20 life hacks that increase your wealth

Three Big Reasons You're Still Broke

In today's digital age, people are growing more and more interested in how to become financially successful with innovative ways to change their lives. Find out what life hacks successful people use to increase their wealth and how you can do the same.

1. Stop Watching the Clock

If all you ever do is focus on how much you get paid per hour, you'll be working long hours for the rest of your life. Take a lesson from Tim Ferriss' "4-Hour Workweek" and start thinking about how you can get paid for results instead of time. You'll be motivated to work smarter, not longer.

Related: What These 12 Highly Successful People Worry About Every Day

2. Don't Shy Away From Self-Promotion

You'll never establish a customer base if you never tell anyone about your product. Promotion can sometimes feel pushy, but it's a crucial part of business. Use social media, local advertising and other marketing methods to get your name out there.

3. Stop Confusing Wealth With the Appearance of Wealth

You don't need to become a full-fledged minimalist, but it's time to trim the proverbial fat. Look at your budget and eliminate nonessentials. Spa treatments, expensive restaurants, most retail shopping and unused gym memberships are excesses than can sabotage your financial health.

4. Change Your Playlist

When you're not working, you should be learning and gaining as much knowledge as you can, whether it's related to your business or not. Listen to audiobooks and podcasts while you drive, shower, and clean your house. You'll find that it's as relaxing as watching a show at the end of the day, but you'll be getting a brain workout instead of just vegging out.

5. Monetize Your Talents

If you've got a unique skill, you could create a business around your talents. Whether you're a skilled programmer with a vision for launching a development company or you have a unique style and want to create your own product line, use your interests, passions, and abilities to make money.

6. Get a Mentor

James Wilkinson, CEO and president of Pamco Machine Works, Inc. in Rancho Cucamonga, Calif., recommended that you "identify successful people in your industry and reach out for advice."

"Be bold by asking, writing, emailing, or calling them directly," he said. "Ask them to help you solve a specific problem, give you general advice or become your mentor."

7. Drink Water

Life's simplest necessity can actually increase your wealth. If you cut back on sodas, coffee, and other costly and unhealthy beverages and stick with water instead, your teeth can get stronger (saving you money on dental bills), your anxiety can lessen (saving you money on prescriptions and therapy), and your brain can become healthier and more efficient.

Also see 12 ways to slash your grocery bill:

12 ways to slash your grocery bill
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20 life hacks that increase your wealth

Buy in bulk
Even if you don't think you need a bulk amount of an item, you can always find a way to use it, especially if it's a dry good or item you can store for a long time. It'll save you down the road.

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Memorize rock bottom prices
You may have to jot down the prices you pay for certain items a few times before you can gauge the maximum price you should pay every time you shop for that item.Eventually, you'll commit it to memory.

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Research specific stores' policies
Certain grocery stores will price match or honor deals from other grocery stores, while some might have certain designated deals on different items on certain days of the week. Research before you shop.

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Buy a mix of name brand and generic brand products
For dry goods and condiments, stick to generic brand. For products like meat and dairy, stick to a brand you trust.

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Skip out on anything prepared, pre-packaged or pre-sliced
It's almost always more expensive than buying bulk ingredients and using them to prepare on your own. 

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Leave the kids at home (if possible)
"How did eight boxes of fruit snacks get into the cart?"

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Don't buy boneless chicken or meat
It will cost you the price of the meat plus the cost of preparation. Buy with bone-in and prep the meat yourself.

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Take advantage of "buy one, get one" deals
Especially if they're items like meat or bread, which can be frozen and stored for quite a while.

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Plan meals around when things go on sale
Instead of planning out your meals for the week and shopping for the appropriate ingredients, figure out when certain items go on sale, buy them and plan your meals around those ingredients.

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Look at the unit price
It's possible, for example, that buying two boxes of 10 granola bars is cheaper than buying one box of 20, based on the price per unit.

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Look up, then look down
Grocery stores tend to stock their most expensive items at eye-level. Look at the top and bottom rows for cheaper items.

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Skip out on personal care items
Your best bet for these kinds of items is drugstores.

Photo credit: Getty


8. Give More

Don't make the mistake of thinking that greed equals growth or that your success must come at the expense of others. Help people by volunteering, giving of your time, truly listening and being generous. Be happy to share your successes with people. You will create more avenues to success by gaining allies than by making enemies.

9. Stop Wishing — Set Goals Instead

Wealthy people don't allow their success to hinge on hopes. They commit to success by working to achieve clearly defined goals. Set some goals for the next week, month, six months and beyond. Define your goals and outline the smaller steps you should be taking to achieve them. A good calendar system helps.

10. Adapt as You Pursue Goals

While being committed to your project is important, it's equally necessary to be able to identify when to adjust the plan or even change the end goal. If you're developing an app and you start seeing the need to change directions, don't be afraid to shift focus if it will mean long-term success.

11. Clear Clutter for More Brain Space

A certain amount of messiness is acceptable as part of the "creative mindset," but at some point clutter becomes a distraction to your work whether you realize it or not. Clear your primary work area so you have some space for your thoughts. You'll be surprised by how much more productive you can be in a clean room.

12. Drive Less

Not only will less driving save you money on gas, maintenance, and potential accidents, but the exercise of walking and biking can help boost your brainpower by slowing the brain cells' aging, improving memory, and alleviating anxiety.

