Priced Out of Real Estate? 3 Ways To Grow Wealth in 2026 Instead
Owning property isn't the only path to becoming a high-net-worth individual, and in 2026, it's often not the most practical. If homeownership sounds more like a hassle than your version of the "American Dream," you aren't alone.
Thanks to rising home prices, property taxes and maintenance costs, many people are looking for alternative ways to grow wealth without buying property. Fortunately, there are other proven strategies to help you build a strong financial future without the headaches of homeownership.
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1. Put Your Money in 401(k) Plans and IRAs
An individual retirement account, known as an IRA, is a personal retirement savings account. A 401(k) is a retirement account set up by your employer. When you choose a 401(k) plan, a portion of your earnings is automatically directed into the account, and in some cases, employers may match what you contribute. These retirement plans work for a lot of people because they're automated, so you don't have to remember to contribute.
Meanwhile, Roth IRAs rely on your choices, which can potentially lead to human error. However, once you start adding funds, you're investing in long-term growth.
2. Invest in the Stock Market
Opening a brokerage account and making investments in the stock market is one of your best bets for growing your wealth. Investing in the stock market is also more accessible if you're a newbie or young. You can start with a relatively small amount of money and incrementally increase your investments over time. Real estate, on the other hand, will require a significant upfront capital investment.
That said, it's important to diversify your portfolio to balance risk and return. Billionaire investor Warren Buffett cites investing in index funds as a wise strategy, saying they're "the thing that makes the most sense practically all of the time."
You see? Investing in real estate or owning your own home certainly isn't a prerequisite for building wealth. Self-made millionaire Grant Cardone, for example, advises against it.
"Never think a home is a way to create financial freedom," he wrote on his blog. "A house should be looked at as an expense, not an investment and merely a place to live."
3. Increase Your Income
Another significant way to become richer is by boosting your earning potential. You can do this either by asking for a raise at your current job or seeking out higher-paying positions.
Aside from making more at your primary work, another way to increase your income is by taking on a side hustle that can help you pay down debt or add to your investing budget. When looking into options, make sure to choose a gig that aligns with your skills, interests and passions. Doing this can also be a great stepping stone to starting your own business. Over time, it might even grow into a full-time venture that can generate substantial wealth for you.
Cindy Lamothe contributed to the reporting for this article.
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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