Every year as the ball drops, millions of people all over the world begin dreaming of a whole new year and the better, richer, more abundant life that awaits.
Fast forward to year-end, however, and far fewer have actually made tangible progress towards their goals. In fact, a whopping 80% of people open their hands and let go of their New Year’s resolutions barely six weeks into the new year.
Why? Perhaps it is because most new year’s resolutions are born of last year’s frustrations, so the focus is on what remains lacking and the sense of failure surrounding that lack.
Or perhaps it is simply that, before new desired changes can take place, there must be new information to inform those changes.
In this article, learn new information about exciting investment strategies that really can help you achieve your financial goals for 2019!
Take Charge of Your Health
Guess what the number one New Year’s resolution was again this year? If you guessed “losing weight and getting in shape” you are the lucky winner!
Every year, this resolution tops the list on a nationwide basis. Yet our primary method for achieving this goal – dieting – has now amassed a lengthy rap sheet of proven failures. No matter what diet you try next, the statistics say you are likely doomed to fail.
So why does this top our list of positive investment strategies for 2019? It sits at number one for the simple reason that you are your most important investment!
Poor eating habits, lack of exercise, inadequate sleep, chronic low-grade allergies or illness and other signs of low self-investment translate to all other areas of life where you consistently fail to manifest the results you seek.
If you want your brain and body to be sharp and “on it” to pick the best investment strategies, trim expenses, boost profits and realize a consistently high rate of return, you are going to have to start with investing in yourself.
On a more practical note, being unhealthy is expensive on multiple levels. Statistics show that, on average, healthy people earn 28% more money than unhealthy people do over the course of their career.
Pay Off What You Owe
Here again, at first glance this strategy looks less like making money and more like spending it. But the truth is, the average adult now carries an estimated $38,000 in debt.
Debt can destroy your financial stability. Learn how to get out of it fast. In this video, Michelle Morar will teach you what you can do to get out of your financial obligations. She also explains how you can pay off your debts without breaking the bank. If you have a difficult time adjusting your finance, this video can help.
This is money you have already spent that now costs you even more money every day it remains unpaid.
If you want to free up cash to invest in your future and really grow your bottom line, you’ve got to first repay what you have already spent.
Give Yourself a Raise
What is your time, smarts and creativity worth? If your self-scrutiny reveals you feel under-compensated, you are in good company. Recent research indicates just 19% of workers today are happy with what they earn in any given year.
Inquiries about what it would take to reach the minimum salary satisfaction threshold reveal that most workers would need at least a $6,000 raise – and most have no idea how to get it.
If you work for an employer, you may need to take it upon yourself to make your own pitch for a raise to your boss. But don’t go in blind. Steer clear of approaching this topic from the perspective of value you’ve already provided that you feel inadequately compensated for to date.
Think like a boss and let your boss know how your raise will enhance their bottom line now and in the future. What kind of return on investment will you provide in return for an increased share of the spoils?
You may want to consider bolstering your appeal by returning to school, enrolling in a special certification course for your industry, learning a new technology or volunteering to tackle an especially tough internal project. With the right angle, you have a much better chance of bringing home a bigger paycheck in the months that follow.
Another way to give yourself a raise is to develop a part-time gig, side hustle, whatever you want to call it, on nights or weekends. Perhaps you have other talents that are going to waste in your current position. Put them to work on the side and see what the fruits of your labor might be worth!
Rethink Your Current Investment Strategy
“All intelligent investing is value investing. Acquiring more that you are paying for. You must value the business in order to value the stock.” – Charlie Munger
What are your thoughts on the stock market? Have you ever considered real estate as an investment (not just a roof over your head)? If your primary investing strategy revolves around your savings account and a mutual fund or two, it may be time for an investing strategy overhaul.
For comparison purposes, take a look at how the ultra-rich (those who are worth at least $30 million and up) invest. Real estate, private and public stocks, national and international diversification, art, tangible and intangible assets and a concrete save-to-invest strategy are each part of the ultra-wealthy investor’s short and long-term strategy to grow what they have.
It is true that just the thought of investing in today’s volatile stock market can make a risk-averse investor queasy. Here, the key is to balance your exposure to risk according to what stage of your investing life you are in and how liquid you need your resources to remain. General investing wisdom suggests that the earlier you are in your career, the more easily you can bear some short-term risk in exchange for long-term reward.
Don’t Forget About Your 401K
“An investment in knowledge pays the best interest.” – Benjamin Franklin
When it comes to investments, nothing pays off more than having the right knowledge and learnings. Another investment strategy the majority of workers neglect is their employer-sponsored retirement account benefit.
Current statistics show that just 33.6% of workers who have access to this valuable investing benefit currently use it.
If you are lucky enough to work for an employer that offers tax-deferred retirement savings benefits, this is a way to both increase your portfolio value and reduce your current taxable income at tax time.
Remember, any new change that is destined to become permanent must be built on the firmest of foundations. Starting now, if you just do these five things – invest in your health, pay what you owe, give yourself a raise, give your portfolio a makeover and contribute to your 401K (or start your own IRA) – you will be well on your way to truly growing your cash in 2019.