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7 Ways To Multiply Your Net Worth

grow your net worth, get on a budget pay off debt, side hustle, start a business, ask for a raise,

I never want to be the guy that gives you all fluff and this post is no different. I’m not only giving you 7 things you can do to multiply your net worth, but I’m giving you 7 things I’ve personally done to grow my own net worth.

I know for a fact these 7 things helped us grow our net worth by 6 figures in just under 3 years.

1. Get On A Spending Plan

I believe wholeheartedly that if you aim at nothing, you’ll hit it every single time.

When it comes to growing your net worth this is definitely true. That’s why we firmly believe in having a spending plan specific to each month.

During my time as a financial coach, I met with several folks who had no idea where their money was going and were struggling to make ends meet. Once we took a deeper look, however, we realized that it was frivolous spending on things like fast food, coffee shops, and/or gas station snacks.

Listen to me here: small leaks can sink massive ships.

Sometimes these tiny purchases would add up to over $500 per month!

Even better what about when it’s time to make a big purchase (like a house)? Having a spending plan paints a perfect picture of just how much house you can afford.

Now listen, I’m definitely not one of those “don’t ever sip a Starbucks drink in your life” or “you need to live in a hut in the woods” type of finance bloggers. Not even close.

However, if you desire to retire with enough to last the rest of your life but can only commit 3% of your salary to retirement because you have a coffee addiction or a house you truly can’t afford, then we have a problem.

Creating a spending plan each month gives you the freedom to enjoy that pumpkin spice latte as long as it isn’t interfering with your goals.

A spending plan helps you to see that the monthly mortgage on that house isĀ  35% percent of your pay and will delay your retirement by a few years.

Currently, we live on 1 of our 2 incomes and save/invest the other. I believe this is due to having a solid spending plan which tells our money where to go each month.

2. Get Out Of Debt

This is a real major key. Your income is the greatest wealth-building tool you have.

That means you need to protect it if you’re going to multiply your net worth.

When you borrow money, not only are you signing away a portion of your income that could be invested to build wealth, you’re playing a dangerous game because you’re borrowing from your future self without knowing how well the future you will be doing financially.

Sure we all like to think our income will rise annually, but layoffs happen.

Unfortunately, sometimes spouses get sick and can’t work. Life happens.

Getting out of debt not only takes away a lot of financial risks, but it frees up your income so you can put it to work.

When we were paying off debt, we paid an average of $3,800 per month using the debt snowball method. Now, instead of going to creditors, that money gets put to work in various investments so that we can retire early and spend more time with our little girl as she grows up.

The wealth we’ll build will get passed down and last for multiple generations because we freed up our income.

3. Start Your Own Business

Building quality, sustainable businesses is a great way to build wealth.

Now don’t take this as me saying go out and jump right into business for yourself.

However, once you figure out something you enjoy and can make a living doing, monetize it for yourself by all means.

With that said, I personally believe that one of the best things you can do before starting a successful business is work for a successful business.

My experience with one of the largest companies in the world taught me so much about creating systems and processes to keep things running efficiently and smoothly.

I’ve learned best practices for time/task management, and I’ve even been able to develop my public-speaking abilities working for another company.

Those are very valuable skills that I got to learn from world-class trainers and leaders of companies making billions of dollars.

You can’t put a price on that.

Now I get to take those skills and bring them to Black Sheep Finance.

So I’m not just saying jump right into business for yourself. My dad always says “Faith and foolishness look a lot alike” and starting a business in a competitive field with no type of training whatsoever would definitely be foolish.

However, once you have some basic skills mastered and have an understanding of business in general, venturing out on your own is a great way to build generational wealth.

It’s highly unlikely that your employer will let you pass your current job down to your kids, however, when you own the company, you can groom them to take your place and keep things running smoothly should that be their desire.

4. Invest In Successful Businesses

Now maybe you don’t have the desire to start a business. Or maybe you’re still in the learning phase I mentioned above.

Another way to multiply your net worth is to invest in other successful businesses.

We do this by buying shares of publicly-traded companies through things like mutual funds and ETF’s.

I’m not going to get too deep on this point because there’s a lot of info to share on investing, however, one thing I do want to remind you of is that when we invest, we do so with long-term goals in mind.

I personally don’t gamble with trying to time the market and things like that. I play the long game.

This means that when the market is at all-time highs, I’m not afraid of any dips and when the market is low, I’m not concerned that I’ll lose all my money.

I’m totally content with whatever happens because I know that if I hold on and just stay consistent, I’ll be rewarded greatly when the market grows.

5. Side Hustle Your Butt Off

Struggling to make ends meet? You should be working your tail off!

Want to just accelerate the wealth-building process? Get your hustle on!

Listen, my wife and I have blogged, worked for food delivery companies, sold internet, sold essential oils, etc to generate additional income.

(Legal) side hustles are a great way to speed up the process of getting from one place financially to another. Whether that be getting caught up on bills, paying off debt, generating investment income, etc.

A quality side hustle could get you 10 or more extra years in retirement.

That little bit of extra work sounds worth it to me!

6. Pick The Right Spouse

Whew! I hit the jackpot here honestly! Having someone that’s moving in the same direction as you and supports you is so dang valuable!

I mean when I’m really on fire, my wife is my biggest cheerleader. When I’m off my game, she has the ability to remind me that the mission is bigger than me. And when I feel overwhelmed or want to quit (it happens), she encourages me.

She has been just as instrumental to our story as I have.

That’s why having a vision and finding your purpose is so important while you’re single. They act as a filter for people who aren’t right for you.

I know my purpose and the direction I want to go in. Anyone that wanted to be with me had to understand that. And that’s regardless of how attractive, sweet, charming, funny, etc they may be.

Also, being aware of my weaknesses, I knew I needed someone who excelled in those areas to help me and vice versa.

Picking the right spouse is HUGE. This is the person that can propel you further than you even imagined or literally have you in last place.

7. Do Well At Your Current Job

I’m actually disappointed that this one doesn’t make more of these lists. We live in a culture that makes it cool to berate your employer publicly and that’s not cool.

Your employer provides you with the resources to support your family in exchange for your time and effort. The very least you should do is fulfill your job requirements. After all, you did agree to them.

However, a great way to multiply your net worth is to excel at your job. Go for those promotions if they help you reach your goals.

Don’t be afraid to ask for that raise if you’ve gone above and beyond your job requirements. Especially if you’ve done so consistently for an extended period of time.

And when you get that raise, avoid lifestyle inflation. As a matter of fact, one of the best things you can do to multiply your net worth is invest those raises before you see them.

So do well at your current job. In the end, it only helps you.

Do you have any tips for multiplying your net worth? We’d love to hear your ideas in the comments below. Who knows…maybe I’ll do another post in the future just featuring your comments.

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