Financial Freedom: How to Make Your Money Work for You
Tuesday, August 8, 2017, 6:00 PM | Leave Comment
To make your money work for you, you first need some cash on hand. Whether this comes in the form of a large monthly paycheck, a nest egg or significant retirement savings is a personal matter.
What is important is to uncover all this sleepy money and to put it to work.
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Start a Monthly Budget
While a budget is a bit of a basic practice, it is incredible how few people make use of this tool.
Creating a zero-dollar budget is a good way to keep track of exactly how much money is coming in and where every dollar is going.
Once individuals see how their money is being used, they can find ways to put more into savings or investments.
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Cash in on Credit Card Rewards
While this may not be a way to make major money, it is a great way for those who do not have large savings but who do have regular bills to make the money they do use work for them.
The key is to pay off the credit card bill in full each month. Choose a card that offers at least one percent cash back or that offers rewards to a store where one regularly shops.
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Hire a Wealth Manager
Investments, Roth IRA, stocks and retirement accounts can create headaches for most people.
Hiring a wealth manager who can shed light on these matters and who can stay abreast of economic trends can lead to significant returns.
Professionals, like those at Trajan Wealth, know how advantageous this can be when planning your financial future. This manager can make regular changes in investments to ensure the highest yields.
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Target Savings
For those who do not have enough to open large investment accounts but who do have small savings, opening a high-yield savings account can be helpful.
These accounts usually have stringent rules, but they can give returns of several times the amount that a regular savings account would.
Of course, it is better to store money in any type of savings account rather than a checking account with no interest.
Now that money is working hard with very little monthly input from the individual, it is time to determine how to use the extra earnings.
Those nearing retirement age may want to squirrel it away into retirement accounts managed by professionals to ensure a comfortable retirement with plenty of savings for possible health care expenses.
By going beyond the basics and using the financial options open to individuals in the U.S., one’s money and investments can blossom and grow.
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Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.
