How to increase your net worth?

 

Increase your net worth

We often mistake net worth with investment. Yet, calculating your net worth is simple. All you have to do is calculate your liabilities and assets and find out what the difference is! Described as the real worth that you own, net worth is an important financial aspect to monitor. What is net worth exactly? How do you increase your net worth? Are there any successful personal financial plan? We got it covered :

Net Worth is the real measurement of your wealth

Net Worth is the difference between what you own (your assets) and what you owe (your liabilities). Assets could be homes, personal computer, furnishings, personal items such as jewelry, vehicles, and collectibles. Liabilities are debts, insurance, mortgages, and taxes.

To simply calculate your net worth, just list all your assets and your liabilities. The difference will highlight your true wealth.

Once you have a number, don’t be scared. If you are unhappy with the number, start off writing a personal finance strategy to increase your net worth. Here is an example.

Set up an objective within a given timeframe

To increase your net worth, you should write down precisely what you will do over the next year. Don’t put too much pressure on yourself by establishing a 5-year plan. Try 1 year first and reassess your objectives later.

A simple objective could be: « I want to double my net worth within a year. To do so, I will spend less and will add another stream of revenues to my income. I will invest wisely or start a new lucrative business with limited risk ».

Review your liabilities and invest wisely

Once you have a clear idea of where to go, now review each item one by one in the chosen categories. In the example above, if you decide to spend less, please list where you actually spend. Try to speak with the bank to lessen your debts if you have any. Find a new area of investment to look into. Be creative with the possibilities to lessen your liabilities and increase your assets.

Decrease your expenses and close any debts

We often say « work more, earn more». But if you actually spend a lot, working more won’t bring you more money. Hence, you must determine whether your spending behavior shall be readjusted or not. Keep a spending sheet updated and compare month by month. Are you overspending in eating out? Are you currently in debt after buying a computer? Make the right decision after looking at your budget.

Live somewhere cheap

If you live in greater NYC or LA, chances are that costs of living are high. Have you ever considered relocating to a cheaper city or country? Moving homes will cost you some money, but the actual savings you can do once established in a cheaper country will bring better advantages. Forbes has listed 8 countries that are cheap enough for you not to work while increasing your net worth. So pack your suitcase, close your debts, and start living off the real financial dream.

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Best places to invest in 2019

 

Property Investment in 2019
https://unsplash.com/photos/zki5BhKRQa0

Investing in a property is a safe strategy for many reasons. First, such investment provides a sustainable passive income in the long term — when you rent the property to a tenant, or when you sale it in the future to earn a profit. Second, buying a flat or a house offers a proper retirement plan — the money you invest will ensure you a comfortable future when your home has been entirely paid. For whatever reasons that motivate you, there’s surely a return on investment to expect.

Yet, one of the most critical decisions is to find the right property and the right location — which country or city offers amazing advantages for buyers. Depending on how much money you have, you may consider investing in some cheaper countries with exceptional investment opportunities — for example, you may choose a country with advantageous fiscality or a city with lower prices. So let’s pick 5 best places to invest in 2019 :

  1. The Philippines

The nation is heading toward stability and friendly initiatives to foreigners. Indeed, the Philippines are a new gold mine for investors. Look no further: this guide by Invest Asian mentions the Filipino archipelago as one of the greatest in South East Asia for land registry systems. With so many islands to choose from, opportunities await at each part of the country for savvy investors and land promoters.

  1. Turkey

The Guardian cited Turkey as the next gold rush destination in 2018 for investing in property. Thanks to friendly legislation and VATs discounts, buyers can acquire a property easily. For example, buying a villa can be done within 48 hours. Have you ever thought of buying a property in Bodrum, the sunny coast of Turkey? It’s now the best time than ever.

  1. Bali, Indonesia

Bali, and Indonesia, in general, offers great investment opportunities. The leasing costs are extremely low and the return on investment extremely high: due to the high number of rich tourists in the country, renting out a villa is easy. Plus, Indonesia offers excellent labor and workers at low cost. Yet, speaking Indonesian is required, as well becoming friendly with locals who still look at foreigners suspiciously, unlike the Philippines.

  1. Morocco

Do you love the Middle East but can’t afford Dubai or Qatar? Then, Morocco, 2 hours away from Paris by plane, provides an excellent alternative. Land registry fees in Morroco are extremely low, totaling 1%. Plus, the country boasts friendly citizens who love foreigners. If you want to stay close to Europe, then Morocco is a good option.

  1. The UAE

Quality real estate await meticulous investors with a higher budget. A multi-faceted country with excellent infrastructure, The UAE is a haven for investors. Plus, the Middle East nation is a free tax country meaning there’s barely any tax on investing in a property. Yet, the budget is much larger than South East Asia for example, but the return on investment can be greater.

 

Depending on your budget and your favorite destination, you can assess where to invest next with the options above.

 

Read more :

 

Ways to Invest in Real Estate – With and Without Buying Property

Did You Know This? 10 Clever Ways to Grow Your Real Estate Business

 

 

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