Tuesday, February 27, 2018

It's True: You Might Have More Money Than You Think You Do

Making money is difficult; keeping it is even more difficult. When we get a well-paying job,
most of us tend to fall into the trap of ‘lifestyle inflation.’ That means though we can put
more money into savings and the like, we instead choose to spend more on travel, luxuries,
and other frivolous expenses. But can we have everything? Maybe. While we usually just
look at our paycheck and accept what that brings, the truth is that most of have more
money than we think we do. Below, we take a look at how you can unlock some of that
hidden capital.

Source: Pexels.com

At Your Work

When you accepted your employment offer, you were accepting the salary that was on
the table. But that’s when you were a newbie; the company were taking a chance on you,
and that’s reflected in the wage they offered. After some time, you’ll be eligible to ask for
more money (though, obviously, if you’re consistently delivering high-quality work). The
key word here is ‘ask’; companies don’t make a habit of walking around the office and
handing out raises. Speak to your employer, and see what they say - they can only say
no!

Money That’s Owed

There’s a lot of money floating around in the world, and more of it could be yours. The trick
is to know what you’re entitled to, and then to make sure you get it. Let’s say you have an
accident, one that wasn’t your fault. It’s not you that has to deal with the financial
consequences of that accident; instead, you can hire a professional like
Scott Gottlieb, personal injury lawyer, and receive compensation from the parties
who were at fault. You may also be entitled to assistance from the state, depending on
your individual circumstances. These are all avenues worth exploring - they take minutes,
but could make a real difference in your life.

Extra Sources

Your salary may be just one of many regular sources of revenue you have available
to you. If you’ve spent years accumulating material goods, then you might have several
months salary wrapped up in unused goods; sell them, and get that money in the bank.
If you have a spare room, then why not take a look to see if you could rent it out? It doesn’t
have to be forever. Even a few months of rental income can be significant.

Those Big, Unnecessary Expenses

Like we said at the start of the article, people spend money on a lot of unnecessary goods.
Sit down, and have a look where your money is going. You could effectively give yourself
a 25% raise if you figure out that you have many costs that you simply don’t have to spend.

Determining Your “Wealth”

Finally, keep this in mind: there is no universal definition of “wealth.” Wealth is whatever
it means to you! Make sure you’re making financial decisions based on your own wants
and desires, and not those of other people. You might just find your much richer than
you thought you were!

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