Everyone would love to have more money in their bank accounts, and increasing personal wealth remains the primary objective of many young people.
Whether you want to have more cash to spend, invest in property, or have more to save for retirement, there are numerous ways to get yourself more money.
If you’re interested in increasing your personal wealth, here are five top tips for mastering the art of finding more money for yourself.
1. Put Money Into Savings Accounts
Finding an excellent savings account is like finding a new best friend. Never underestimate how far your money can go.
By saving little and often into your savings account, you can achieve additional income from your accumulated interest.
If you want to find a savings account with a high interest rate, you can use tools like Money Supermarket to compare different accounts to find the best interest rates.
2. Obtain a New House and Rent Out or Sell
Having rental income as part of your monthly budgeting can give you a huge boost to your personal wealth.
If you want to obtain a home you can rent or sell with ease, why not enter a raffle draw to win a home with companies like Raffle House? You could win a luxury home in the most luxurious locations such as the Cotswolds. By renting or selling, you could bolster your savings to increase your personal wealth dramatically.
3. Invest Into the Stock Market
The stock market is a tool that can be used to grow personal wealth, but should be used with caution, as the market can frequently fluctuate and you can lose the money you have invested.
Knowing the stock market inside out and ensuring that you can invest sensibly will take you far. You may wish to speak to a financial advisor about how to use the stock market, and what to do if you lose your money.
4. Educate Yourself Using Financial Literature
Some of the biggest financial brains have written books about investing money, saving money, and how to make the most out of transferring wealth between banks.
Bookshops like Waterstones offer a huge range of books on financial literacy both in-store and online. Whether you’re looking for tips to pay off debt, maximise your savings, open an ISA, or save for your retirement, a bookseller will be able to assist you with finding the perfect book for what you need.
5. Start a Side Hustle
If you’re hoping to scrape together some extra cash, starting a side hustle can enable you to earn money on the side with minimal effort.
If you have a crafty side, why not try opening an Etsy shop? On a platform where all your payments, listings and communications can be grouped into one, it’s never been easier to buy and sell online.
Alternatively, you could sell your household items on online marketplaces to get some spare cash. Whether you’ve got some barely worn clothes, children’s toys that have been outgrown, shoes that no longer fit or unwanted gifts, selling them online could create treasure for others.
