CEOs think about money all the time. That’s why they make so much of it.
That CEO in the corner office who’s pulling in a nice, fat $15 million a year? They keep an eagle eye on one number — the bottom line.
What’s your bottom line? To find out, add up your income, subtract your expenses, and there it is: the number that instantly reveals whether you’re getting richer or poorer.
Let’s face it, many of us get a little careless about our bottom line. But if you want to think like a CEO — if you want to get richer — you need to be laser-focused on that number.
Here are some concrete steps you can take to improve your own personal bottom line. Not all these tips may work for you, but some of them will, so be sure to read them all.
1. Grow your money with professional help
If you really want to boost your bottom line over the long term, you need to be working with a professional. If you’re not doing this, you could easily be missing out on some serious money.
A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial adviser. That’s twice as much!
If you’ve got at least $100,000 in investments, check out a unique, totally free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisers in your area, all legally bound to work in your best interests.
An adviser can help you choose the right investments, lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.
How do you find the best adviser for your situation? That SmartAsset survey. It only takes a few minutes, and in many cases you’ll be offered a free consultation with the recommended advisers.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
2. Diversify your wealth with gold
The bottom line is that putting all your money in one place – stocks, bonds, crypto, whatever – is a recipe for losing wealth, not building it. Diversification is key to financial security. Here’s an easy way to start: Buy gold and/or other precious metals. Those investments typically do well when the stock market decides to tumble.
But be careful who you deal with, though. Not all gold dealers are on the up-and-up, and some of them are only too happy to sell you gold and silver at vastly inflated prices.
Oxford Gold Group, on the other hand, has a 4.7-star rating (out of five stars) on Trustpilot, where 95% of reviewers call the company “excellent” and 4% call it “great.” It also has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.
They’ll allow you to invest in a gold IRA that adheres to IRS regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.
If you’ve ever thought of investing in gold, give Oxford Gold Group a try.
3. Pay 25% interest on a credit card? Seriously?
The average credit card interest rate these days is approaching 25% — a record high. Sounds like what a loan shark would charge, doesn’t it?
Never borrow recklessly, but when it’s time, do it right. Take advantage of much lower rates by borrowing against your home. Use that loan — with rates as low as 6.75% — to fix up your house, to pay off high-interest debt or for any other purpose (besides financing a lifestyle you can’t afford).
That’s a fraction of what credit cards charge, and will literally save you thousands of dollars over the life of the loan.
How do you shop for the best deal? Simple: Head to a loan shopping site like Rocket Mortgage. They’ve eliminated most of the hoops you had to jump through in the past, so it only takes a couple of minutes to see how much you could get.
4. Protect your pets for less
But what about your pets? They’re a member of your family, too. And just as with human healthcare, vet costs are also skyrocketing.
Why gamble your savings on your pet’s health? Click here right now and see if there’s an affordable solution for your four-legged family members.
5. Protect your home from unexpected costly repairs
The bottom line here is that home repairs aren’t cheap. Not ever. Whether it’s a leaky roof or a broken appliance, your home can quickly become a nightmare and cost you hundreds or even thousands of dollars to keep up.
But you don’t have to worry. Luckily, with a home warranty company called American Home Shield, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
AHS protects your stuff no matter the age. Their plans cover up to 23 appliances and systems, and if they can’t repair it, they’ll replace it. That’s why American Home Shield is America’s top home warranty company with more than 17,000 contractors and two million members.
All over America, homeowners are choosing AHS for the savings, service and peace of mind that it delivers.
Bonus: Get free, expert advice on everything money-related
What’s free and gives you tips to spend less, make more and avoid rip-offs? The Money Talks Newsletter. Every day we provide free tips and tricks that will make you richer. And it doesn’t cost a dime.
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