10 Ways that Anyone Can Start Building Wealth

Building wealth is a concept that many people think about, but not nearly as many actually try. It's easier than you might think to get beyond the "living paycheck to paycheck" lifestyle that even wealthy American families tend to embody. You can build a savings, live below your means, and eventually have a growing net worth, safety net, and nest egg with just a few smart choices.

Building your wealth isn't just for the already wealthy or the lucky success story. It's a strategy, and anyone can get started. Here are ten methods anyone can use to start building wealth right now.

1. Start Your "Just Got Paid" Savings Account

First: Open a savings account. Look for the best percentage returns you can find with your current banking options and credit score. The more returns you get, the more you will be rewarded for building and not spending your savings year on year.

Call this the "Just Got Paid" savings account, because that's when you'll be putting money in. The best time to save is right after you get paid and before you have a chance to spend or allocate the surplus.

Drop the same amount into your savings every paycheck, then anything leftover before your next paycheck as well and you'll see your savings steadily grow.

2. Focus On Your Next Career Move

The key to growing wealth starts with a job that pays more than your living expenses. Most people start near the bottom of the salary range, so the natural next step is to work your way up.

Set your eye on the prize. What is your next promotion? Are there skills that could multiply your potential hourly income? Choose your next move up and begin making plans to get that higher-paying position.

3. Steadily Pay Off Debts

The lower your debts, the greater your wealth. Reducing and eliminating debts is one of the best ways to launch your personal debt building. Fewer debts will also empower your ability to borrow and build your credit score. Consolidate your debts or seek resolutions with each of your creditors to pay less than the full amount.

4. Cut and Eliminate Expenses

Those who successfully build wealth do so by creating surplus. Trim your streaming subscriptions, stop buying coffee you don't care about, bring your lunch to work, and find clothing brands that last longer in good quality. The less you spend, the more you save, and the more you can invest in wealth-growing strategies.

5. Employer-Matching Retirement Contributions

Employer-matching retirement contribution is one of the best wealth-growing strategies available to the average employee. That is free money to enjoy in your retirement for every dollar (up to the limit) that you pre-tax contribute. For a long-term wealth strategy, employer matching is not a perk to be ignored.

6. Invest in a Guaranteed Fund

Dip your toe in the stock market by purchasing shares in a few funds that are guaranteed to make gains. Funds, like mutual funds, are actually grouped portfolios that offer the gains from the total portfolio to the shareholders of the fund. In other words, someone else manages a successful stock portfolio, and you buy a slice of the action.

7. Profit From Your Free Time

Whatever you do for fun, find a way to profit from it. Sell your handicrafts on Etsy, or take Uber passengers if you relax by driving the city. Volunteer at the shelter if you're an animal person, or walk dogs to get paid to take long afternoon walks. There are tons of fun recreational activities with a potential for income these days.

8. Ask for Money and Stocks Instead of Gifts

If you're really focused on wealth-building, rope in your friends and family. Ask only for cash and stocks for the next few Birthdays and Christmases. This message works especially well if you explain that you are saving for something big - like a wedding or a house - where everyone will feel like they're pitching in for one really big present.

9. Buy a House

Real estate is still a valuable investment, even with the crazy market recently. If you can find a good family home at a fair price in a strong local real estate market, the home's value will almost assuredly increase over time, and your personal wealth will increase with equity. Move in and save on housing costs or rent the property and become an investment landlord.

10. Buy a Franchise

Do you know how Football players ensure they remain wealthy after they retire from sports? They buy restaurant and retail franchises. A small amount of wealth can make you the proud owner of a fast food or clothing shop. Under the right market conditions, this can be a great way to quickly become a respected and wealth-building local business owner.

Here at BillyHelp, we're here to make it easy to become debt-free as part of your wealth-building plans. Subscribe with us today to learn more about how to build wealth and get rid of your debt.