In a short series of tweets
We are create new years resolutions but what about for those who want to finally create their financially secure self and begin building wealth. There are some small things that you can start doing today that will eventually compound to creating great wealth.
1. Switch banks if you have to
It is 2021. Stop paying maintenance fees. Also, remember banks are not your friends they are a business and have to make money in some way. I will not go into depth in how they make money but just know that there are free bank accounts.
These fees are preventing you from building wealth, especially if it is the kind of fees that cause you to have a negative bank balance. Keeping an eye on your account can help you to do this and prevent you from being taken advantage by big banks.
2. Get a cheaper phone plan
There are so many cheaper options. Believe me.
3. 1999 called, they want their cable and satellite back
Be careful with the streaming services though. If you get too many it can cost the same as cable. Or you can do it the millennial way where you and your friends each get one and then you share the passwords. So everyone has access.
4. Invest in your future
Time to start building wealth and taking advantage of any 401K match.
5. If you have a pension, take a look at it.
I had to actually make sure about mine. Depending on your pension a portion might automatically be invested. Make sure it is in something you want.
6. Pay yourself first
This is perfect for those who have low incomes. I have had one for years, and I know how hard it is to scrape a $5 together to save. However, you have to start somewhere. When you are able to put it in an account make sure it is *FREE* and better yet a High Yield Savings Account (HYSA). There are many and the interest rates are higher in the online banks.
7. Take advantage of credit card offers
As long as you pay your card in full every month and you use it like a debit card, you can earn money back on things you were going to buy. This is a form of credit card hacking. There are many different types. I prefer the cash back form rather than the travel form.