How To Become Rich: The 6 Moves Experts Say Work Fastest
It’s time to get rich. Since you’re not already flush with cash, you probably need to change your game plan.
This will require a commitment, but it might not be as challenging as you imagine. In fact, even a little advice can help you create a financial roadmap that pays.
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We talked to two financial experts to learn the six money moves that can increase your net worth the fastest. Keep reading to find out what they said, so you can apply it to your own situation.
1. Invest in Yourself
“Human capital is often one of the most powerful wealth-building tools, particularly for those in the early stages of their careers,” said Hardik Patel, founder and financial advisor at Trusted Path Wealth Management. “Identify the skills that create the most value in your field and invest in developing them through education, training, certifications and specialized expertise.”
Since all educational investments don’t provide strong returns, he said to focus on in-demand skills directly linked to higher earning potential.
2. Avoid Lifestyle Creep
It can be tempting to upgrade your lifestyle with each pay raise, but that doesn’t help build wealth.
“Resisting lifestyle creep and directing raises and bonuses toward savings and investments can significantly accelerate wealth accumulation,” Patel said.
Even small increases in recurring expenses can reduce your long-term wealth-building potential, he said. Given this, it’s wise to remember that a pay raise might allow you to afford a new expense, but that doesn’t mean you should take it on.
3. Maximize Tax Efficiency
“As wealth grows, tax-efficient investing becomes increasingly important — especially for individuals in higher tax brackets,” Patel said.
After-tax returns are what matters most, he said. To grow your wealth, maximize contributions to employer-sponsored retirement plans — when appropriate — utilize tax-advantaged retirement accounts outside of employer plans — when eligible — be mindful of asset allocation and consider tax-loss harvesting strategies — when appropriate.
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4. Consider Entrepreneurship
“Building a business can be one of the most effective ways to create wealth, because it allows you to benefit from both income and equity value,” said Gregory Crofton, CFP, Enrolled Agent (EA), financial advisor and tax specialist at Adap Tax Financial.
He said this doesn’t necessarily mean you need to quit your job right away.
“Sometimes the smarter move is to strategically select work opportunities that build the skills, relationships, industry knowledge, credibility and client insight that can eventually support your own business,” he said.
After finding your niche and building your business, he said to remember that revenue alone doesn’t create wealth — profit, cash flow and business value are more important.
5. Take on Debt With Intention
When used carefully, taking on debt can be a good move, Crofton said. Specifically, if the numbers are conservative, borrowing money to purchase an appreciating or income-producing asset can help build wealth.
Before borrowing money, he advised stress-testing the downside of the asset and maintaining adequate cash reserves.
6. Invest Early
“Time is one of the most valuable financial assets,” Crofton said. “Starting early allows compounding returns to do much of the work.”
This might not be the fastest way to build wealth, but it’s one of the easiest and most reliable. Simply automate your monthly investments, diversify your portfolio and watch your balance grow.
Wealth builds slowly at first, he noted, then quickens pace in time. For example, if a young investor steadily contributed to their portfolio — and didn’t constantly change strategies with market headlines — they might end up wealthier than someone who earns more, but doesn’t start investing until later in life.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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