Finance Quick Answers
I want to increase my wealth. Any suggestions?
Increasing your wealth over the next few years is not as difficult as it may seem. All it requires are a few simple strategies and a little determination on your part. To help improve your financial situation, you might want to try these tactics:
- Make a commitment to pay off the balances on your credit cards;
- Pay yourself first by arranging to save 5 percent of your gross income each pay period;
- Refinance your old mortgage;
- Maximize your contributions to your 401(k) plan;
- Remember your Individual Retirement Account;
- Get rid of financial and non-financial assets that no longer fit with your goals;
- And never forget: money is not the only way to be rich. The greatest wealth of all comes from your relationships with family and friends!
For some cost-cutting ideas, see Small Amounts Add Up.
Source: CFE inTOUCH March 1998
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
Last update: Saturday, July 26, 2008