A short, sweat and simple post. My top 5 tips to maximise your own wealth:
1 – Take the maximum employer pension contribution that you can. If you are saving for retirement it’s a no brainier that you would have the maximum employer contribution to your pension, it’s basically free money.
2 – Pay yourself first. It’s no use saving what is left over each month, remove your savings from your bank account automatically each month after pay day. Then have it set up to auto invest. This is essentially dollar cost averaging investing and over time is very effective.
3 – Budget your expenses and stick to it. I don’t mean to the penny, but if you are consistently 100 dollars out each month you are possibly not being honest with yourself about your spending patterns. There are many great apps available to assist. It will also show you how much you can save each month.
4 – Pay off costly unsecured debt. There is no point earning a return on your savings of 5% if your credit card is charging you 10%. Focus on the highest cost debt first and pay it down as soon as possible.
5 – Start now. The best time to start saving & investing is now. There is no benefit waiting until next month or payday, you need to start!