wealth-building and savings plan. This can be difficult when living paycheck to paycheck or earning minimum wage. No matter your stage of life or how much debt you carry it’s important to find the right ways to lead a lifestyle within your financial means and to save as well. Here are some finance tips that should help you reach your goals.
1. Go on a spending fast.
A great way to prevent yourself from overspending and get a good look at your finances is to go on a spending fast. This means taking a break from spending money for a certain period of time, typically one month at a time. You’ll still need to pay your essential expenses such as housing, food, and recurring bills, but anything more is off limits. Being willing to live a minimalist lifestyle for a short period of time can make a positive difference in your checking account. A spending fast is a great way to help you evaluate spending habits and learn how to prioritize your money.
2. Become an investor.
You can either actively earn money by working for a paycheck or you can passively earn income through savings and investments. Investing in the stock market, real estate, stocks and bonds are great ways to build personal wealth. It might be a good idea to work with a financial advisor who can help you find the right type of investment and asset classes that maximizes your gains and limits your losses.
3. Look into alternative investments.
Diversifying your portfolio with alternative investments in assets like real estate, fine art, marine finance, consumer finance, litigation finance and commercial finance is a great way to put your money to hard work. Yieldstreet is a crowdfunding platform that offers individual investors exclusive access to alternative investment opportunities usually reserved for an accredited investor.
YieldStreet offers debt investments in five income-generating asset classes with a low correlation to the stock market. The investment platform has an originators’ network that provides loans backed by collateral from the borrower. Art finance connects art dealers and collectors with investors using art as collateral. Litigation finance allows you to invest in legal funds, while marine finance allows you to invest in vessel acquisition. Other investment options include real estate deals and commercial debt investment.
The minimum investment fee for any investment opportunity is between $5,000 – $10,000 and comes with an annual management fee that comes out of your interest payments. Conduct your due diligence by checking out Yieldstreet reviews to learn about the pros, cons, fee structure and risk of default of the different investment strategies the Yieldstreet platform offers.
4. Start a side hustle.
Expand your sources of income by starting a side hustle. Taking on an extra job that can be conducted from home is a great way to become your own boss. A great business opportunity for someone with a customer service orientation is to become a franchise owner, especially if you don’t want to have to do all the work of launching a business from scratch. The UPS Store Franchise business model is a good fit for potential franchisees from all walks of life.
The world-class postal service offers franchising opportunities across the United States with variable franchise fees depending on the type of business model a franchisee opens and the site selection. The package delivery company offers low-cost franchise options to franchisees with a minimum of $60,000 in liquid assets. Find the best franchise opportunity available with UPS Store Franchise and take the next step in becoming a business owner.
5. Take advantage of free money.
Families with low income may qualify for an Earned Income Tax Credit which can be a significant tax refund that puts more of your income back in your pocket. Take advantage of free money whenever possible. Most employers offer a 401(k) plan that provides a company match of your contribution up to a certain percentage. A company contribution is essentially free money towards your retirement fund.
Saving money and possibly making money is feasible no matter what your annual income is. All it takes is an understanding what your financial priorities are and a willingness to develop habits that help you save more.