Try these money hacks, because who knows, you might strike it rich by investing in the next Bitcoin, or not to even mention…GameStop.
But with everything happening in the world and a pandemic on the loose, it might be wiser to be prudent with your hard-earned money. However, becoming rich – albeit is a culmination of many other factors – isn’t all that impossible. It’s largely a matter of knowing what to do with your money and how to grow it.
Here are 5 creative hacks to grow your wealth today.
1. Invest early and often
Thanks to the rise of robo-advisers and online trading platforms, even beginners can start investing from as little as $100.
Check out online investing services like StashAway, which completely automates all your trades for you – and with no minimum investment! And if you’re worried about high fees and hidden charges scamming your money, you’ll be pleased to know everything is transparent and upfront.
How does investing make you rich? Two words: compounding interest. Basically, the longer you invest, the faster your money grows. That’s why how early you invest is more important than how much you invest.
Don’t wait, because investing early and often dramatically increases your chances of getting rich.
2. Pick startups and buy stocks
The latest app keeping you glued to your mobile screen could be the next big thing in the red-hot technology sector, and a timely investment could boost your wealth by no small fortune.
Admittedly, this strategy might not produce results for everyone. For example, Whatsapp and Instagram are two runaway successes that nobody saw coming. Plus, the addition of new startups every other week doesn’t make picking winners any easier.
But, strive to be shrewd and selective. Experience, instinct and a little bit of luck will go a long way in finding that big payoff.
3. Learn a new language
With globalisation now a way of life, the demand for multilingual professionals is on the rise. You should take advantage of this trend to give yourself a leg up in your chosen industry.
Attaining fluency in the language of a market that your employer is targeting is a good way to get yourself noticed, especially when the higher-ups need someone to head up a new overseas office.
You can also make use of your language mastery to move from a smaller SME to a global MNC. Such a switch will allow you to pick up valuable overseas work experience which will enrich you personally, professionally and financially.
4. Start a side hustle
If you really want to get rich, you need to widen the gap between what you spend and what you earn. And the most effective way to do this is to start a side hustle. Yes, that may mean sacrificing your weekends and evenings.
However, as you grow and establish your client network, you will start to settle into your niche. Ideally, aim for your side gig to boost your income by 30% to 50%. Most importantly, save or invest what you earn.
5. Exert your influence
As long as we have social media, brands will always hire influencers to tell us what to eat, drink, buy or do. We can’t help it; we’re hard-wired to “monkey see, monkey do”.
But, the era of the mega-influencer is waning, with consumer trust going on a decline. The model is evolving to favour micro-influencers — active social media users who inspire higher engagement and brand loyalty, despite having a smaller follower count.
Since anyone with 1,000 or so followers qualify as a micro-influencer, it means that it is now much easier for you to monetise your love of a particular brand or product.
Get it right and mini-celebdom awaits, along with some decent earnings to give your wealth a nice uplift.
By Chip Chen, August 2018 / Last updated by Jasia Shamdasani, June 2021