In a world where we’re constantly surrounded by news stories related to financial struggle, it is easy to forget that even those of us with relatively small sums of money on hand are able to look for opportunities to grow our wealth. It is understandable why this is the case; having money to spend or invest isn’t exactly something that is welcomed if you talk openly about it.
At the same time, investment companies and wealth managers are all performing admirably, so it is clear that people are seeking out opportunities at all ends of the spectrum. What are the best opportunities for growing personal wealth?
Definitely the “playing safe” option, fixed term accounts with guaranteed interest rates aren’t going to deliver double digit percentage growth, but if you’re looking for a small incremental income on top of what you’re already doing they are definitely worth looking at.
Remember that such accounts often have a reasonably high minimum fee, although some do start from low amounts. The key thing here is to only invest a sum you can afford to do without.
If you’re really going to need to dip into that £50,000 over the next year, a three-year fixed bond account isn’t a good idea!
Find an Investment or Asset Manager
A common misconception when it comes to investment and asset managers is that they simply look after your financial affairs and portfolios. However, they can play a crucial role in growing your wealth, too, particularly if you find an experienced company within the industry like ACPI.
Such companies will help you to manage your wealth but also advise and make investment decisions on your behalf so that you can grow your wealth whether planning for retirement or because you find yourself in another situation.
You can also use social media to connect with these companies to keep up to date with what they’re doing and discover the latest tips from them. Looking to connect and speak to individuals could prove useful, too. Alok Oberoi is a respected voice within the financial services industry and could be a useful person to connect with; even if you just read his updates you’re likely to learn something.
Curb Your Spending
Sorry, but this has to be in there. Some people rail against the “saving money is the same as making money” mentality, but the reality is that this is true.
Too many people play the lifestyle card, but ultimately we are all in control of what we spend. We should never find ourselves in the position where we’re saying we have to do something or other because our lifestyle depends on it.
Many people don’t look at what they’re spending as they think they’ll only save smaller amounts, but when you look at the bigger picture it becomes clear there are huge opportunities to grow your wealth simply by not spending as much as you currently do. This applies whether you’re at the lower end or the top end of the personal wealth spectrum.
Think about how you want to manage and grow your wealth, and look forward to a brighter future.
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David Addams is training to be a journalist and hopes to specialise in global financial markets when he qualifies. David lives in London with his civil partner and holidays in New York City every summer.