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The following is a guest post from SB, who blogs at One Cent at a Time, where he teaches about getting ahead in life, encompassing personal finance and productivity related topics like Becoming Rich, Earning Extra Money and Saving Environment.

No one wants to maintain or lower economical condition. Everyone wants to earn more & more money and become rich. There are many ways to make money. However, there are some ways which are not legal or by using them you may find yourself in a problem. Here are 15 ways for you to build wealth legally

  1. Get rich by saving money- Many of us waste money unnecessarily. If we use money economically and save it we will definitely save a lot of money in a very short span of time. For our future to be better, we should start saving from now. Remember, Drop by drop makes an ocean.
  2. Start your own business- You can start a business of your own with proper guidance as business may give a lot of profit. It is always preferable to start your business if you have experience in the field as you should not take risk as you may lose what you have invested.
  3. Choose proper career- You can earn a lot of money if you work properly. You can work properly if you have interest in the field and so you should select your profession according to your interest.
  4. Invest in property- As nowadays the rates of real estate are on a rise it is profitable to invest in them. You should invest in different localities so that even if property rates at a particular locality goes down you may recover the loss from other localities.
  5. Keep changing jobs-‘A rolling stone gathers no moss’ is an old saying nowadays as if you keep the same job for years together you cannot progress and changing jobs help you to get a rise every time you change the job.
  6. Start tutoring- You can tutor children as a part time job which will help you earn more and you will utilize your free time.
  7. Invest in stock markets- Stock markets are real good earners if you invest in proper places. Seek advice from some experienced stockers if needed.
  8. Purchase things in discount-You should shop when the rates of things are low, like in sale. It saves a lot of your money. Also you get the things you want and the best part is that you pay much less than what you pay normally.
  9. Start a shop of your own-You can start your own shop and hire people to work there and you may continue with your job. This will work as a second way of income for you.
  10. Rent your house-If you have extra space in your house you may rent it and earn from it. or you may buy a house and then rent it.
  11. Work online-You may work online as you don’t need any office for it you may work from home. You may work as a freelancer, start your own website, buy and sell things online, etc.
  12. Select proper location-You need to choose a perfect city or country according to you profession. Like you should live in a city where you can get plenty of jobs to choose and you will definitely earn more there.
  13. Earn money from your car-If you have a spare car you can rent it to people or travel agency and take a fare rent from them. This type of renting pays really well.
  14. Sell unwanted things-You should always sell unwanted thing for a good profit. It is always good to sell unwanted things rather than keeping them and creating a mess in your house.
  15. Always work harder-Never stop and be satisfied with what you have. Always try and work harder to earn more.

Readers, as the name of my blog suggests, wealth should be accumulated one cent at a time, you can grow rich but can't do that overnight, it just can't happen without a lottery or gambling win.

 

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This is a guest post

There is so much information out there about how to choose the correct mortgage but if you really want to save money, it’s what happens next that matters. So, how do you pay off your mortgage faster? What are the tricks?

Switch to rapid repayments

Here’s some food for thought: with a $300,000 mortgage, amortized over 25 years (essentially, an average mortgage), rapidly repaying your costs would save you $19,887 in interest payments, plus it would slice 2 years off your mortgage (based on an interest rate of 3.52%). And if you don’t believe me, do the math yourself with a mortgage calculator.

But how do rapid repayments work though, I hear you mumble? Bi-weekly rapid payments split your monthly payment in half, meaning you pay it every other week. This means you pay one full extra payment every year. That one extra payment saves you hell loads of interest. Happy days!

Make lump sum payments

Let’s use our average mortgage example again: if you made lump sum payments of $1,000 each year on a $300,000 mortgage amortized over 25 years, you would save a massive $10,747 in interest, plus cut a whole year off your mortgage.

Ok, ok, so you’re saying where the hell does he expect me to find an extra $1,000 a year? I don’t have that kind of money just lying around. Well, saving $1,000 means putting aside $83.50, or cutting back on 17 lattes a month. Obviously, each person’s budget is different, so just be sure to figure your own personal expenses and budget from there. Just think of the money you would save in the long run.

The great thing about lump sum payments is that the payment goes directly towards the principal of your mortgage: you’ll be paying your mortgage instead of just paying off that pesky interest.

Do NOT sign your mortgage renewal letter

You’re a few months away from your mortgage renewal letter and chances are you’ve completely forgotten about it. So you get a letter from your bank letting you know that it’s time to renew but, not to worry, because all you need to do is sign this letter, send it back to them and they can renew it for you automatically. Aren’t those lovely people at the bank just so helpful, always looking out for your
best interests? NO! Don’t do it! Don’t sign it!

Here’s a newsflash: the bank will NEVER give you the best rate straight off the bat. It’s in their interests to offer you the rates that suit THEM before you finding the ones that suit YOU.

