1 Million Dollars Just Is Not That Much Anymore!
If your financial goals include the illusive quest to feel wealthy, a recent report says that one million dollars won’t cut it any more. Feeling wealthy is subjective of course, but most people define it as the ability to live without financial constraints and that’s a luxury with an ever increasing price tag.
According to UBS investor watch the threshold to feel wealthy has risen to 5 million dollars in investable assets. But, don’t let that number discourage you.
Regardless of your current financial situation there are 5 main steps you can take in order to increase your net worth.
- What’s your number: It helps to set a specific goal. Money is just math after all and if you know how much you want to accumulate, you need to work backwards in order to create a plan to achieve your goal.
- Earn money: For example, if your overdue for a raise sharpen your negotiation skills and set up a meeting with your boss.
- Save consistently: No one ever got rich from spending freely so keep that in mind.
- Invest wisely: investing is a very important part of achieving wealth and accumulating your financial security. Be excessive where you can but don’t let risk outweigh your numbers.
- Reduce debt: growing account balances are only part of the picture. To increase your net worth you also have to decrease the amount of debt you have.