Get a good grip on your finances
When his habit got “out of hand,” Barkley quit gambling and his friends challenged him. He recalled them asking why he wouldn’t quit when he had won a significant amount.
“I got such elation [by winning], but then when I would lose a million, I was so depressed … No matter how good it feels winning, when you lose, it just f—-ing sucks,” he said.
“Gambling is really just peaks and valleys,” he went on to tell Sharpe.
If you too want your cash flow to be less of a rollercoaster ride, start by taking control of your finances. Creating and sticking to a budget is a great way to ensure that you’re meeting your financial responsibilities, while also consistently putting away money in your savings.
To keep your personal finances in order while you’re paying down your debt, consider using Empower. Empower is a great personal software tool that allows you to integrate all your accounts into a single location.
Through creating summaries of your net worth, your monthly spending, as well as your investment portfolio, Empower gives you a birds-eye view of all your assets in an intuitive dashboard. The Empower wealth management platform can take your savings game to the next level with a sound financial roadmap.
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Make real estate plays
In his interview, Barkely talks about money he’s wasted on cars and other flashy displays of his wealth.
Homeownership, on the other hand, is an effective and tangible way to build your wealth. However, high home prices and mortgage rates — and the work associated with owning an investment property — can make buying property a difficult prospect for many Americans.
Thankfully there are other ways you can invest in this lucrative asset without having to take on a mortgage or the title of landlord.
One way you can dip your toes into this asset class is through Arrived.
Backed by world-class investors like Jeff Bezos, Arrived allows investors to buy shares of rental homes and vacation rentals without taking on the similar responsibilities of direct homeownership and property management.
Start by browsing a curated selection of homes, vetted for their appreciation and income potential. Once you find a property you like, choose the number of shares you want to buy.
You can get invested with as little as $100 — a price tag that might look more appealing than the one associated with owning and managing a property yourself.
Looking to up your ante and make a bigger investment? Accredited investors have another solid option in commercial real estate with First National Realty Partners (FNRP).
FNRP gives you access to necessity-based real estate such as grocery stores or health-care facilities. That means the properties are essential to the local community, often leased by national brands like Krogers, Walmart, or CVS, FNRP, and more likely to remain desirable.
Once a deal is closed, FNRP’s team of experts manages every aspect of the property and deal, so you can focus on finding your next big opportunity.
Make your money work for you
Even if you earn a six-figure salary, your income alone is often not enough to achieve wealth. You have to put your money to work — and the easiest way to do this is to invest.
You don’t have to commit a lot of money at first, you can start small and make the most of your spare change.
You can start investing with Acorns in just a few minutes. The app automatically rounds up your purchases to the nearest dollar and puts that money into a diversified portfolio of ETFs.
With over 4.5 million users, and a 4.7 star rating on over 700,000 Amazon reviews, Acorns is a reliable way to spend, save and invest all at the same time.
Sign-up today and get a $20 bonus investment.
If you’re interested in playing the stock market, there are safer ways to do it than blindly picking stocks like numbers on a roulette wheel.
An automated investing platform like Wealthfront can help you invest your money in a way that best aligns with your financial goals.
By answering a few questions, Wealthfront helps you determine your risk tolerance and optimal asset allocation. It then crafts a diversified portfolio for you, spanning a range of ETFs — from stocks and bonds to real estate.
Sign up now and they'll help jumpstart your wealth-building journey with an extra $50
Make your home work harder for you by making the most of your equity.
The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic. Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
