5 Habits That Drive Your Financial Growth
Unless you’re in the small percentile of people who are have received a large inheritance or trust fund or won the lottery, you need to build your wealth from scratch.
5 Habits That Drive Your Financial Growth
Unless you’re in the small percentile of people who are have received a large inheritance or trust fund or won the lottery, you need to build your wealth from scratch.
And, that’s not the easiest of goals. If you develop the following 5 habits, you will be able to drive your financial growth to the finish line.
1. Make your health a priority.
Finances and health are nearly impossible to separate When you're healthy, you're less likely to get sick and miss work. If you skip a day of work, you're not making any money, or at least your employer won't be happy with it.
2. Build a solid cash reserve.
Having a cash reserve for these types of emergencies gives you peace of mind. And, more importantly, it helps prevent you from getting buried under debt.
3. Use debt strategically
Not all debt is bad. For example, if you plan on buying a car or home you'll need good credit. So, applying for a credit card and using it responsibly can achieve this goal.
4. Have an organized investment plan
Investing and retirement planning actually go hand-in-hand! Investing is a tool to build wealth. Retirement is an inevitable phase of life that requires wealth.
5. Seek out other income streams
Having several different income streams can be extremely beneficial. For starters, if you lost one source of income you can fall back on the others.
