Redefining the Meaning of Wealth

Here’s a no-brainer for you. If you want to have more money, don’t spend as much money. When you don’t spend as much, your net value goes up, even if only a small amount. I think many of us have gotten caught up in thinking that the only way to increase our wealth is to get a fatter paycheck or a bigger return on our investments. Although these are certainly valid ways to increase your wealth, often they are out of our control. What is in our control is hanging onto as much of our money as possible. For many people, things are tough right now, and the prices of the basics keep going up, up, up. So instead of dreaming about that raise that may or may not happen, or hoping the stock market will somehow miraculously and quickly recoup your recent losses, look for ways you can save money and create your own dividends. One of the best ways to do this is to identify what you are paying others to do that you could do yourself.

I recently wanted to get a cleaning person to come in once a week, but I realized the several hundred dollars I would spend on this each month could go to savings instead. The money that would have been spent on a housekeeper now goes to me. I also realized I could wash my own car. Not only is it good exercise, but I save a few more dollars. The luxury of having a weekly pedicure would be heaven to me, but spending $20-$30 dollars is not the best use of my money right now. Besides, I’ve been doing my own pedicures for years, so why suddenly start paying someone? Every time I see a co-worker’s Starbucks coffee and want one too, I take a trip to the work kitchen and make my own cup of coffee.

So what are some of the things you could be doing yourself instead of paying someone else? If you’re facing an upcoming job lay-off or just need to tighten up the purse strings a bit, it might be worth investing a little extra time so you have a little extra money. Remember, if you do it yourself, you can increase your wealth!