Growing your net worth is like constructing a great house. It happens piece by piece over time, and the work doesn’t stop whenever an ill wind blows. Whether you’ve got a framework in place or are just starting your blueprints, knowing ways to build wealth can help turn your plans into reality.
The 5 ways to build wealth I discuss here are my favorite I pulled from a special report for Money magazine from their July 2012 issue. The special report includes over a hundred ways to build wealth and you can access the full list here.
5 Ways to Build Wealth
- Become a Landlord. It’s now cheaper to buy homes than rent in 98 of the top 100 metro areas, Trulia.com reports. Robert Kiyosaki, best selling author of “Rich Dad Poor Dad,” recommends that buying real estate is the fastest way to get out of the rat race and to truly become financial independent.
- Stick to a Budget. A Canadian study found that people who stuck to a budget had higher net worth than those who didn’t have one or had one they didn’t follow. Start with keeping and sticking to a budget for just a month and set an attainable goal. Focus on your biggest spending problem areas and track it.
- Connect to the Future You. One key roadblock to retirement saving is the emotional disconnect you may feel toward the idea of your older, retired self. People are reluctant to sacrifice spending today for the sake of someone who feels like a stranger. Visualize your older self, imagine your dream retirement, and spend time with old (successful) folks.
- Be Your Own Boss. Wealthy households are more likely than others to be headed by a business owner, according to the Kauffaman Foundation for Entrepreneurial Leadership. A turnkey approach to ownership is network marketing. Donald Trump was once asked if he lost everything today what he would do to get back to where he was…he said network marketing.
- Live Within Your Means. Living within your means is spending less than you earn and save, save, save! Studies show that it takes about 66 days for repeated behaviors to become habits. We need to develop new, good habits and become their slave and one of those bad habits we have developed that need replaced is our inability to save and spend less than we make.
Just 5 ways to build wealth of over a hundred from Money magazine. Obviously there are many more ways, but I felt that these were some of the most important that were discussed.
Remember, YOU have the CHOICE to make it a GREAT day!
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