Do you feel like you’re stuck in a rut, unable to progress despite your best efforts? You’re not alone. Many people in early sobriety (and even long-term recovery!) find themselves in similar situations and feel overwhelmed by their lack of financial success. If you’re tired of being sober and broke, there are steps that you can take to get ahead and build wealth.
The first step is to create a budget. Knowing how much money you have coming in and how much is going out can help you identify areas where you may be overspending or need to save money. Just like a muscle at the gym, as soon as you start attending an area, it will keep growing. Tracking your spending will also help you determine what purchases are worth making, which will help keep your finances on track.
Investing in yourself and your future is another way to get ahead financially. Investing in yourself can mean taking classes or workshops to further your career or learning skills that could help increase your income. Investing in the stock market or real estate is also an excellent option for creating passive income streams over time.
In addition to investing in yourself, it’s essential to start saving for retirement as early as possible. The earlier you start saving for retirement, the more time your investments have to grow and the more money you’ll have when it comes time to retire. Consider setting up an IRA or 401(k) plan to automatically take contributions from each paycheck and invest them into a retirement fund.
Start paying down debt as soon as possible too. Debt can quickly become overwhelming if not managed properly, so make sure that any extra money goes towards paying off debt instead of buying unnecessary items or going on vacation now and then. To get debts paid off faster, consider consolidating them into one loan with a lower interest rate or look into personal loan options with lower interest rates than credit cards typically offer.
Finally, look for side hustles or additional income streams outside your full-time job or business endeavors to build wealth. Look for ways to monetize your skillset – whetheit’s’s freelancing services online or starting a small business – to increase your income without committing too much extra time away from work, relationships, or family responsibilities.
- Suffering from addiction and need help to stop and stay stopped? Let us answer any questions you have regarding stopping drinking or substances.
No matter what steps you take toward building wealth while sober, remember that success takes patience and perseverance – buit’s’s worth it! Financial freedom is within reach with the right plan and determination!
By Jace A.