How Can I Grow My Net Worth But Lessen My Stress?

By Alan Olsen

You might think that many of the world’s wealthiest individuals don’t spend a lot of time worrying about money. Perhaps they don’t worry much, but that’s most likely because they have a plan in place to not only protect their wealth, but to also continue growing it. Many wealthy people are never satisfied with what they have; instead they want to keep adding more. This is often what drives them in the first place to reach their high net worth status. It seems that the more wealth one has, the more wealth one wants to obtain. However, growing one’s net worth can take a lot of work and it can be very stressful at times. In fact, growing your wealth and living with stress often go hand-in-hand. So what can you do if you want to grow your net worth without adding more stress to your life, or even reducing it?

Rid Yourself of Debt

There are a lot of ways to actually grow your net worth, but not all of them will reduce stress at the same time. However, one tried and true method is to get rid of debt. Debt is something that never sleeps. Debt is there to meet you at every turn. What can be more stressful than that? By paying off any debt you have as soon as you can kills two birds with one stone. You not only relieve yourself of the stress of owing money but you can also use that money to add to your net worth once you’ve paid off the debt. You should focus on the debt with the highest interest rates first then work your way down. So, determine what you owe, pay it off and start adding to your net worth.

Save With a Purpose

Most high net worth individuals have a lot of money safely tucked away. But, is the safe road always the best road? You should ask yourself: “Do I have my money tucked away where it will grow the most?” There are all kinds of different accounts and investments in which you can place your money. However, anything besides what you use for regular spending should be put into interest bearing accounts. This is a sure-fire way to build your net worth, which should also bring you more peace of mind, because you’ll know that your money is working for you instead of sitting there stagnant. Along those same lines, always put as much as you can into your retirement contributions.

Track Your Expenses

Many wealthy people don’t worry too much about their every day expenses, especially the small stuff. It’s true that spending $1,000 on a meal won’t do much damage to a millionaire’s net worth. However, even for those who live an extravagant lifestyle the small things can add up. Therefore, another excellent way to grow your net worth and reduce your stress is to keep track of your expenses. You might actually be surprised by how much you are spending from day to day on the little things. After assessing these expenses you might determine that it’s time to eliminate some of the unnecessary ones. Focusing on just the things you need, perhaps with a few splurges here and there, will go a long ways towards growing your net worth.

Leave Worry Behind

Know one wants more stress. You worked this hard to get where you are so you wouldn’t have to keep worrying about so many things in life. Now that you’ve made it to this point don’t add more problems. Instead, make your money work for you, grow your net worth and ditch the stress. At GROCO, we help high net worth individuals grow their net worth, protect their money and reduce their stress. Give us a call to learn how we can help you. 1-877-CPA 2006

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