The small things are crucial to the success of your wealth creation journey. That’s why we often talk about the vital 1% rule and the difference it can make to your circumstances when you start to implement it into your life.
The idea is that every month you set a goal to increase your income by just 1%, whilst simultaneously decreasing your outgoings by the same amount.
How to Increase your Income
There are lots of different ways to increase your income, including taking on an extra shift at work, selling some of your old clothes and belongings, or finding some freelance work online that you can do in the evenings or lunchtimes.
How to Decrease your Expenditure
Take a look at your outgoings and see where you are able to reduce them. Review your food or other utility bills. If you go out for dinner once a week, look online for a voucher or deal. There are many ways you can decrease your expenditure.
The Next Steps
Once you have followed these steps to make 1% more money each month and also spend 1% less, it is important that you keep the difference in a savings account. After a period of time, this pot will build and you can use it to start your journey to wealth creation and use it for an investment into shares, property or business.
For more information on property investing, visit our sister site Fielding Financial or if you’re interested in attending a shares course our sister company Financial Investing and Trading.
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