Building wealthis all aboutplanning for the long run.That’s why small, simple decisions you make todaylike where you stash your savings or how much of your income you’respendingonrentare so important.Below, we’ve rounded up eight things you can do right now to put more money in your bank account next year.SEE ALSO:7 things people think are terrible for their finances that actually aren’tDON’T MISS:There’s a better way to save money now to build wealth in the futureSet up automatic savings.You can take the biggest step toward building wealth in 10 minutes at your computer. Setting up auto savings takes the effort and thought out of saving money.If you set up a 401(k) through your employer, your contribution will typically be automatic, so that’s a great place to start. If you want to save a portion of your after-tax income, you can connect multiple accounts to your direct deposit and designate how much money from every paycheck will move into each account.”By saving off the top, an amazing thing will happen,” said the Money Wizard, a 27-year-old blogger who’s saved over $200,000. “You won’t even notice all the missed money, and you won’t even have to adjust your lifestyle to meet your savings goals. Your spending will instead mold around what’s left, leaving you feeling like you’re living just as great of a lifestyle, all while saving a fortune.”Ask for a raise ‘ or change jobs.Hourly wages for US workers have risen just 2.4% in the last year,according to the Economic Policy Institute.And despite the average Americanbelieving they deserve a raise, more than70% aren’t asking for one.Negotiating your starting salaryand continuing to negotiate every few years or when you start a new jobcould make a $1 million difference in your lifetime earnings.The key to earning more money may be switching jobs, according to an analysis from financial services companyNomura. Employees who changed jobs earned about 1% more year-over-year than those who stayed with the same employer.Job switchers likely experience stronger bargaining power and greater salary increases when more opportunities are available or they find a new higher-paid role that better matches their talents, according to the report.Put your money in a high-yield savings account… Having too much money in your checking account could hold you back from building wealth.Keep about a month’s salary in your checking account so you can easily pay your bills each month. Once you have that, start building up at least three months worth of expenses in an emergency fund.Allowing your checking account to overflow beyond what’s necessary means you’re missing out on the benefit of compound interestwhich is basically the snowball effect applied to your money.Store your savings in a high-yield savings account, where you could be earning 1% interest on your money, rather than the 0.01% earned in a traditional checking or savings account. See the rest of the story at Business Insider
daybreakonline.news.blog 