If your not increasing your networth by 3% each year then you are actually losing value. Inflation is what comes into play here as governments continue to print more and more money they value of your paper dollar loses its buying power.

In this post I would like to go over ways that increase and decrease your net worth and try and help you stay ahead of the game. Lets dive in!

• Please remember this is my own opinion and not professional advice please always consider the risks when investing and using your money or seek professional advice from a licensed professional.

📈 Ways To Increase Your Net worth

🔆 Stocks and Stocks that pay dividends - Dividends stocks have always been a great place to go when looking for a stock option investment. Not only do you hold the value of the stock but you also collect a dividend every 3 months that the company gives out. This can range anywhere from a few cents per stock to a few dollars. It is important to know that not all stocks offer dividends so take this into account when searching for a company you want to invest in. These dividends are subject to change (increasing or decreasing) Take a look at the current percent yield when buying a stock. REIT or real estate type stocks often pay a higher percent anywhere from 5% to 10% yearly however are considered higher risk they say a company such as ConocoPhillips a oil company but pays out 2.19% yearly at the current price)

🔆 Crypto currency - When you look at the massive gains here in crypto land you can see why it is so appealing to people right now. 1000% gains is truly life changing but with those high increases also comes big decreases which we have seen over the last two months.

🔆 Review your current assets such as primary and secondary residence, vacation properties, rental properties and collectibles this can give you a good idea of your current base networth.

🔆Use programs available to you such as a 401k to help you save. Saving money with a tax differed or lower tax rate can have massive effects on your overall networth. Things to look out for in such programs are fees, these fees can quickly eat away at any gains you might be earning so really sit back and look at where your 401k money is going and ask your employer about the current fees and if they can provide better lower options. A simple 1% yearly fee can end up costing you thousands of dollars saved over the course of your working years. Stay on top of your game.

🔆Start up a hobby or small side job (Such as steemit!) These are quick things you can do every day by investing a hour or two of your time but doing something you enjoy and earning a profit for it.

📉 Ways That Decrease Your Net worth

👎 Debt is one of the worst things you can have and as soon as you are debt free trust me your life is going to be much better off and your going to really start to look at things differently.

Things that would be considered debt you would want to pay out asap are
Credit cards,Mortgages and loans

👎Review your monthly costs, when you start to see what your paying for monthly there are things you can plan for and see what you can do without or do yourself saving costs and perhaps giving you some enjoyable time outside.

A few examples...

• Cutting Cable - $60-$120 a month or $720 - $1,440 a year
• Skipping the restaurants $75 - $200 a month (depending on amount of people you fee and places you go) $900 - $2,400 a year
• Cut grocery costs - $200 - $500 a month (depending on people your feeding) Coupons, special prices that day or week can really add up over time. $2,400 - $6,000 yearly

If you did all of the above you would be looking at roughly saving - $4,020 - $9,840 a year!

Now get out there and start planning and start growing your net worth starting today.

Small every day actions lead to massive change

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• Image Source: Guardian