7 Ways to Start Building Lasting Wealth Today
Building wealth is more than just knowing what to do—it's about taking action. If you don’t apply the steps and principles of wealth building, you won't see the results you're aiming for.
When I first started investing, it took me a full year to save up $5,000. You don't need to wait that long. In fact, you can begin with as little as $1,000. While it's technically possible to invest with just $1, it might take you several lifetimes to see significant returns. The best way to build wealth is to start with what you can and increase over time.
If you’re like I was in 2017, with no idea where to start, here are 7 tips to build wealth and get you on the right track.
7 ways to start building wealth today:
1. Pay Yourself First
The principle of wealth building begins with saving. Start by putting aside a portion of each paycheck into a high-interest or cash-back savings account. Ideally, aim to save 10% and increase that amount as your income grows. The more committed you are to your money, the faster you'll see results.
2. Build an Emergency Fund
An emergency fund is essential for financial security. Most experts recommend saving 3–6 months' worth of expenses, but if you have children or a more unpredictable job, you might aim for up to a year's worth of income. This step is crucial because it protects you from unexpected financial setbacks.
3. Change Your Money Mindset
A big part of wealth building is your mindset. If you believe that money is evil or that financial success isn't for you, you're already limiting your potential. Shift your mindset to see money as a tool that works for you, and embrace the idea that financial freedom is within your reach.
4. Budget, Budget, Budget
Budgeting is a cornerstone of personal finance and is the best way to build wealth. You can use my free personalized budget sheet or try apps that help track your cash flow. Budgeting shows where your money is going, helping you save more and spend wisely.
5. Start Investing
One of the most powerful principles of wealth building is compound interest—letting your money make money. You can invest in Guaranteed Investment Certificates (GICs), government bonds, mutual funds, ETFs, or stocks. The earlier you start, the more time your money has to grow.
6. Work with a Money Coach or Financial Advisor
A money coach can help you build strong wealth habits by guiding you through budgeting, saving, and debt repayment strategies. A financial advisor helps manage your investments and ensures your money is working for you, even while you sleep.
7. Enjoy Life While Building Wealth
Building wealth doesn't mean you have to stop having fun. There are plenty of free or affordable ways to enjoy life while saving for your future. And if you’ve budgeted well, you can spend guilt-free, knowing you’re still working toward your financial goals.
The principles of wealth building don’t require a huge salary—they just require consistency, commitment, and a willingness to shift your mindset. Mastering these tips to build wealth will transform your financial future and help you create the life you’ve always envisioned.
Comment below and let me know your thoughts! Be sure to check out my YouTube channel and if you're ready to take your financial wellness journey to the next level, then look below for additional coaching services and resources that can help you build lasting wealth and abundance.
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