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MONEY / WEALTH
By Lydia Kibet
How To Build Wealth Fast: April 23, 2022
The 3 Quickest Ways To
Build Your Fortune
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Almost everyone probably wants to become wealthy at some point in their Things in the World
lives. Some people choose to live frugally to save more; others take risks for 2022
by investing in high-return investments to build wealth.
In this article, we are going to explore the best ways you can quickly build Can Politicians Use
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What Is Wealth? 4 Things the Super
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Everyone has a di erent idea of what wealth is. For some, it means owning Their Money on in
property; for others, it means having lucrative investments. From a 2022
financial standpoint, the term wealth is the number of assets you own
minus debts.
How To Determine Your Wealth
Add the total market value of all your tangible and intangible
assets, then subtract debts.
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Building wealth may seem somewhat impossible, but it is actually quite
simple. In fact, you don’t have to earn six figures to turn this dream into a
reality. No matter how old you are, you can amass wealth as long as you’re
determined.
Keep in mind that building wealth is not an overnight process.
3 Tips To Grow Wealth
Take a look at these three tips below for ways to build your wealth.
1. Increase Your Income
Whether you’re just starting or in transition, having multiple income
streams is the most fundamental step to building wealth. Here are some
of the ways you can increase your income and build wealth fast.
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Venture into Business
The wealthiest people in the world are not employees but business
founders. Entrepreneurship fulfills two aspects of wealth building: income
and high returns on accumulated wealth. Therefore, if you have a business
idea that can increase your income, get started.
It doesn’t have to be a huge business. You can start a small business and
o er the services you’re good at. For instance, with the emergence of the
internet, you can create an entirely online-based business. If you’re busy
with other things, you can hire people to run the business for you.
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Take Up High-Paying Jobs
You can check out the U.S. Bureau of Labor Statistics for a detailed
occupation database. From there, you can see the high-paying jobs and
their subcategories that you can apply to. More than 100 professions pay
an average of not less than $80,000 per year. Good examples of
professionals paid highly include physicians, managers, nurses and
engineers.
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However, some of these professions are very expensive. They may also
take a lot of time to complete the requisite coursework, and it can be even
longer before you start earning a high salary. You should consider all these
factors before picking a profession. Whichever career path you choose,
make sure it doesn’t leave your debt levels too high.
Run Side Hustles
Even if you have a job, you don’t have to only rely on your paycheck. You
can run a successful side hustle to increase your income. You can turn
your talent or hobby into monetary value during your free time.
Make Your Money Work Better for You
There are many lucrative side hustles you can run online as long as you
have internet access. These include:
• Working as a virtual assistant
• Freelance writing and editing
• Copywriting
• Online tutor, coach, consultant
• Web design, app development, coding, etc.
Other side hustles that don’t need internet access include:
• Part-time professor at a local college
• Part-time gym instructor
• Freelance bookkeeping, tax preparation, tutoring
• Becoming a shopper
• Part-time driver for a ride-sharing or delivery service
Improve Your Skill Set
There are two ways you can grow your income and investments in returns.
You can either lower your expenses or increase your income. Most people
focus on the first, forgetting the latter. You can increase your income by
honing your skill set. This could include getting a degree, an MBA or a
special designation, which can all earn you a promotion and salary
increase.
2. Save More
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Saving money is another crucial step in building wealth. Once you have
enough income to cater to your basic needs, it’s time to save. Remember,
saving small amounts regularly compounds to substantial wealth over
time.
Create a Budget
A budget is your financial plan, with expenditure estimates versus your
income. A budget is an important tool in wealth creation. It gives you a
view of your expenditure — the things you can cut on to increase your
savings.
To maintain a feasible budget, it is advisable to create a new one every
month. Can you imagine a sailor without a compass? That’s what a person
who spends their money without a budget is like. Such a person will likely
eventually su er a devastating financial crash.
