Disclosure: Some of the links below are affiliate links. Meaning at no additional cost to you, I will earn a commission if you click through and make a purchase. Don’t worry though. I only recommend products that I believe will help you on your journey.
- Money-Saving Tips
- Need To Stop Living Paycheck to Paycheck?
- 7 Ways To Save On Everyday Stuff
- How To Start Creating Wealth Now
- How You Can Start Saving Money In Seconds
- Common Mistake When It Comes To Money
- Simple Solution To Start Paying Off Debt
- Easy Ideas For Free Family Fun
- How To Generate Wealth Even If You’re Broke
- QUIZ – What Animal Do Your Money Habits Mimic?
Did you know that there are key habits the wealthy do that middle and lower class don’t? Creating the right habits can and will change your future. So what are these habits?
#1 Own a Business
This probably doesn’t make sense but statistically, it is shown that you are very unlikely to become wealthy when you are an employee. You just have enough ‘skin in the game’ to do the work and make the decisions necessary to accumulate wealth.
For tax reasons alone this is also a good idea! With a legitimate business, you are eligible for tax deductions that you cannot take as an employee. You are also only taxed on income that you receive after you take deductions versus as an employee you are taxed on all income. Of course, check with your CPA for the laws specific to your situation and location.
#2 Engage in Personal Development
We are like fruit there is no staying the same. We are constantly growing and ripening or rotting. So which direction are you headed? If you aren’t actively trying to swim upstream (ripening) then naturally you’ll head downstream (rotting). Personal development can be done in multiple ways.
- Books – reading a physical paper book which is still my favorite way to read
- Kindle – still physical reading but some prefer this
- Audio – I recently tried this again and found that although I still prefer reading physical books, I was able to ‘read’ more because I was able to find more time to listen than I did reading physical books. Which I loved because my list of books I need to read is always massive!
- Audio – Typically what I listen to are recorded seminar talks but there are plenty of podcasts of personal development
- Video – If you are a visual learner this might be your preference. You can find YouTube channels that produce personal development material. I personally subscribe to a program that provides video, audio recording and audio books. This way I am able to pull up whatever type of avenue I am looking for.
#3 Mindset
Some will argue this is part of personal development but I firmly believe this does deserve a point of its own. It’s probably the most important point of all.
If you think you can, you can. If you think you can’t you can’t, either way, you are right
Your mind is a very powerful thing. What you focus on and think about will grow so if you focus on how ‘broke’ you are currently that will be your future. If you focus on improving your finances, THAT will be your future. The same applies to your health if you focus and confess that you are healthy and happy and thriving that will be most likely in your future if you focus on how you feel like crap that will only continue to worsen.
I’d encourage everyone to read The Ant and The Elephant. That is one of the best books I’ve heard that explains how powerful the subconscious mind is and why this is so important!
YOUR ACTION STEP FOR TODAY – Choose one tip and start your path to creating wealth TODAY, then I would love for you to connect with me on social media. I want to hear what you are working on and if this has helped you. You can also head over to the Resources tab to check out some of my favorite tools to help start you on your journey!
Join the Conversation and Stay Connected – leave a comment below
And
If you found value in this content please share – the icons should be on the left and directly below!
Aimee Cerka
The Money Confidence Coach - She helps motivated women, like you create the happiness, family life, financial security, and long-term wealth they deserve. Create unstoppable finances so that when the next curveball is thrown your way... You're prepared. Click Here to Learn More
FAQs
It's really common sense, but budgeting, maintaining a consistent savings habit, avoiding or paying off debt, stashing money away in an emergency fund and spending less than you make are all pillars of building wealth. Investing is the more glamorous side, and that's also necessary, of course.
How can I build my wealth right now? ›
- Earn Money.
- Set Goals and Develop a Plan.
- Save Money.
- Invest.
- Protect Your Assets.
- Minimize the Impact of Taxes.
- Manage Debt and Build Your Credit.
How to build wealth for beginners? ›
A Beginner's Guide to Building Wealth
- Set yourself up to earn more.
- Avoid credit card debt at all costs.
- Identify your financial goals.
- Pay your future self.
- Start investing early and often.
- Think long-term.
- Diversify.
- Revisit your goals.
What is the #1 way to accumulate wealth? ›
Sensible investing over time is one of the easiest ways to grow wealth.
