To make your money grow, you will need a lot of hard work, focus, discipline, consistency and dedication to whichever financial goals that you’ve set for them to come to life. Growing money is like planting a seed that will grow up into a big tree over time and yield fruit. Different people at different stages of life have different financial goals depending on their current state, needs and future goals. It’s always important to do the math and analysis of where you stand financially and where you want to go in order to avoid any financial setback.

Financial setbacks are situations that detour one’ financial growth. These include:

• college debts
• job loss
• business failure
• health issues
• expensive marriages
• gambling
• student loans
• heavy taxation
• bad business deals
• Theft, etc. 

When you know what you want, then you know what to avoid. Examples of financial goals that people have include:

• saving for a house
• saving for retirement
• Business increase
• Marriage and family goals
• Trips and travel
• Saving for a purchase etc.

To grow your money, you need to do the following things:

• Save  consistently

A penny saved is a penny gained. Saved money in investments and emergency funds that is saved consistently over a given period of time can help you grow and become rich. Save at least 10% of your monthly income but it helps to save more than 40 or even 50%. Don’t save what you can. Save as much as you can.

• Create a budget and stick to it

A budget displays everything, expenditures, bills, and expenses.  It shows how much you are earning and where your money is going. Sticking to the budget can help you manage all expenses and limit them within thus enabling you to have some money to save and grow.

• Reduce taxes

It’s not worth at all having your hard worked money over taxed leaving you with way less especially when you don’t know how to do your taxes well. Taxes are good they help the nation to grow and provide services to people when the governments use them right. However on an individual basis, we all have personal life goals that the government is not going to do for us. Give Caesar what is appropriate to him. Do everything that would help you reduce your taxes so that you have more money at the end of the day.

• Stay humble

It might be tempting to show your assets off to impress people, show status and prove everyone wrong but it’s not really worth it. People will think, talk trash and judge you anyway whether you are rich or poor. Showing off assets and status may in turn make you a target to desperate people and thieves. Stay humble. Stay low key.

• Invest in good assets

Assets make you money while liabilities take away your money. Assets can also appreciate in value when you invest wisely and well. Such include: land, animals, property, dividend stocks, and businesses.  Always save and invest in money appreciating assets to make your money grow. 

• Get financial mentorship

Mentors are people who have been there. They have seen the highs and lows and have a lot of life experience. A good financial mentor is one who started from the ground and made it to the top. Avoid scammers and fake money gurus who sell get rich quick schemes.

• Pay off bad debt

Good debt helps you make more money, for example a business loan. Bad debt takes away your money for example student loans, overdue bills and very high interest loans.

• More income sources

The more income sources that you have, is the more money that you can make. Depending on only a single source of income can be very dangerous and detrimental to your financial health. It can cause a great setback in case you lose that job and you have to start looking for another which takes time and eats away at your savings. However, more income sources can bring in more money that will help your money to grow.

• Work hard. Work smart.

Hard work pays and money doesn’t grow on trees. You have to work for it. However hard work alone isn’t enough. You will always be toiling in a hamster wheel but getting nowhere. It helps to work smart while focusing more on productivity than doing a lot of meaningless work that doesn’t bring in any results.

• Be consistent

Consistent work compounds and snowballs over time to yield great results. Putting in the work every day is what will help your money to grow. Do what you have to do however hard it may be. You will thank yourself later. Consistent effort at your financial goal will always pay off.

• Avoid lifestyle inflation

When you get some money, it might be tempting to get all the fancy things that you’ve ever wanted, to go on that trip, to move into a bigger house and to take your friends out. However, that is a money trap that you want to avoid. Money saved is money gained. Always use your money to make more money. Save it. Invest it and watch it grow and build you wealth.

• Avoid YOLO friends and bad monetary habits

Birds of a feather will always flock together. Your life is how it is depending on your closest circle because they are your major influences. YOLO (you only live once) friends will drag you down the poverty spiral by making you spend everything that you have. In the end, you will be left with nothing. Bad habits like smoking, alcoholism and gambling will also waste your money thereby curtailing your growth.

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