In my previous post about increasing your net worth, I mainly focused on investment strategy. This post will be more general. You will find several tricks to improve your net worth by doing simple things.
Get an accountant
The best way to make more money is sometimes to spend it 😉 There are multiple ways to leverage your money and getting an accountant is one of them.
The accountant will help you out saving time. By not filling your tax report by your own, you will be able to free up a few hours that can be used for something else.
The accountant will also be in a better position to make you save money. You may be eligible for several tax credits that you don’t know. You may forget to us your 2008 capital losses against your 2005 capital gains (in Canada, you have the possibility to use capital losses against capital gains up to 3 years in the past and indefinitely in the future).
Save on energy
Power always been a major issue and should take more and more of you budget. Therefore, buying energy efficient appliances, electronic thermostats and hybrid cars will result into major savings. I was able to reduce my electricity bills by 10% simply by changing my thermostat and dropping the eating by a few degrees at night and while we are at work.
Develop Savings Habits
I was once unable to save money trough the classic monthly automated deposit into a savings account method. I don’t know about you, but I always had a good reason to take back the money I saved for “unexpected” and “absolutely relevant” expenses.
This is when I decided to buy an asset (a land at that time) with a personal loan. If you can afford a $250 monthly deposit, you can afford a $250 monthly payment on a personal loan. With interest being very low, you might be able to find another way to invest this money and make more than the interest charges. I know… it is leveraging but it worked in my case. So I am not telling you to take a low and investment it anywhere. However, you should consider this method to save money aside.
That’s it for now. Still have more ideas to come next week, have a great weekend!
|How I Suck at Not Paying Debts||Hitting 6 Figures Income at 28|
|How I Get a Huge Income Raise Each Year||Making $125K Online in 12 months|
|How I Buy Blogs||Most Debated Articles: The Primerica Saga|
|How I Have Survived My MBA||What is So Wrong With Making Money?|
|How I run multiples blogs and makes money without burning out|