If you want to achieve more stability with regard to your personal finance this New Year, here are 10 ways and quick tips to get richer in 2014.
1. Get an extra job
One sure way to earn more money is to work more. If you think you still have extra time that can be spent for an extra job, find a decent one that will give you a decent extra income. There are various jobs you can find online, such as writing, blogging, and online marketing.
2. Pay an outstanding debt
This will prevent you from getting poorer in 2014. If you have less or don’t have outstanding debts at all, you will pay less or not pay interests, penalties or surcharges at all. Remember that even if you have a lot of monies, if they are liabilities, they won’t make you any richer.
3. Expand your business
Take the risk to get better returns. If you have an existing business, consider extending your market, adding a new line of products or services, or hiring more employees to increase your productivity.
4. Lend money
If you have cash, consider lending money to other people to earn interest income. Just make sure to lend your hard-earned money to people who can be trusted and will repay you on time.
5. Deposit your money in the bank
This is perhaps the least risky way you can do to increase your net worth in 2014. However, interest income from bank deposit is relatively small in proportion to your money deposits. If you want higher yields on your money, you can also try time deposits.
6. Invest your money
Try an even riskier investment schemes, such as investing in mutual funds, stocks, debt securities, and foreign currencies. However, before you do this, make sure you are already equipped with the right knowledge to manage and lessen your risks. Consider attending seminars on investing and researching on the Internet to get yourself ready to enter into the investing world.
7. Sell an asset
The key here is to sell your asset or property for a profit and not for a bargain price. Sell your property at a selling price higher than it’s book value or carrying value. Alternatively, you can also lease it to earn lease or rental income. For example, if you have an idle house, space or real estate property, you can rent it out as an apartment, office or warehouse.
8. Buy and sell
Buy a property, develop it, and then sell it for profit. It can be a real property (land) or web property (websites). You can also try to buy personal properties (e.g., motor vehicles, jewelries, and consumer products), and then sell them for profit.
9. Increase your professional value
One of the best ways to get richer in 2014 is to increase your assets that cannot be stolen by others – your knowledge, skills and experience. To get higher professional or service revenue in 2014, boost your professional value by increasing your training, education, experience and certifications.
Last but not the least, ask for riches This might be a desperate measure, but there are actually people, such as your family or close friends, who can share with you their wealth or blessings if you are lacking those things. If you believe in God, you can also ask Him for wealth as long as you will use that wealth in righteous ways.
Happy holidays and have a prosperous New Year!