5-Step Checklist To Get Rich

Essential Strategies

Author

Millionaire Syrup
April 11, 2024

5-Step Checklist To Get Rich

Essential Strategies

Create A Vision

When you create a vision to make more money, there are a few key steps involved. First, take a look at what you've been doing well, like sticking to your dining out budget. Next, identify areas where you can improve. For example, grocery spending. Take a closer look at your expenses and see if there are any adjustments you can make.

After that, it's time to compare your actual spending and savings to your goals. If you had a target of saving 7% of your income, see how you're doing in that regard. Keep track of your finances with a conscious spending plan. This will help you stay on top of your money and make any necessary adjustments.

Evaluate Spending

Fixed Costs - This includes expenses like rent and car payments. Ideally, these costs should be around 50-60% of your take-home pay. If they're too high, it's important to focus on areas like housing and vehicle costs to bring them down.

Investments - This is where real wealth is created. It's recommended to allocate at least 10% of your take-home pay towards investments. If you're not meeting this target, take a closer look at your spending.

Emergency Savings - It's crucial to have savings for unexpected expenses. Aim to have 3-6 months' worth of living expenses saved up in case of emergencies.

Discretionary Spending - This includes entertainment, dining out, and other non-essential expenses. It's important to allocate a portion of your income to enjoy life, but make sure it's within your means and doesn't overshadow your other financial goals.

Negotiate Bills & Fees
Negotiating bills and fees is all about advocating for yourself and asking service providers for better rates or deals. Many companies spend a lot of money to acquire customers like you, so they don't want to lose you. That's why they often have special offers or lower fees available if you just ask. By negotiating, you can potentially save hundreds or even thousands of dollars each year. To get started, you can review your bills and fees, such as your cell phone bill, car insurance, cable and internet, bank fees, and credit card fees. Look for any areas where you think you might be able to negotiate for better terms.

Credit Card Perks & Crush Debt

1. Credit card perks: It's important to know the perks your credit cards offer, like cash back rewards or travel points. Contact your credit card companies to find out more.

2. Debt payoff plan: If you're dealing with credit card debt, creating a payoff plan can help you manage it. Start by prioritizing your debts, setting a budget, and considering strategies like the avalanche or snowball method.

3. Check your credit report: Regularly checking your credit report can help you stay on top of your financial health. You can request a free copy of your credit report from each of the three major credit bureaus once a year.

4. Lower your credit card APR: If you're looking to lower your credit card's Annual Percentage Rate (APR), consider reaching out to your credit card company and negotiating a lower rate. You can mention your good payment history or explore balance transfer options.

Earn More

Negotiate a raise: If you already have a job, negotiating a raise is a great way to increase your income.

Look for a better paying job: Another option is to explore job opportunities that offer higher salaries.

Make money on the side: Additionally, you can consider making money on the side through various side hustles or freelance work. This could involve leveraging your skills, such as offering freelance writing, graphic design, or tutoring services.

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