In this world we live in, we decide our path to wealth. We own our destiny to get rich. We are the driver of our car of life which technically means we decide which path we want to travel. There are only 2 choices either we want to become rich or we want to become poor.
Of course, most if not the majority of people want to become rich, but how? Are there techniques to follow to build wealth over time? Yes, some techniques can help us build wealth over time. By the way, this blog has affiliate links that if ever purchased, I will get a small commission from it and at no cost to you.
These 5 ways to build wealth over time is what I have learned from my readings and I want to share this with all of you so we can get rich together. This is not a quick rich scheme. This will not make you rich overnight. To be honest, I’m also on the path to learning these ideas and I am trying my very best to apply them in my personal life.
Here are the 5 ways to build wealth in no particular order:
1. Start an effective savings plan– How many of us are guilty of trying to save money and when we have a good amount we spend it on something that we want? After getting the product we bought, we regret buying it and now we don’t have enough savings at hand. It’s a vicious cycle that we are trapped in. To stop this, we need to start an effective savings plan.
The most effective method that worked for me is having an automated savings deduction from my paycheck. This wealth will build over time as every payday, I have something that I stash on without much thought. Some people, deposit it in their savings account which is hard to withdraw from and something that they don’t have easy access to.
2. Investing in the stock market– This is a good way to diversify anyone’s savings plan. I love this idea because my money will grow over time and with compounding interest. This is what people have been calling the snowball effect. The more money you put in the more interest it will have as years go by. It’s the best place to invest money when you pick the right companies to invest in since the market is down.
As a beginner, I started with Stash and Robinhood because it’s easier for me to understand and navigate their app. I didn’t have any idea how things work yet. It was like an experiment for me at first. I never regret that I opened my eyes to this investing world. It’s mind-blowing and it has taught me a lot about the world around me and the companies in our society. It helped me understand the business world more and about the economy of the country.
At first, I had a hard time understanding the terminologies in the business world still it never discourage me from learning more about the topic. I was determined to read and learn more. Now, I have more in-depth knowledge about investing than ever before. Sometimes, it just takes the guts and the will to learn. I, for sure will continue investing because I believe that this will help me build my wealth over time.
3. Learn a new skill– In this ever-changing world, it’s always good to learn a new skill. Being in the medical field for the past 18 years of my life, I feel like I need to get out of my comfort zone a bit. I want to learn so many things aside from what I know for 18 years. I’m beginning to explore money and finance, photography, and digital marketing. I’m also learning about farming and land acquisitions. Not to mention, I’m learning and exploring how to make my website with Bluehost.
There’s so much to learn. I’m so excited about the new passion that I have found. Learning a new skill will help increase my passive income potential in the future. For everyone out there, it is never too late to learn a new skill. It keeps our minds open to more possibilities and more money-making opportunities that we have never thought of before.
I have noticed that people who never stop learning even in their 90s have a sharper mind and tend to live longer. Most of them have more wealth acquired through the years because they tend to have a more flexible mindset and a willingness to learn. This is just my personal opinion and observation.
4. Advancing studies related to one’s profession– Being passionate about one’s profession is such an amazing gift. All the more when you advance your skill in your chosen profession. I do advance my skills too because it’s so worth it. It gives me more edge in my job performance.
I may not be the best but at least I have more knowledge of the skills that I got more training on. It gives me added confidence to perform my job and it made me love my job even more. It gives me more choices on which department I want to work in. Advancing in studies can give anyone a chance to increase their salary and in turn, can help build wealth over time.
5. Passive income ideas- Yes, passive income business ideas are a way to gain more wealth over time. It is an investment of money and time that will give good returns in the future. It’s something aside from your 9-5 job that will create more money for anyone. It can be anything from blogging, selling digital products, affiliate marketing, or anything that sells goods aside from your main job.
As they say, if you want to become rich you need to have different sources of passive income as a way to do it. When one business goes down, your financial status will not be affected because you have other income sources you can depend on.
By the way, if you are interested in the blogging world. Here is The Treasure Map To Blogging Success that helped me in my very own journey by Finsavvy Panda.
