You might have come across articles discussing the net worth of your favorite celebrities. Jeff Bezos, for instance, has a net worth of $179.2 billion. In the eyes of common mortals, a billion dollars is something that we find hard to visualize, let alone $179 billion.
But without being Jeff Bezos, you could still build and increase your net worth. First of all, you do not need to be famous to calculate your net worth. It is essentially the sum of your assets minus your liabilities.
For instance, if you only own a car and still need to pay off your student loan, your net worth may be negative. However, you can gradually build your assets, improve your net worth, and, therefore, your overall wealth.
Some of the most common strategies include:
- increasing your savings
- paying off your debts
- purchasing a property
- contributing to your 401k
- reducing expenses
We hear you: You think it’s easier said than done. You are correct. But there are some smart tips that can transform your wealth for the better.
A property in the right location doesn’t have to break the bank
If you hit the real estate market with strict criteria, you may struggle to find your dream property without going over budget. Sometimes, you need to be willing to compromise. For instance, if you are looking to move to a big city such as Los Angeles, avoiding the center and targeting historic neighborhoods like Hancock Park can be a smart choice. Indeed, historic areas that are quiet and family-friendly can prove more stylish and beautiful than other parts of the city. Additionally, they may also have lower starting prices, making it easier to purchase. However, with the right care and maintenance, your property’s value can increase significantly, boosting your net worth in the process.
Learn NFT art
NFTs, or Non-Fungible Tokens, are unique digital assets that can represent objects of the real or digital world. NFTs use blockchain technology to store ownership, meaning they can’t be exchanged or edited. For digital artists, it is a game-changer. But, contrary to common belief, you don’t need to be an artist to monetize digital assets. You can sell memes for a decent amount of money. The owner of the Disaster Girl meme, a little girl smirking in front of a house on fire, sold the original asset for over $400,000. So how about creating NFT assets to grow your net worth?
Ideally, experts recommend getting started with blockchain technology and crypto wallet functions. While you don’t need to trade, it’s important to understand the pros and cons of each blockchain network. When it comes to creating crypto art for your NFT venture, you don’t need to become a specialist coder, and you can rely on dedicated platforms to help you through the process or outsource to a developer.
Monetize your online presence
You don’t need to become an international influencer to make money online. Monetizing your social media presence is a long-term project that takes time and dedication. However, it is also a valuable tool to reduce your expenses, even if you don’t churn out several thousands of dollars every month via YouTube or Instagram advertising. Why? Because you can become a brand ambassador, which means you get to try new products at a reduced cost or no cost at all. Brand ambassadors are like micro-influencers. They do not require a large follower base, but they are valuable brand advocates who help spread the brand. As a result, if you share your everyday life on Instagram or YouTube, you could apply for an ambassador role. Most brands promote the positions on their social media. You can utilize your position to promote products and sell them at the best price on eBay or Etsy. While ambassadors may not get paid as much as influencers, you could build a passive source of income to boost your savings or support debt repayments.
Make your skills more sell-able
Being a certified Google Analytics user or a professional accountant, for instance, makes it difficult to sell tangible products. However, you can offer one-to-one tutoring workshops to small local businesses or freelancers, teaching them the skills they need. As a professional expert, you know that you can’t teach people how to do your job in a day. It takes years to build knowledge and experience. However, you can teach them how to recognize red flag behaviors. So they can identify issues rapidly and seek support. It may not pay a lot; however, it can help build your reputation in your sector. You are more likely to increase your earnings in the long term, which inevitably affects your net worth.
Increasing your net worth doesn’t mean winning the lottery. You could work on little things, such as improving your property or creating unique digital assets. Remember: The accumulation of small increases is easier to achieve than one big change!