Building wealth is extremely hard for most people and it’s time to make that end and realize 2020 was probably the worst year that can happen. Here we will talk about 5 money goals for 2021 and you can be able to achieve and start creating wealth.
Here we will give some realistic ways that can help you save money and hopefully use that money to invest in making you more money. Let’s be honest, 2020 was probably the worst year for most people and when it came to saving money everyone started to panic, and here we will give you advice and start to save your money.
Before we continue, be sure to check out “The 8 best investments in your 20s”. Highly suggest taking a look at if you make your money even more money.
Disclaimer: I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
Improve Credit Card
Probably one of the most important tools to have if you understand how to use one. Believe it or not, most people don’t even understand how to use a credit card which causes them to be in debt. Credit cards can actually be very helpful for example trying to get a loan from the bank to be able to have a margate for a house.
I strongly suggest paying off any debt that is not giving you any benefits. The main goal I suggest having for 2021 is 750+ but if you already have that I suggest keeping building up your credit score.
Here are two main reason
- Rewards – Earn discounts, rebates, gift cards, travel for free, and much more
- Build credit history – Have the ability for loans, mortgages, and rental payments
Create a budget
A great way to save money is by budgeting and tracking your spending. Overall most people were spending like crazy in 2020 buying food and toilet paper at a crazy price. Everyone can benefit from budgeting even if you can save a bit more money you can use that money to invest.
I highly recommend starting to budget right now. I personally recommend checking out the 50/20/30 rule, almost everyone who wants to start budgeting starts with this rule. You can change this however depending on your income and it’s one that girltalkwithfo strongly suggests.
Stop being cheap with the wrong things
Let’s face it, almost everyone has bought something so cheap that eventually, they have to buy a new one. There are some appliances you should not cheap out on for example refrigerators, clothes, washers, and dryers are mainly some items you should not cheap.
I highly recommend making sure if the item is a great purchase for example clothes, sometimes the quality can get ruined after a couple of times being in the washer.
Index Fund
Investing in an Index fund can really make you more money. For example, once you create a budgeting plan you will use 20 percent of your income to invest in an Index fund or invest in individual stocks. One main reason to invest in an index fund is not taking so much risk to an individual stock.
Also you can invest into multiple companies by a small percentage is a great way to start creating passive income for beginners.
Hire a CPA
This is a must-do if you really want to save money. After all, taxes play a big role when it comes to taking your money. Hiring a good CPA can help you save money that could have been avoided earlier. I strongly suggest finding the perfect person who is going to check over your taxes.
Conclusion
Overall I highly suggest starting working on these 5 money goals for 2021 since building wealth can lead to multiple opportunities. Also, be sure to check out more from linxtro to find out the best ways to invest and make money online.
Creating wealth is something everyone can achieve with the right mindset. Be sure to check out more articles and YouTube videos about personal finance.