5 Effortless Ways to Grow Your Money
Most people will laugh at you for thinking there are simple ways to increase your money; they simply haven’t done their research. If you want to grow the money you already have, or to expand your money-making options, you can choose from several methods. Read on to discover five effortless ways to make your money grow.
1. Forex trading
Generating a second income doesn’t have to mean dedicating hours and hours to a second job. Forex trading—trading currencies in the foreign exchange market—offers a versatile way to potentially increase your bank account, even for beginners. Attend a forex workshop with a reputable company such as Learn to Trade and equip yourself with as much knowledge as possible. This can help you maximise any possible returns, with significant profits a likely outcome.
2. Start sooner, not later
The earlier you start saving your money, the less you have to contribute monthly to reach your target. Sounds simple, right? For example, putting aside $500 a month for 15 years will give you $90,000 to invest in a high-interest savings account. If you only leave yourself eight years to save the same amount, you need to find more than $935 a month to put into savings to achieve a similar result. Get started earlier and you won’t notice the amount quietly accumulating in your savings.
3. Negotiate with your bank
If you have been a customer of the same financial institution for a number of years, or you do a lot of business with the one bank, it’s time to negotiate. Asking for a better rate on your home loan, personal loan, insurance or even your savings account can help to net you more money. While most financial institutions won’t openly advertise reducing their interest rate, you may be in a position to negotiate a better deal. It certainly never hurts to ask. You can also research other banks and find out if it is feasible to switch for a better deal—keep in mind that some lenders may charge fees for leaving a mortgage contract. As a general rule, online banks have better rates because of their low overheads.
4. Maximise your tax return
You pay thousands of dollars in tax every year, so claiming every single cent you can should be a priority when you want to grow your money. Claim as much as you can on any investment property by completing maintenance and repairs prior to the end of financial year. Keep a list of all of your deductions and their receipts. Talk to your accountant about the best options to maximise your return: they have the most knowledge of your situation and can offer solutions to better your bottom line.
5. Use your equity to invest more
Many people use property as an investment for their retirement. To grow your investment portfolio, use the equity in your current home loan to borrow and purchase investments. You can also use your equity to put money into shares. The majority of financial lenders will allow you to borrow more than half the value of your current property to invest (depending on your repayment history and financial circumstance).
These simple ideas can help to increase your wealth without compromising your current living conditions. What are some other easy ways to grow your money? Pop your answer in the comments section below.