7 Ways to Build Wealth in 2018

It may not even be Thanksgiving yet, but in many ways the year is almost over. Leaves are turning red and falling to the ground. Holiday decorations are appearing in grocery stores. Most of the year’s big political events and efforts have come and gone. 2017 may have been a good, bad, or indifferent year for you financially speaking. And while there’s still time to make the most of your money in what remains of this year, it’s also a good idea to start thinking out the ways to do even better next year. To build wealth, personal freedom, and opportunity for the future, here are 7 of the best ways to build wealth in 2018.

1) Max Out Your Tax Protected Accounts. 2017 was an amazing year if you maxed out your 401(k), IRA, and other tax-sheltered investment accounts. Investors made money hand over fist, even through passive investment methods like Betterment investing. There’s no way to know if the market will continue to grow next year like it did this year, but it’s a proven strategy that time in the market beats market timing, so get that cash in early next year so it has time to grow!

2) Eliminate All Debt! It may sound impossible, but let 2018 be the year you go 100% debt free. You may not be able to pay off big debts like your mortgage, but if you are able to kill off high interest debt like credit card bills, then you’ll be on the way to building big wealth on the other side.

3) Learn Better Skills. Education is the key to income and investment success. You can go back to school if you want to, but you could just as easily take one or two affordable community college classes, read great personal finance books, or make a list of the top personal finance blogs on the internet. You won’t put into practice what you don’t understand how to do, so improve your financial mind in 2018 and your wealth will follow.

4) Learn Money Saving Skills. Skills like cooking save us money because we can make awesome healthy food at home without having to rely on restaurants. Take the time to add these skills to your repertoire, and you’ll find that you are more self-sufficient than ever.

5) Get In Shape. It might not sound like fitness is directly related to financial freedom, but the two are actually closely related. When we’re out of shape, our health is less than good. And when our health isn’t good, we become more likely to get sick. Long term, this will cost us much more in medical fees and time spent not feeling great. Take back control and get strong! This will save you tons of money over your lifetime.

6) Stop Renting. Buying a home isn’t for everyone, but if you have the chance, you can build a lot of wealth this way. Real estate is a great way to build equity, without having to pour your money down the drain each month to your landlord.

7) Save Save Save. We live at a time in history when cash is more important than ever before. We don’t know what the economy or the stock market is going to hold for us in 2018, so having cash on hand will give you the greatest number of good options, no matter what the future holds.

If you do these things in 2018, you’ll invariably build wealth and a better future. Turn these tactics into habits, and by the end of the decade you won’t recognize your financial life. Keep these up for life, and you’ll go places you never thought possible!

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