Looking to grow your wealth? 📈 Wondering how to increase your financial portfolio? 💰 Discover expert tips for enhancing your wealth and financial well-being! 💡
Easy Ways to Grow Your Wealth:
– Invest in diverse assets such as stocks, real estate, and bonds
– Start a side hustle or passive income stream
– Save consistently and budget wisely
– Take advantage of employer-sponsored retirement accounts
– Seek professional financial advice and planning
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Woah, you’re over contributing to IRA. Adjust. ADJUST!!! Suits gonna get ya!!!!!!!!
learn more from invest masters and do some investment, once you succeed, your wealth will grow.
doing your own business, it can help you grow your wealth.
Have income
Buy assets that appreciate over time.
For any assets that depreciate over time keep the costs on these low.
If you are spending less than you earn you should be able to accumulate.
Mind sharing how you dropped your home owners/ auto insurance and what the old and new costs were/are? I’ve been trying to get a price point in mine for a while
churning credit cards, manufacture spending
Invest in an S&P 500 index fund every month like your life depends on it
Pay off the car asap and invest the rest
Why do you need a $15k auto loan? That is not helping you grow your wealth.
If you’re interested in churning credit cards for bonuses, you can do that easily since Amex waives annual fees. There’s multiple amex products, but in general the military guys I know get the premium 4-5 amex cards (Amex Platinum, Amex Business Platinum, Charles Schwab Amex Platinum, etc) with 100,000 point sign-up bonuses. You can transfer all these points to a Schwab at 1.1 cents/point or about $1,100 per credit card, so could be $4k-$5k. You don’t pay any annual fee being in the military so its a nice perk to take advantage of.
Keep investing and saving in your TSP no matter what in *mostly* diversified U.S. equity funds/ETFs. Fixed income and other diversification has its place, but diversified U.S. equities are a “sweet spot” for long term 10, 15, 20+ year wealth building over the long run if you don’t let the down markets shake you and you keep at it.
Your credit is already helping you with your 2.75% mortgage and will mostly just help you over your life by getting lower interest rates.
As my father used to say many years ago, “that and a quarter will get you a cup of coffee in a cheap place”.
Which is to say good credit buys you nothing and you can’t convert it into wealth. All good credit means is that you can get loans at the best terms, but that still doesn’t mean they’re free.
To build wealth, it takes money and time. Automatically invest a healthy amount each month in index mutual funds and forget about it.
Also, you said you’re putting $806/mo into an IRA. If you really mean TSP, then well done. If you do actually mean IRA though, doing that much every month all year will put you well beyond the maximum the IRS allows.