So, even if you’re sticking with your current lender, make sure you at least negotiate the rate. Secondly, consider looking at other lenders. Compare the market and find the current best rates. If your lender can’t match the competition, consider switching teams.

It’s important to remember your renewal date, however distant it is. This will prevent fines.

Compare mortgage rates

It’s a simple fact that those who compare mortgage rates save big money. There are no two ways about it – it’s just TRUE! So, if you don’t compare, you’re doing yourself a massive financial injustice. For instance, users of one particular site who compared rates save an average of 72 basis points (0.72%) on their
mortgage, over those who opted for the five big banks’ discounted rates.

Based on our average mortgage of $300,000 amortized over 25 years, rate comparison site users would save around $35,000 in interest over the course of their mortgage.

It’s a no-brainer. Get on a rate comparison site now and see just how much you could be saving!

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Today's post is a guest post from my friend Ryan at Life Fresh out. Ryan is a young guy living in Boston learning first hand about the real world. He writes at LifeFreshOut.com, and hopes to share information he's learned since graduating from college that he wishes he knew before. Life, money, and careers are some of the topics he covers.

His blog is interesting and takes a different perspective; I highly recommend you check his blog out!

Young adults are notorious for making bad decisions in life. I’ve made plenty myself and I’m only a few years in. Here are five common ones I’ve seen myself and others make.

Underestimating the total cost of big-ticket items.

When I moved away from home to start my career, I had the car my parents and I shared while I was still at home. After a few months of working, I decided I wanted a change. I wanted to buy my own car. So after months of research, I went to a dealership and bought a brand new car. Now I had done quite a bit of calculations and decided that while a new car might not be the best financial decision, I could afford it. Here’s where I ran into a little trouble. All of my calculations were based on assumptions and not on reality. So when I got my first flat tire ever, I hadn’t planned on the uncommon tire size of the new car costing more to replace. Or that I would want to replace all four tires after my second tire problem a month later. Also, my previous car was a gas sipper and while the new one is still pretty economical, it’s not as efficient as I predicted. I underestimated the cost.

 

Not taking care of your health

171819routine.blogspot.com

It’s easy to just assume that your health is going to remain as strong as it was in your teens. As we get

older, inevitably we are going to develop some problems. And these problems will end up costing us in

money both in doctor visits and medication. At one point, I was feeling a little ill, but ignored it figuring it was nothing. Eventually it worried me enough that I went to the hospital. As I describe in a post, that ended up costing me big. A quick trip to the doctor earlier would have saved me a boatload.

 

Not paying enough/paying too much when buying small items

Many of us who read blogs like WLGYL are pretty conscious of our spending habits. We try to save where we can, but we also think that some things are ‘worth’ spending money on. Unfortunately, many times we get this wrong. I love to cook, so the kitchen is one area where I fall victim to this constantly. When I moved into my first apartment, I bought a large set of cooking utensils that came out to roughly $1 a piece. Thinking I was being frugal, I was pretty proud of myself. Obviously, these were pretty cheap, and many of the items bent and broke within a few months. I had to replace these and of course felt pretty dumb for wasting money. On the other side, I thought I would splurge and get a nice grill pan. I had never owned one before, so I burned a lot of food onto it within the first few weeks. Eventually it was ruined and I had to toss it.

It comes down to learning what items we should spend a little more money on, and what items we should get cheaper versions of to practice on first before upgrading to higher quality. Easier said than done.

 

Thinking things will last longer than they do

This one encompasses the previous three, but I think it’s worth its own special acknowledgment. I’ve been pretty proud of the fact that I drastically cut back on my spending on clothes once I started getting serious about budgeting. So much so that I don’t really even think about buying any new clothes most of the time. The truth of the matter is that I wear the same couple of pairs of jeans every week. Because of that…they are starting to get a little tattered and frayed, a few spots of spilled juice haven’t really washed out, and my style has matured a little making some of them less appropriate for me to keep wearing to work. Now that I realize I need some new clothes (with a little help from jokes from my friends), I also realize that I did not budget for replacing my wardrobe or really most things I own. I just kind of assumed they would last indefinitely once the initial purchase was made. Not realistic.

 

Paying avoidable fees

I picked up my first speeding ticket recently. It was completely avoidable, and was solely because I was annoyed at some traffic I had run into a few minutes earlier. That ticket cost me over $200 and could potentially increase my insurance premium for years. Other fees including bank fees, late fees on bills, and last minute shipping charges are also completely avoidable. A little planning and a little patience go a long way to saving money.

Most of these mistakes are from being young and inexperienced. So in the end all we can do is hope to make as few mistakes as possible, plan a little more in our budget than we think we’ll need, and then learn from the mistakes when we do unsurprisingly make them.

 

What is one or two avoidable mistakes you made/make as a young adult?