What builds wealth the fastest? ›
Relying on multiple sources of income can significantly accelerate wealth accumulation. Pursuing side businesses, freelance work, or passive income streams such as rental properties and dividend-paying stocks can supplement primary income.
Is 50 too late to build wealth? ›
Indeed, it's never too late for anything in life and by following certain rules, you can still get wealthy after 50, experts said. “If you've started saving later in life, don't get discouraged,” said Joe Camberato, CEO of National Business Capital. “Instead, focus on what you can control.
How to turn $15k into 100k? ›
- Invest in Real Estate. If you are looking for a way to turn $15k into $100k, investing in real estate can be a great option. ...
- Invest in the stock market. ...
- Day trading foreign exchange. ...
- Crypto trading. ...
- Loan it out with interest. ...
- Start dropshipping.
What is the number 1 key to building wealth? ›
More than anything else, invest for the long run. Make a plan, steadily save and invest according to that plan, then leave your money alone to grow. Slow and steady, as they say, wins the race.
How do millionaires start? ›
Making a million dollars can be achieved even if you make a modest income. To become a millionaire, start saving early and invest your money to take advantage of the power of compounding interest. Savvy savers limit their spending so that they can put more money to work for them.
What is the first ingredient to building wealth? ›
The first step to building wealth is to make more than you spend. In other words, your income needs to exceed your expenses. Forty-nine percent of credit card holders carry debt from month to month, which means they spend more money than they can afford.
In this article
- Change Your Mentality.
- Invest in Yourself.
- Automate Your Money.
- Take Calculated Risks.
- Build Multiple Income Streams.
- Invest Your Way to Wealth.
- Build an Emergency Fund.
- Set a Plan of Action.
What is the number one rule wealth? ›
1. Earn More Than Your Spend. Regardless of how much money you make, if you never save any of it, you will never build up any substantial amount of wealth. It is not how much you make but how much you keep that matters.
What puts you in the top 1% of wealth? ›
There is another level of financial elite within the 1% called ultra-high net work individuals, or UHNWI. In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd.
How can I get rich realistically quick? ›
How to Get Rich: 7 realistic steps to build your wealth today
- Create a Personalized Financial Plan. ...
- Start Saving Immediately. ...
- Prioritize Debt Management. ...
- Increase Your Income. ...
- Build an Investment Strategy. ...
- Plan for Emergencies. ...
- Get Financial Advice.
What is the real secret to wealth? ›
A deep and passionate commitment to building wealth is what will make it happen. Investment techniques, financial planning skills, and all the “how-to's” that supposedly lead to financial freedom are just tactics and strategies – second rate knowledge in comparison.
How can I get rich as soon as possible? ›
- Invest. The goal of investing is to buy assets that may provide financial growth over time. ...
- Take advantage of compound interest. ...
- Create a plan and follow it. ...
- Start a business. ...
- Cut spending. ...
- Try taxing yourself. ...
- Consider additional education. ...
- Take calculated risks.
What is the best way to get rich right now? ›
How to Get Rich: 7 realistic steps to build your wealth today
- Create a Personalized Financial Plan. ...
- Start Saving Immediately. ...
- Prioritize Debt Management. ...
- Increase Your Income. ...
- Build an Investment Strategy. ...
- Plan for Emergencies. ...
- Get Financial Advice.
How to increase wealth quickly? ›
Here are a few tools that make wealth creation easier:
- Opt for an automatic savings program.
- Take advantage of your company's 401(k) retirement plan.
- Get checking accounts with better rates and less ATM use and transaction fees.
- Explore money market funds.
- Try out Certificates of Deposits (CDs)
- Invest in stocks.
How can I multiply my wealth fast? ›
Ans: Some common ways to double your money include investing in stocks, and real estate, starting your own business, and using high-yield savings accounts.
How to build wealth with $1,000? ›
Here's how to invest $1,000 and start growing your money today.
- Buy an S&P 500 index fund. ...
- Buy partial shares in 5 stocks. ...
- Put it in an IRA. ...
- Get a match in your 401(k) ...
- Have a robo-advisor invest for you. ...
- Pay down your credit card or other loan. ...
- Go super safe with a high-yield savings account. ...
- Build up a passive business.