The Magic of Multiplication: How to Double Your Net Worth in Two Years or Less
For many of us, net worth isn’t just a number — it’s part of our identity. But building wealth doesn’t have to be hard; if you make these small but powerful changes, you can double your net worth in two years or less! These easy-to-implement strategies will help you build the financial future that you deserve!
Step 1. Write down your monthly income
It's important to know how much you make monthly and what your net worth is. If the numbers are not where they should be, you have some work to do!
To calculate your monthly income, take the total amount of money you make in a year and divide it by 12. For example, if you make $80K/year and want to know what your monthly income is, take 80K/12=6K. This means that on average, every month you're making about $6K.
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Step 2. Write down your expenses
If you want to grow your net worth, you first have to identify what is currently coming out. Write down each monthly expense and how much it is. Be sure to include not just rent and utilities, but also things like groceries, gas and any other items that cost money on a monthly basis. For example, if your electric bill comes every two months, write $100 twice a year instead of $25 per month.
Step 3. Calculate how much you have left over at the end of each month
Next, calculate how much you have left over at the end of each month. This is your net worth. Add up all your assets and subtract all your liabilities. The result is your net worth. If this number isn't growing every month, then you're not on the right track. Track your net worth monthly with an Excel spreadsheet or a Personal Capital account so that you can compare it to last month's numbers.
It's time for some serious math! To calculate how much money you'll need for retirement, divide the total amount by 4% - that's your monthly savings goal. Your first step will be figuring out what percentage of income will go into retirement savings.
Step 4. Determine how you want to grow your wealth
This is the most important step. It will determine how much you need to save, what kind of investments you should make, and how long it will take for you to reach your goal. Some people may want a slow but steady return on their money (e.g., $1,000 invested today will be worth $2,000 in five years). Others may prefer a more aggressive approach (e.g., $1,000 invested today could be worth as much as $4,000 two years from now).
Your risk tolerance level can also affect this decision.
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Step 5. Give yourself some time – be patient!
You may be thinking that I don't have time and that is why you are not being patient. It's actually the other way around. You can't be patient if you don't give yourself any time. When the market slows down, it's a good idea to do some research on companies you like so that when the market picks up again, you'll be ready with a list of stocks to buy. There will always be periods where stock prices are lower than they might otherwise have been because of unforeseen circumstances such as natural disasters, terrorist attacks, wars and recessions.
Every investment strategy has its ups and downs, but if you stick with it long enough you will see an upward trend in your net worth - this takes patience!
If you wait for things to go your way before taking action then nothing will ever happen.
Step 6. Create a realistic game plan and execute it
If you don't have a game plan, then it's likely that you're wandering around in the dark. You need to know where you are going before you can get there. This is why step six is so important. It requires that you create a realistic game plan and execute it. It sounds simple enough, but if you don't take the time to do this part right, then all your hard work could be for nothing.
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