3 Ways to Boost Your Net Worth and Have More Financial Freedom

Money is the driving force that gets people to do the things they do.

In 2020, $121,411 was the median household net worth in the United States. This is up from $97,225.55 in 2017 according to DQYDJ.

Not everyone would work hard to be an engineer, doctor, or lawyer if money wasn’t a catalyst in the mix. Think about it. If the world didn’t revolve around money and we were all paid the same wage no matter what we did, then people would pursue different routes than they do now.

Sure, some extraordinary people obtain money in unique ways, but we’re all chasing the bag.

If you’re feeling lost in life and wonder why your friends or family seem to be thriving, these three tips will help.

What Makes up Your Net Worth?

You may be wondering exactly what goes into determining your net worth. It’s fine. I had no idea what the concept meant at first.

In simplest terms, your net worth is the value of everything you own in your investments, savings, material goods, and anything else that has a dollar value to your name.

According to BankRate, Net worth is the value of all assets, minus the total of all liabilities. Put another way, net worth is what is owned minus what is owed. This net worth calculator helps determine your net worth.

If you feel like there are areas in life that you could boost your assets and lower your liabilities, it would be in your best interest to make those adjustments. Your assets and liabilities will empower you and put you back in control of your life.

Now that we have a better understanding of net worth let’s look at how to boost it!

1. Always Be Learning a New Skill

Whether you’re busy with work or life at home, you have some time in your day. That tight window of free-time or personal time is where you get to reinvent and improve yourself.

Ever since I turned 18, I have spent my free time learning a new skill that could be monetized or used to my advantage sometime in the future. I would lock myself in the room, and instead of turning on Netflix and playing video games the entire night, I would learn new skills.

Skills you can learn don’t have to cost you money.

I learned how to use photoshop and create content for my personal business.

I gave YouTube a shot and jumped in front of the camera. This leads to video editing and learning from creators who have been around for a long time.

I decided to write on the internet and realized that people listen to what you have to say as long as it gives them value. You can read articles, watch videos, and reach out to writing creatives who genuinely want to help an aspiring creative.

If creating isn’t in the realm of your interests, you can always do the following.

Learn a new language because a future job opportunity could search for someone with a unique linguistic background.

Learn how to sell items on the internet because there are hundreds and thousands of jobs searching for people who can sell their products and boost revenue.

Learn how to play an instrument because, at networking events or get-togethers, there’s almost always an opportunity for you to shine and captivate everyone’s attention. One thing leads to another.

Learn what the trends are in fashion, technology, or pop culture because the more you know about what’s “in,” the more you can use that to your advantage in creating products or sharing information that can help people looking for answers.

The more skills you have, the more valuable you are in anyone’s eyes. You’ll surprise places hiring that they’ll have no choice but to bring you in and pay top dollar for you.

Being well-versed in various skills gives you all the leverage you need to boost your net worth and earn the most money possible. We can’t take time for granted because it’s limited, and there is a lot of competition out there trying to outwork you.

2. Manage Your Money Wisely

I’m not going to tell you the cliche thing that most people tell you to do with money. Most people are going to tell you to save, save, save. But I’m going to tell you to invest, invest, invest. Your money is a tool you want to use to your advantage.

No, I’m not just talking about throwing all your money into the stock market and expecting to become a millionaire overnight.

I’m referring to investing in yourself. If you want to pursue something that costs money, such as a YouTube channel, or an online business, then you’re going to need some starting capital to work with.

Entrepreneurs understand that to make their dreams a reality. They have to invest in their setup. You have to build your foundation before making real headway in the direction you want to go.

Instead of buying more material items that serve little to no purpose for you, such as a new car, or a new gadget, consider investing in something useful for the long-term.

Valid Investment Ideas

A brand new high-powered computer gives you the best opportunity to do things in the online world. That’s where a ton of the opportunity to boost your network exists.

A brand new camera, tripod, and microphone so that you can create the videos or start the live stream you’ve been dreaming about. Within no time, your confidence will rise, and you’ll be making extra income, which will make you feel so empowered.

An online course, but not just any online course. Find a course online that has been recommended by many other people who have actually used the education to take them to new heights. Be aware of scammy courses and recognize that these opportunities could help you speed up your process.

As many shares as you can within a company, you believe in that will be around for a long time. The market has its dips but is nonetheless growing drastically over time. Long-term investing will give you much higher returns than a savings account that pays you back 0.001% annually.

Don’t forget to save your money as well. A healthy amount that I put into my savings is around 20%. I understand bills may not allow you to save as high of a percentage of your income, but that takes me to my next point.

Control your Expenses

Take a look at all of your expenses and decide what stays and what goes. Delete any subscriptions you don’t use anymore. Unsubscribe to emails that are constantly trying to sell you something. Bargain with your phone and internet provider so that you can get the best deals possible.

Recognize the opportunity in your ability to get what you want. Companies don’t have the leverage you do. They want to retain their customers and are often put into situations where they’ll give in to your needs so that you stick around.

Don’t ever take no for an answer, and even use the leverage of switching over to the competition when they don’t want to compromise with you.

3. Pick up a Side Hustle

Side hustles are an excellent way to boost your income and pursuing a curiosity at the same time. Most people stay away from side hustles because they are too low on energy or are too afraid to go the extra mile and fail.

Seek out your friends who have side hustles and see how they’re doing. They’ll tell you that they’re surprised something that started as a side hustle has become a means to their livelihood.

Everyone has different ways to boost the amount of money in their bank account. For some, it’s doing extra work for nearby neighbors. For others, it’s creating content online and getting compensated for the work they do.

Creative individuals have the most opportunity.

Creating content is my primary way of bringing in more income. It’s something that allows me to express my creativity while doing it from the comfort of my own home. I knew I was good at marketing and creating content in high school, so I followed that hint, and now I’m making a full-time living as a creator.

You don’t have to rely on anyone else to choose your side hustle for you. If there’s a hobby or interest you have, there’s a way to monetize it and make money. You can sell your creations online, make money from a YouTube channel, or endorse a brand you love.

Most people don’t realize the opportunities they have with the internet. Companies and businesses seek people who are willing to go the extra mile and have a passion for their niche. Don’t ever hold back the fire inside of you. Choose a side hustle, network, and keep grinding because you’ll make it to your destination.

Final Thought

More money in your bank account means more opportunities for you to do the things that bring you the most happiness in life.

If you’re in a relationship or have a family you want to support, do not forget to bring them along for the ride. There’s no use in boosting your net worth if there’s no one you get to share the journey with.

Net worth isn’t a number everyone talks about much, but we all know what ours are. If you’re unhappy, do something about it. You have the control to stay busy, work harder, and seek out new ways to improve yourself.

It’s go-time!