7 Wealth Building Habits You Need To Start Now

Your wealth can typically be managed 1 of 2 ways: Either you are building your wealth, or you are shrinking your wealth.  

7 Wealth Building Habits

1. Create a Budget

Budgeting is one – if not the – most important wealth building habit that you can start implementing in your life today.  

2. Pay Yourself First

Paying yourself first does not mean going to the mall or to the car dealership the second you receive your paycheck to spend it on yourself.  It means quite the contrary.

3. Start a Side Hustle

A side hustle is essentially extra money making activity that you engage in, that’s not your full-time job.  Side hustles can earn anywhere from $10 a month to $ 1,000’s per month – at which point, some side hustles can actually turn into your full-time job. 

4. Invest for the Long Term

Keep in mind that as your income grows, the amount of money you contribute to your investments should also increase. Assuming you’ve stayed invested and have consistently added to your investments, in 3 to 4 decades, compound interest could make a very substantial difference to your net worth.   

5. Pay off High-Interest Debt

There are typically two main strategies to paying off your credit card debt, which are known as the Snowball Method and the Avalanche Method.  

6. Build an Emergency Savings Fund

An emergency savings fund is a cash account that you can easily access at any point in time and withdraw your money for emergencies only.  

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