Not a day passes currently without at least one bleak news story in the press about the economy. If it’s not energy prices, it’s inflation or jobs. Or the dreaded word: taxes. It can leave most of us stressed with money worries.
So perhaps it’s time to switch off the news and focus on how you can grow your wealth in this up and down economy instead. Here is our list of suggestions to help you discover the best way to grow wealth in 2022.
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Start a Side Hustle
There are many ways you can boost your income online in your spare time. If you are artistic, you could start an Etsy store. Or you join a freelancing site to sell your expertise, such as website development or writing.
Alternatively, why not start a small blog and earn a side income from affiliate marketing or advertising?
Perhaps you love being in front of the camera. In that case, you could become a social media influencer—influencers promote products from brands on social media in exchange for a fee.
Pay Off Expensive Debts
Credit cards and short-term loans have very high-interest rates.
And for high debts, if you are paying the minimum amount, it may take years to clear. That means you potentially spend thousands of dollars on interest charges, which you could spend elsewhere!
So you should control spending and reduce debt as your priority. Start repaying your debts in the order of interest rates, clearing the highest rate first.
Once you’ve paid off your debt, you can try approaching your financing using the infinite banking model. You can learn more about this financial technique at Paradigm Life.
Buy an Investment Property
People will always need homes. While the real estate market fluctuates considerably during economic downturns, the property market has consistently shown to be a wise long-term investment.
If you have the money, buy an investment property in a popular tourist location and rent it on a website like Airbnb. Alternatively, buy cheap houses in need of repair, renovate them and flip them for a profit.
Try Crypto Trading
The crypto market might be volatile, but it could be a wise investment if you time your purchases right. Some traders make a full-time wage trading these currencies each day.
But this is a tough market. You’ll need to do your research before parting with your money, and don’t invest more than you can risk losing!
Learn About the Stock Market
If crypto seems a little too much of an adrenaline rush, you could follow in the footsteps of people like warren buffet and learn how to invest in the stock market.
You’ll still need to learn the ropes. Still, the market is less risky than crypto and offers generous returns for talented investors.
Connect with a trading community online if you choose this route. Getting advice from those with experience will stop you from making rookie errors that could cost you thousands.
The Best Way to Grow Wealth
Don’t wait for the economy to collapse on top of you and your family. Now is the time to be proactive and take an active path towards a wealthy future. The best way to grow wealth is listed here, so get started today.
And if your plan involves investments, check out our recommended strategies in our finance section.