Amidst a tenuous stock market and unpredictable job prospects, folks are looking for creative strategies to sure up their bank accounts. No matter which industry you occupy, where you live, or how secure your finances are, there is always more to do when it comes to securing personal finances. There are a few ways, both simple and ambitious, to help protect your existing funds and build wealth. Here are our top tips for making your bank account look pretty – no matter your current financial situation.
Automate Your Savings and Investments
You can’t create savings if you never allocate funds. Setting up automatic deposits in high-interest savings accounts can help simplify the process. Many banks will allow members to automatically send a percentage of their paycheck to various accounts. Doing this can ensure certain funds stay in high-interest accounts while maintaining a safe debit threshold for everyday expenses. Many people already do this with their retirement savings, automatically moving part of their paycheck into a 401(k) account. Just remember to check in on your savings every few months to see how it’s going.
Similarly, people looking to grow their bank accounts should consider automating stock market investments. There are a number of automated trading software tools that people can use to simplify their investment portfolios. These tools exist for both the regular market and cryptocurrency. Setting up automatic investments means you’ll never miss an opportunity to participate, whether it’s a bull or bear market.
Consider an Investment Property
Real estate is among the fastest ways to grow wealth in America. With the intense market fluctuations in recent years, homeowners with cash on hand have been able to help their bank accounts with investment properties. In some cases, these properties are then rented out, which can help pay the mortgage and provide funds for the owner. In other cases, investment properties can serve as vacation homes, quietly accumulating value without the owner needing to provide upkeep.
If you don’t think you can afford an investment property, just look to your primary residence. Ambitious property owners might consider securing a cash-out refinance. This financial tool allows a homeowner to tap into the existing equity in their current property to receive a lump sum, which can then be used to fund other ventures or investments. This can help people purchase additional properties without needing to save up for a down payment and closing costs.
Conversely, some homeowners might be looking to cash in on their investment properties. If you’re looking to start the selling process, know that you can find someone who states “we buy houses, San Antonio”. Usually, these buyers will purchase a home in any condition, without repairs, without cleaning, and without fees. This is a great option for people who own properties that were inherited, homes that need repairs, rental properties, and people who just simply want to relocate.
Start a Side Hustle
If you have the time and the passion, starting a side business can be a great way to improve your wealth. Think through your most cherished hobbies to see if there is anything you can monetize. Spend a lot of time reading? Start a book review blog or an Instagram page. Enjoy knitting? Sell your own patterns and the garments you create. There are innumerable ways to cash in on the things that you already enjoy doing.
To that end, diversifying income streams has become increasingly important in recent years. The job market is difficult to predict, and even the most secure positions are at risk of a layoff. For this reason, starting a side hustle can also be a great way to safeguard yourself against financial insecurity. In addition to improving your wealth, having an additional income stream, no matter how small, can help support you in tough financial times – should they ever arise.
Conclusion
Even in the midst of a declining stock market and unstable global finances, there are many ways to grow your personal wealth. Whether in the form of automating savings, looking into investment properties, or starting a proper side hustle, thinking creatively can help make your bank account look pretty. If you start on any of these projects now, just think of where your accounts will be this time next year.
