1 out of every 3 adults took a direct financial hit during the COVID crisis. This has led to increased government spending, reduced business efficacy, and ultimately, a poorer working class.
As 2021 rolls in and optimism grows that it will be a much better year than its predecessor, many are exploring ways to ensure that the health strategies they employ in the new year will help them make up for lost income.
So, which wealth strategies are you going to lean on in the months ahead? Do you have any ideas? If you’re scratching your head, our team has you covered!
Keep reading to learn 5 money moves you can make that can lead to affluence.
- Dive Into Dividend Yielding Stocks
2020 was a year of cash conservation for most companies. One of the most popular methods employed to save was the cutting of dividends.
While the cutting of dividends made traditionally divined-yielding stocks less attractive, we expect that most companies will restore their dividend in 2021. Find out which companies have historically paid high dividends and double down on investing in them before their stock prices go up too high.
- Be Mindful of Stimulus Initiatives
With the regime change in the United States, we expect there to be more money given out by the government in the way of subsidies. These subsidies may be targeted at classes of people most affected by government shutdowns or may be broad like the one-time stimulus checks the federal government sent out mid-year.
Keep your eyes peeled for these initiatives to make sure you claim anything you qualify for.
- Cash in on Credit Card Offers
As job markets recover in 2021, credit card companies will want to get consumers back on the spending wagon. One of the ways they’ll do this is by getting aggressive with the card offers they extend.
If you come across incredible sign-up bonuses, no-interest offers, and waived annual fees, weigh those promotions to see if claiming them makes financial sense.
People that spend wisely through valuable credit cards can rack up thousands of dollars worth of rewards each year.
- Renegotiate Your Rates
The interest rates you pay have a big impact on your ability to generate meaningful wealth. That’s why one of the most key wealth strategies we can share with you is to audit the interest you’re paying and renegotiate/refinance it.
Lowering your interest rate by just a couple of percentage points could save you hundreds of dollars every month!
- Give More, Get More
We find that those that give more tend to feel better about their financial standing and consequently, find ways to make more. So, if you can, be generous in your donations and tipping practices.
Your kindness will fuel your community’s ability to bounce back from the worst economic crisis of our generation.
The Wealth Strategies We’ve Shared Are Just the Beginning
If you were to lean on the wealth strategies we’ve shared with you, we’re confident you’d find more financial success in 2021 than you did in 2020. Going beyond what we’ve suggested though is the key to exploding your income possibilities.
Keep being curious about money, take calculated risks, and chase what you’re worth. If you find yourself in need of help along the way, our team welcomes you to check out additional wealth commentary, investment strategies, and more on our blog.