13. Identify Needs and Invent Solutions

If you ever think to yourself, "I wish there was a product that could ..." then start thinking about how to turn those ideas into realities. Chances are, if you identify a need, other people would pay money for a solution to the same problem.

14. Accept Criticism

Don't be too proud to accept advice and criticism. It doesn't always feel good to hear criticism, but not being discouraged by it, learning from it, and moving forward can feel great. Use criticism to motivate you to further perfect your business model.

Read: 7 Pet Peeves of Highly Successful People

15. Ask Questions

Wealthy people are driven by the desire to learn and grow. By asking a lot of questions, you can learn from other people's mistakes and experiences, gain knowledge about your field, and create strong relationships with people.

16. Stop Blaming Failures on Bad Luck

If you want to be able to take credit for your successes, you need to start taking credit for your failures. Success is as much a mindset as it is a status.

17. Block Your Time

As helpful as media and social media are for connecting, informing, and entertaining, most people find themselves distracted too frequently. Between click-bait titles, cute videos, friends' updated statuses and online games, it's a wonder anyone gets any work done at all.

Set up a timer or a block on your computer for the websites that are your biggest time wasters. Create blocks of time in your schedule for work and play. Your mind will be clearer, and you'll have more time to focus on what's important.

18. Recognize That You Reap What You Sow

Think of your brain as a crop field. If all you ever did was harvest creativity and success, your fields would soon be dry, barren, and picked over. Allow yourself time to sow seeds of success by resting, thinking, brainstorming and taking breaks.

19. Put Your Money to Work

You work hard, and your money should, too. Make your money work for you by investing in stocks, mutual funds, CDs, peer-to-peer lending, real estate and other vehicles that can help you build wealth. If you and your money work at the same time, you can earn money even faster.

20. Associate With Other Successful People

Rubbing elbows with successful people is a great way to take steps toward building wealth. By creating relationships with influential people, you can reach a wider customer base. You can also learn about wealth and business from seasoned pros.

RELATED: See Forbes' top 10 richest people in America:

Forbes' top 10 richest people in America
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20 life hacks that increase your wealth

5.  Charles Koch

Net worth: $41 billion, down $1 billion
Source: Diversified
Age: 79    

  • Net worth down 2% since 2014 Forbes 400 due to market pressure on commodities and industrial companies
  • Charles runs $15 billion (revenues) Koch Industries, the country’s second-largest private company with $115 billion in sales.
  • He’s been chairman since 1967, when the company was valued at $50 million; it is now worth an estimated $100 billion
  • Political heavyweight compares his crusade for smaller government and economic liberty to the campaign for civil rights, and hopes his network of several hundred wealthy conservatives will spend up to $300 million on candidates and another $600 million on efforts to reduce regulation and reform the criminal justice system

(Photo by Patrick T. Fallon for The Washington Post via Getty Images)

4. Jeff Bezos

Net worth: $47 billion, up $16.5 billion
Source: Amazon.com
Age: 51

  • Bezos is the biggest dollar-gainer on the list
  • Climbs into the top 10 richest on The Forbes 400 for the first time thanks to surge in Amazon.com shares
  • In September he announced that his aerospace company, Blue Origin, would spend over $200 million to build reusable rockets and launch them into orbit from a site at Cape Canaveral by the end of the decade.  

(Photo by Nicole Craine/WireImage)

3.  Larry Ellison   

Net worth: $47.5 billion, down $2.5 billion
Source: Oracle
Age: 71

  • Fortune down $2.5 billion in the past year as Oracle’s share price fell
  • His net worth is down 5% since 2014 Forbes 400        
  • Stepped down as CEO of Oracle in September 2014, stayed on as chairman.  
  •  In June he announced that Oracle would expand its cloud-computing business, putting it in direct competition with Amazon.com’s Web Services business.
  • Both of his children are Hollywood moguls. Daughter Megan has financed films like Zero Dark Thirty and American Hustle. Son David has produced franchises like The Terminator and Mission: Impossible.

(Photo by Gregg DeGuire/WireImage)

2.  Warren Buffett  

Net worth: $62 billion, down $5 billion
Source: Berkshire Hathaway
Age: 85 

  • Fortune down $5 billion in the past year because share price of Berkshire Hathaway fell
  • His net worth is down 7.5% since 2014 Forbes 400
  • Berkshire Hathaway in August announced its biggest acquisition ever, agreeing to pay $37 billion for Precision Castparts, a maker of aerospace, power and industrial parts
  • In addition to Precision, Berkshire owns companies including Geico, Dairy Queen and Fruit of the  Loom
  • This year teamed up again with 3G Capital, a firm run by a trio of Brazilian billionaires, to merge Kraft Foods with Heinz. Buffett has joined forces last year to help finance 3G’s merger of Burger King and coffeehouse chain Tim Hortons
  • Lifetime philanthropic giving: $25.6 billion

(Photo by Eric Frances/Getty Images)

1.  Bill Gates

Net worth: $76 billion, down $5 billion
Source: Microsoft
Age: 59

  • World’s richest man for 22nd year in a row
  • Fortune down 6%
  • Gates own just under 3% of Microsoft, which accounts for 13% of his total fortune. His private investment firm, Cascade, makes up the rest, investing in stocks, bonds, private equity and real estate
  • Lifetime philanthropic giving: $31.5 billion

(Photo by J. Countess/WireImage)


Read: 7 Traits Successful Men and Women Don't Share

This article originally appeared on GOBankingRates.com: 20 Life Hacks That Increase Your Wealth

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