It takes time and commitment – but it’s not impossible. Here are some principles for growing your wealth:
Live within your means You can’t grow wealth if you overspend. The ability to grow wealth depends on having assets rather than liabilities. Take the time to get your finances on track by paying down debt and earning more than you spend.
Take calculated risks Without taking some risk with your portfolio (and with the help of a trusted financial advisor), you will be unlikely to earn the sort of interest that results in long-term wealth. The yield on your protected savings account won’t be enough to build wealth over time. Take a risk or two if you want to see solid progress.
Spend smartly It’s possible (and important!) to enjoy life and quit the penny pinching once in a while. The trick is to be smart about it. Get the best value for your dollar. Keep things well maintained. Balance your needs against your wants.
Invest in yourself Improve your skills so that you are more marketable and can qualify for a raise or promotion. Learn the basics of business and start a side biz. Learn more about how money works to increase your knowledge and help build wealth.
Give back Many financial experts point out that giving is part of a well-rounded financial life. If you make giving a priority you are more likely to manage your finances so that you have enough to accomplish your goals.