Did you know that in 2019 the median yearly income for an American was just under $36,000?
While that’s enough to keep you alive and comfortable, it definitely isn’t going to make you wealthy. The 9-5 lifestyle is great for keeping people afloat and the reliability of a monthly paycheck isn’t anything to scoff at, but it’s not a system that’s going to make most people rich.
So, what do you do? If you already have a job it’s best not to quit it (especially in the current economy) but there are ways you can supplement your income on the side and start to build wealth.
Find out more in the guide and start increasing the figure in your bank account.
Start By Paying Off Your Debt
When it comes to how to build wealth, you can’t begin to do that until you’ve paid off any debts. Making sure you’re not in the red is a brilliant way to start working towards the green! Start by creating a realistic plan to pay off any debt you may have, aiming to do so as quickly as you can, and you can look into building wealth after that’s done.
Invest In Real Estate
Investing in real estate is one of the oldest wealth-building strategies in the books, but it’s a good one. Millionaires agree that buying real estate is still the best investment you can make with your money because it always consistently rises over time. Even if it takes a dip here and there, you can still expect that in twenty years the cost of real estate will have increased.
Put Your Money In Safe Bet Stocks
If you haven’t got the capital to invest in real estate, the next best thing is putting your excess income into stocks. Investing your money is a much better way to create wealth than putting it into a bank, even with low-risk, low-return stocks.
If you don’t have the time to invest the money yourself, look into hiring a firm to do it for you – they’ll take a cut of your profits, but it’s a much safer bet that you’ll make money!
Find out more about investing your money by listening to the WealthAbility podcast and reading books such as The Intelligent Investor by Benjamin Graham.
Make Money With A Side Hustle
Creating wealth isn’t just about being clever with the money you already make in full-time employment, but increasing your base income, too. If you can’t do that in your job, why not look into a side hustle? If you have a skill, there are many ways you can make money from it, such as:
- Starting a freelance business offering a service (e.g. wedding photography, copywriting)
- Tutoring others in that subject
- Starting a YouTube channel teaching others about the subject
All of these can be highly profitable even with just a few hours of work a week, making them great options to supplement your job.
Build Wealth And Live Your Best Life
Learning how to build wealth while in full-time employment is a must if you want to reach the dizzying heights of becoming a millionaire, or even ensure you’re comfortable in retirement! These tips should help you make a start, but keep learning to give yourself the best chance.
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