One needn’t be rich to build wealth. All it takes is a bit of sacrifice. If you’re keen on increasing your share of the pot, try these five simple sacrificial strategies to grow your wealth.

  1. Keep Cash on Hand

Writing in Inc. Magazine, Minda Zetlin notes that famed investor Warren Buffett is maniacal about keeping extra cash on hand. Zetlin quotes an oft-repeated bit of wisdom from Buffett: “Cash is to a business as oxygen is to a body: never thought about when it is present, the only thing in mind when it is absent.”

Keep at least three to six months’ income in liquid accounts. Admittedly, it’s easier to spend cash than to keep it in reserve. But, if unexpected expenses arise down the line, you’ll thank yourself for doing so. As you accumulate a surplus of cash, you can put it to work by investing it in equities and other wealth-building instruments.

  1. Work With a Reputable Financial Adviser

If you’re like most savers, you’re too busy to manage your investments on your own behalf. That’s why you need a financial adviser with a proven track record and an investment philosophy aligned with your goals and objectives.

For a variety of reasons, working with a financial adviser involves sacrifice. However, when you trust your adviser to make the proper decisions for your future, you’ll free up more mental energy to worry about things more important than money.

  1. Dine Out Less Often

For culinary enthusiasts, this is a dagger. But eating out at restaurants is probably the single most common discretionary expense for average British families. If you’re truly committed to whipping your household budget into shape, eat fewer meals out — and, perhaps, learn to love cooking at home. With some time and planning, you can explore an endless variety of cuisines in the comfort of your own flat.

  1. Take Shorter, Closer Holidays

Why jet down to Costa del Sol for a week when you can visit Brighton over an extended weekend for a fraction of the price? Learn to love Britain’s garden spots, and bring your family along for the journey. And note that shorter, closer holidays can by definition be more frequent holidays. No need to save up for an annual exercise in extravagance when occasional celebrations of frugality suffice.

  1. Find a Side Job or Occupation

Side jobs, or “gigs” if you like, abound for those willing to sacrifice free time. Have a spare room in your flat? Rent it out on a holiday rental website such as Airbnb. Love to drive? Monetise your habit with a ridesharing app such as Uber. Good with plumbing or wiring? Hire yourself out as a handyperson. Have a passion that’s not expressed in your day job? Whether it’s graphic design, writing, maths or something else entirely, find an online freelance platform and give it a go. Use the extra income to reward yourself from time to time — after tucking away the lion’s share.

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