15 Ways to Rocket your Net Worth to The Moon

15 Ways to Rocket your Net Worth to The Moon


Your net worth is THE measuring stick for your wealth.

Simply put, your net worth equals your assets minus your liabilities.

Keep increasing your assets and decreasing your liabilities.

Wealth will be yours.

1. Start tracking it

What gets measured gets improved. Add up your assets and liabilities. Some examples:

Assets:

-IRA

-Cash

-Home value

-Brokerage account

Liabilities:

-Mortgage

-Credit cards

-Student loans

I like calculating mine quarterly.

2. Set up a budget

You need to be efficient with your money.

And a budget is the best way.

Track your expenses from the last few months to see where everything is going.

3. Eliminate large expenses

Take a big bite out of your expenses by doing something crazy.

Like downsizing your too big house. Or getting rid of your unnecessary second car.

Be real with yourself and make a bold move if that's what it's going to take.

4. Get your 401k match 

Most companies offer a 401k match, even if you're a part-time employee.

No reason to NOT get this. It's not usually a large contribution and it's an automatic 100% return on your money.

Every little bit counts for your net worth.

5. Pay off high-interest debt ASAP

This usually means credit cards. Letting a debt slide with a 15-20% interest rate is just madness.

Debt like this is chipping away at your net worth pretty fast. Make paying it off a priority.

6. Stop using credit cards...for now.

You know those credit cards you're trying to pay off? Stop using them.

I love credit cards for the signup bonuses, but they make most people spend more than they normally would. It's a fact.

Consider a rewards card after the debt is gone.

7. Refinance your debts to a lower interest rate

This includes your mortgage, student loans, and auto loans.

Many companies can do this online with little or no cost including Sofi, Earnest and Credible.

Lower interest rate=lower debt=higher net worth.

8. List your debts. Attack the highest interest one first.

This is the Avalanche Method. When it comes to increasing your net worth, this is the most efficient way to pay off debt.

Once you're done with the highest interest debt, roll that payment into the next highest one.

9. Make biweekly mortgage payments

Mortgage lenders usually do monthly payments. That's 12 payments a year.

Each year has 52 weeks. Biweekly payments will allow you to make 26 payments. Which is like an extra monthly payment every year.

And you won't even feel the difference.

10. Stop consuming. Start creating.  

Limit how much you:

-Dine out

-Watch TV

-Scroll social media

These are time and money wasting activities that will take you off the path to wealth.

Instead, be mindful of your time and focus on creating a new and abundant self.

11. Start investing with tax friendly accounts like a 401k or Roth IRA

Unpopular opinion:

It's actually a good thing the government restricts when you can take money out. 

It takes away your ability to pull out investments early. Which will kill your returns.

12. Invest mainly with index funds

Index funds will provide great returns with very low fees.

A great way to keep increasing your net worth over time.

13. Ask for a raise or find a new job

The quickest way to get a raise is to switch companies.

Get a competing offer and you may be surprised at how much companies are willing to pay to lure away talent.

A big increase in salary will supercharge your net worth.

14. Learn a new skill and monetize it

Don't rest on your laurels. There are always new skills to learn that can pay off big.

In our digital age, it's clear what people will pay big money for:

-Copywriting

-Social media

-Email marketing

-Website and funnel design

15. Always pay yourself first

You are bombarded by ads everywhere you go. 

Everyone wants a piece of your money.

Pay yourself first and let them have the scraps. 

Invest and pay off debt right away to boost your net worth. And keep repeating the cycle Universal recycling symbol


Location: New York, NY, USA

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