Every day on the news feeds, something about the affluent of this world pops up. From the rave of Elon’s Burnt Hair cologne selling for a whopping 100 bucks to the new series of the Kardashian show that got you subscribed to your TV, the super-rich never seems to stop seeking ways to make more money.
This could only mean consistent earning is crucial if anyone wants to amass wealth. Still, need to figure out where to start? These highly vetted ways can help you kick-start your wealth-building journey immediately.
1. Have an Income Stream
Wealth is money the size of a black hole. You need to earn to save and invest. Plus, you need money to make big money, so you must have an income stream in your wealth-building process.
When you’re just starting, earning becomes the most fundamental step on which every other wealth-building process depends. Therefore, the more you earn, the likelier you can move up the wealth-building ladder.
2. Save Aggressively
The investment that will change your finances forever may require enormous capital that your current earnings cannot finance. So here is where saving up becomes the way up. One way to save is to adopt a frugal lifestyle where you spend less than you earn.
One way to achieve this is to benchmark how much you can spend weekly or monthly and be disciplined enough to stick to it. Then, you may save first when the paycheck comes, even before you spend a penny on anything else, no matter how important.
3. Set up Multiple Income Streams
Building wealth comes with ups and downs, and one job or business may fail you, no matter how lucrative. But you’re likely to become a millionaire with multiple streams of income.
You can, however, get insured with many income sources. That way, your earnings and saving potential continue if one stream dries up. Added to your day job, you may pick up gigs on weekends, invest passively or venture into a new industry where you can rack up some extra bills.
4. Get More Education and Skills
Your employers determine how much pay you deserve by considering how much income your education and skills can generate for the organization.
The more education and valuable skills you have, the higher your paycheck can get and the more opportunities you will have coming your way. High-in-demand skills in information technology, artificial intelligence, and finance management can pilot you into massive earning toward wealth building.
5. Become a Serial Investor
Once you’ve racked up some savings, investing is the next step on your wealth-building journey—picture investing like planting seeds that you’d expect to grow into a forest of trees.
Some will thrive, and others wouldn’t, and that’s why you must spread your investment on different soils to increase the chances of success. For example, you could spread your investment on stocks, bonds, and mutual funds in the hope that when one is on a losing streak, the other may yield massive profit returns that surpass your seed investments.
You may partner with a promising start-up or buy into a trusted friend’s business. The more places you’ve got seeds, the higher your chances of becoming wealthy.
6. Venture Into Real Estate
Real estate is one of the oldest ways of building wealth, and you can only go right if you do it right since property hardly depreciates. Buying a rental property with your savings will ensure constant returns; plus, real estate can be your access to automated monthly income with which you can buy more property or invest in other businesses.
7. Start a Business
On Forbes World’s Billionaire List, hardly is there a name that isn’t a business person. The wealth you may have noticed is hardly generated by being an employee. While it may be a starting point, the goal should always be to start a business.
So why’s everyone not starting a business since that’s where the money is? Because entrepreneurship is risky, your business may fail, as most businesses do. But if you find the right idea that sells, and the right team to work with, starting a business can change your fortune in a few years.