Yes, I know, there is more to life than money, and I completely agree with you. There are millions of things better than cash, but from one rags to riches gal to another… money and happiness isn’t a bad goal.
As two entrepreneurs, over years my husband and I have cautiously grown our wealth, not through wild investment schemes, but through logic and will power. Check out my tips below:
1. Stop buying stuff you don’t need.
Seriously. If you don’t need it (and you don’t, trust me), stop buying it. Focus on necessities as a hard fix to an out of control spending habit. Another tip here is: if you can’t afford it, don’t buy it. And, if you don’t KNOW if you can afford it, you can’t. It’s easy to geek out on the newest tech toys for your business BUT DO YOU NEED IT? For example, do you need to pay bank fees each month? NO! With EQ Bank, a digital-only Canadian bank, you pay no monthly fees (even with no minimum balance and unlimited day-to-day transactions). Why pay to use your own money?
2. Follow the money.
Investigate and see what the opportunities are for increasing your income. This can be incredibly satisfying when you also decrease your expenses and suddenly BOOM you have more money. Consider regular rate increases and justify them by constantly providing more value to your customer. Your time is finite, but the amount of value you can provide is infinite if your time is spent strategically. You don’t want to waste time waiting in line at the bank either, so a digital bank that offers seamless online and mobile banking is best (like EQ Bank.) It’s even better when you can bank from home or your phone. Money you aren’t spending earns 2.3% in an EQ Bank Savings Plus Account (and that’s the rate for everyone, not just VIPs.) The right savings account and the right bank can help you save more money faster.
3. Get advice.
My first visit with a financial advisor was more uncomfortable than a Pap smear. It feels so intimate, someone asking these questions about your spending and earning. But, by opening our books and getting some advice we were able to not only better understand the financial markets, but make some smart decisions for our family and our growing businesses.
4. Diversify, baby!
As much as real estate is “hawt” be sure to put some added pennies elsewhere, into less sexy investments. It’s safe, stable and probably what will feed you when you are old and retired. As an entrepreneur, retirement planning is so important. Don’t make your kids responsible for your retirement because you didn’t plan for it. If you’re planning for retirement, you need to protect your investment not just by diversifying but also with how you stash your cash. You need a bank that will let you bank securely and safely from your desktop or mobile device. With EQ Bank, not only can you bank remotely, but your money (up to $100,000) is eligible for insurance by the Canada Deposit Insurance Corporation. It’s easy peasy when there’s no crazy fine print or hoops to jump through.
5. Where’s the catch?
If it sounds too good to be true, it is. There are all sorts of ways to fast cash, and most of them will lead you to jail. While that could be an exciting way to cover your retirement costs, I’m thinking this is the time in your life you should be pretty stead fast and boring. Know what you and your business stand for, or you will fall for anything. Unlike get rich quick schemes, EQ Bank’s Savings Plus Account doesn’t have a catch – no minimum balances, no monthly fees and limits on your day-to-day transactions. You can also pay bills, move your money with 5 free Interac e-Transfers® per month or between EQ accounts instantly (for free) and track your savings. It might seem too good to be true, but it’s really is (an exception to the rule). Otherwise, stay the path friends, and you will see your reward.
I think the best thing to build wealth is to be honest and transparent about where we are on the journey. Don’t kid yourself, and take a good look at your finances. Train yourself to live within your means and you may just end up with more than you need.
As a special treat for my readers to get your summer savings started, new accounts opened have the chance to win one of 10 $150 deposits into your new savings account! That’s money that can be spent on supplies for our business we DO need.
This post was sponsored by EQ Bank, but all opinions are my own.