Your peak earning years begin now. So how will you build the wealth you desire? Stop chasing money and learn how to build wealth that lasts.
Is it possible to learn how to build wealth?
If you’re entering your dirty 30s, you’ll know that financially, it’s a tough world out there. It feels impossible to build wealth or even buy a home. This generation is saddled with student loan debt and has a lot to overcome to build wealth. Just because it’s difficult doesn’t mean that it can’t be done. Read on to discover ways you can build wealth and create a financially secure future for yourself. (Image Credit: Pixabay)
Pay Down Debts
If you’re one of the millions of people who have student loan debt and credit card debt, your priority is to pay these debts down. Your credit score will determine a lot for you and your future. Employers, landlords, and mortgage brokers all look at credit scores to determine your reliability.
The best way to improve your credit score is to pay down your debts first. It’s also the key to building wealth. When you aren’t paying off debts every month, you have more money left over to set aside for other things, like savings and investments.
Set Up an Emergency Fund
If you were hit with a $1,000 medical or car repair bill, would you be able to pay it? About 39% of Americans have enough set aside to handle it. Once you pay off your debts, you’ll want to set aside funds to be able to handle emergency expenses and ordinary expenses should you lose your job. You’ll want to have about six months worth of expenses saved up in your emergency account. Do that and you can focus on how to build wealth.
Make Smart Investments
Americans under 35 aren’t likely to invest in the stock market. There’s still a lot of fear around investing in stocks after the 2008 crash. The fact is that making the right investments can deliver a higher return on investment than other investments like real estate. If you do start investing in stocks, you’ll need to partner with the best options trading brokers.
Become an Entrepreneur
You want to have full control of your life. You don’t like the fact that work is a drag, or that you’re underpaid for the value you bring to your work.
As an entrepreneur, you’re in full control of your business. You determine how much you work, how much you’re paid. With your business, you have the opportunity to build something that brings long-term value and wealth to you and your family.
The thing about entrepreneurship to remember is that there is a huge amount of risk involved. You have to know the essentials of running a business. Otherwise, you could invest time and resources and fail.
Learn How to Build Wealth
When you’re in your late 20s or 30s, you really don’t think much about how your life will look when you’re as old as your parents. The reality is that by starting to make smart financial decisions now, you’re going to set yourself up for a good life later on. In a society focused on short term results, you can learn how to build wealth now. It will take discipline, but it can be done.
Want to know more about building wealth? Check out these financial goals you can set for yourself.
