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Smart Investing Tips While Working a 9-5

Roni Davis | Oct 29, 2022

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Do you hope to get away from the 9-5 lifestyle sooner rather than later? If you dream of having control over your schedule and the financial freedom to not be tied to a traditional working schedule, investing your money to build your wealth is a great way to guarantee more financial freedom in your future. Here are some essential steps you’ll want to take to get started on your investing strategies while still working a 9-5 job.

Increase Your Salary

While this may seem obvious, working towards increasing your salary is one thing you should always be focusing on if you want to invest while working a 9-5. It can be easy to get comfortable at a job and have no desire to go anywhere else, but by doing so you may be hindering yourself from making more money. When you switch companies within your industry you can usually ask for more money than you were making before. In some industries this can be the best way to increase your salary over time.

If you do enjoy working for a company and you know that there is sufficient room for growth, you can do a few things to ensure that a raise comes your way. One very important part is to show up each day and do a good job. You need to show that you are a reliable and valuable employee for their company. This way you can ask for raises and promotions when the time is right and have evidence to back up why you deserve one.

Once you have a high enough salary to cover your expenses and bills, you can begin investing your money and building your wealth for the future.

Manage Your Spending

The more money that you invest, the more money you are going to earn back, so it is important to make limiting your spending a priority. One of the best ways to do this is to set money aside in a savings account when you first get your paycheck, this way you won’t be tempted to spend that money on extra purchases. To determine how much you should save and how much you can spend on entertainment, leisure, and other luxuries, you need to create a budget.

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First, figure out how much you make each month, and then decide how much of that needs to go towards necessary bills like rent, utilities, insurance, and more. You will be left with your disposable income, which can either be spent or saved. How much you save and how much you invest will depend on your specific goals, but you need to make a distinction between the two in your budget. Now you have a more clear idea of how much you can spend on the extra stuff.

Pay Off Your Loans and Debt

If you have student loans or credit card debt, paying these off before you begin investing should be a priority. This way you are starting off your investment journey with a clean slate and no debt hanging over your head. There are a few ways that you can go about paying your debt efficiently. One way is to pay all the minimum payments for each account, then put as much as you can each month towards the account with the highest interest.

You can also pay off the one with the highest balance first, but make sure whichever way you decide to pay your loans and the debt you are still paying the minimum amount due for all of them. By paying the minimum for each account you are ensuring that you do not collect more late fees, and damage your credit score. Having a bad credit score may poorly influence your investment plan, so it is important to make sure your debt is clear and your credit score is good.

About the Author

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Roni Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area. She writes for a bankruptcy lawyer in Philadelphia.


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