One of the most popular and e ective budgeting techniques is the
50/30/20 rule. This method suggests that 50% of your income goes to
essentials, like food, rent and healthcare. 30% allocation goes to non-
essentials, such as shopping and luxury activities. The remaining 20% is
the most important allocation, which should go to savings.
Build an Emergency Fund
Emergency fund kits prepare you for unexpected events, like losing a job.
Such occurrences can disorient your wealth-building without emergency
funds. Two common outcomes are selling the investment or incurring
debts.
If you incur debts, your wealth starts diminishing. Also, you’ll have to pay
interest for the debt. If you sell your investment, you lose the capital and
interests you would otherwise earn. So, to avoid such scenarios, build an
emergency fund as your backup money to settle surprise expenditure.
Pay O Debt
Debt –whether it’s credit card debt, mortgage debt, student loan
debt or any other kind — can pull you down every time you try
to build your fortune. You can start by paying o high-interest
debt, so you can save money and start building wealth.
Live Below Your Means
Overspending can dramatically impact your ability to build wealth. Cut
spending on unnecessary things like eating out, buying designer clothes
and regular vacations. While being frugal can be boring and unsatisfying,
you’ll amass wealth over time and find it rewarding.
3. Invest
Once you’ve set aside a monthly saving goal, it’s time to invest. When you
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invest your money, it gives you more money in return. Investing your
income in the stock market, and in real estate and retirement accounts
like a 401(k) or a Roth IRA, can build you massive wealth over time.
Stock Market
Buying company shares is one of the best and straightforward ways to
build wealth. Through shares, you become a shareholder, owning a piece
of the company. Buying stocks through exchange-traded funds is a
transparent and risk-free form of investment.
ETFs are passive funds that are less risky. They help investors evade high
fees and taxes. They also allow you to diversify your equities. That means
you can focus your investment on specific ETFs, like emerging markets,
developed markets or American markets.
Even though stocks are much riskier compared to other assets, they have
the best return on investment. With a well-informed diversification
strategy, you can lower the risks and maximize the returns.
Real Estate
Investing in real estate investment trusts gives you a chance to profit from
the real estate industry without direct involvement. REITs are essentially
real estate company stocks involved in buying and selling properties.
Mortgage companies also fall into this category.
Every time the company’s value increases, you gain as well. REITs boast of
very high dividends, which you can reinvest for more returns.
401(k)
A 401(k) is a defined contribution retirement account that employers o er
their employees. You can dedicate a percentage of your pre-tax salary to
this account by signing up for automatic deductions from your paycheck.
Your employer can also match your contributions.
The investment earnings in a traditional 401(k) grow tax-deferred until
withdrawn. If your employer o ers it, you should take advantage of it.
Though this is not a fast method on its own, you’ll be surprised at how
quickly your wealth can increase if you combine it with other strategies.
Roth IRA
A Roth IRA is an individual retirement account that allows for tax-free
withdrawals, as long as you meet certain conditions. Investing in a Roth
IRA is a perfect option if your employer doesn’t o er a 401(k). The 2021
contribution limit per year is $6,000 for people under 50, while those 50
and above can contribute up to $7,000. The best thing about a Roth IRA is
that you fund a er-tax dollars, unlike a traditional IRA, where you fund
pre-tax dollars.
Final Take
Building wealth is not a rocket science process. With dedication and
discipline, you can grow your wealth fast. Before starting on this journey,
it’s important to equip yourself with financial education. That alone should
catapult you through the other steps seamlessly and eventually build
wealth.
Many people overlook retirement accounts when it comes to building
wealth. You’ll not only save for retirement but also grow your wealth over
time.
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About the Author
Lydia Kibet
Lydia Kibet is a freelance writer specializing in personal finance and investing. She's passionate about explaining
complex topics in easy-to-understand language. Her work has appeared on GOBankingRates, Investopedia, Business
Insider, The Motley Fool and Investor Junkie. She currently writes about investing, banking, insurance, real estate,…
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