U7)top 10 ways to build your wealth

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In This Video, We Will Talk About the top 10 ways to build your wealth

1: Spend Your Time Investing in Yourself, Not Investing in the Markets

My top wealth-building strategy might be slightly unpopular, but if you’re young – don’t focus on investing. Investing only really pays off when you have capital. Instead, invest in yourself before thinking about investments and retirement. 

Having a focus on personal development during your younger years will help you significantly increase your earning potential. After that, once you have achieved a high earning potential, don’t scale up lifestyle expenses – this is how even extremely highly paid C-level executives end up marrying their jobs. 

Hopefully, by your late twenties, you can comfortably fund your lifestyle with just 20% of your income, consistently dollar average 50% of your income into a growth-focused ETF that has a long-term horizon – commit to NEVER drawing from this fund until the day you retire. Allocate 10% as an opportunity fund to start businesses or angel investing. 

2: Rethink and Understand Your Relationship With Risk

My top wealth-building tip is to rethink your relationship with risk. 

It may seem like wealthy individuals, especially entrepreneurs, tend to be risky. Yet, when you study the lives of great entrepreneurs and businesses, you learn that these supposed risks were very calculated. 

If you’re looking to become wealthy, identify some low-cost risks you can take today. Examples include starting a side business or if you already own a business, adding a different revenue stream. When you find a risk that starts to offer some payoff, that’s when you go all in.

3: Build Multiple Streams of Income

Stop Trading Time for Money:

  Building out multiple passive income streams is, by far, the most realistic way to build wealth — but notice I said to build and not find. 

Passive income, despite what some may say, isn’t found. Most people will work towards creating a passive income stream during their spare time on top of their traditional 9 to 5. From aggressive (but risk-balanced) investing tactics, to slowly acquiring rental units, to creating a knowledge course and selling it online, those focused on building wealth outside of exchanging time for money generally find that it may even take several passive income streams to get them over the hump. 

Start simple: if you’re responsible in spending, make sure you have liquid assets in a high-yield online savings account (or money market account) and grab a cashback credit card for purchases you already have cash on hand for; consider renting out an unused property or stationary vehicles; and then, look for ways scale yourself out of your skillset. 

4: Pay Yourself First and Diversify

The top wealth-building strategy for business owners and employees is to pay yourself first. Not only is it a must, but it also needs to be completely automated. The profit or savings needs to be funneled to a separate account that is hard to access to remove the temptations of spending the money.

If you don’t have excess amounts of profit or savings yet, start with 1% or basically $1 out of every $100 you earn. You won’t miss the dollar and over time you can increase the percentage by 1%. If you did that every six months in 5 years you would be automatically channeling 10% of your income in a savings program. After 10 years you would be saving 20% of your income and after 20 years 40%!

5: Develop a Wealth-Oriented Mindset

My number one tip for building long-term wealth is changing your mindset. Everything starts there because you are the only one holding you back. Sure you need to pay off debt (like credit cards and title loans), manage your money better, and make saving automatic BUT you really have to believe you can do it and that it’s worth it.

You have to get out of your own way. The majority of North Americans are broke and living paycheck to paycheck even in the best economy and lowest unemployment rate we have ever had. 

6: Track Your Net Worth

My best tip for building wealth is to track your net worth.

A recent study at the Dominican University of California found that those who wrote down their goals and met with an accountability partner each week to discuss their progress were 33% more likely to achieve their goals than those who did not write down their goals. 

If you really care about achieving something, you should take intentional steps toward that goal — right? If you are a student, you want to make sure you are completing the required courses for your degree. If you want to be a professional athlete, you should manage your diet and exercise strategically daily. So why would you treat your wealth-building and financial independence progress differently?

7: Remember to Always be Learning

One of the best wealth-building tips I have is to remember to ABL – Always Be Learning. 

Without taking the time and initiative to learn about money, investing, and marketing for my career, I would not be on the wealth-building path I am today. I’m not a millionaire nor make an insane salary, but in the last five years, I have made huge strides that are leading me to where I want to be. 

By reading books, especially with different viewpoints, listening to other successful people in personal finance or entrepreneurship, and reading financial websites, I was able to refocus my entire money mindset. Yet, even after I gained more knowledge, I still re-read books I have already finished and continue to learn from others. Knowledge is never-ending, regardless of your expertise, and can truly impact your path to future wealth. 

8: Learn How to Invest Like a Billionaire

The best wealth-building tip out there, hands down, is to invest. And yes, I might be biased (I do run a site called Just Start Investing), but I am not alone in this opinion. I mean, it is how people like Warren Buffet made their fortune.

The reason investing is such a great wealth-building technique is because of compound interest. Or, as Albert Einstein calls it, “the eighth wonder of the world. He who understands it earns it … he who doesn’t … pays it.”

9: House Hacking To Eliminate Housing Expenses

My top wealth-building strategy is to build wealth in real estate through house hacking.

If you’re currently living in an apartment, consider buying a 2-4 unit multi-family property and living in one unit. This strategy, called house hacking, allows you to use rent from other units to pay for the mortgage. 

10: Invest Wisely, Stop Wasting Money, and Work Hard

– Saving and/or investing a percentage of your monthly income. It may sound old-school, but in reality, saving and/or investing a portion of your monthly salary is still on top of the many ways to build up your wealth. By doing so, your money increases over time without having to do anything.

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