Although these outlined following steps are not guarantee that you will have the same results, but if you follow even just a few of these steps, you are likely going to be much better off financially than you are today:
Seek For High Salary
The number one thing that will dictate your future earning potential and get you to accumulate wealth fastest is how much money you are being generated today. The simplest way to boost your earning potential is by increasing your earning, for instance, ask for a salary raise. We recommend looking at the salary range for someone with your level of experience in high paid industry, which will help you understand what you’re worth.
Then take that information to your boss and emphasize what you bring to the company.
Save And Invest Your Earning
In order to build wealth you need to be making as much money as possible on your salary. Because you can only make so much money at any career, investing is truly the key to wealth.
The key, is to make things automatic, for instance, by starting depositing at least 20 percent of your income directly into an investment account before you even see it. This is 20 percent of your income after contributing to your retirement plan, tax and expenses.
Create Multiple Streams Of Income
After you’ve maximized your earning potential and are saving a good percentage of your salary, focus on increasing your revenue streams, by finding a part-time job, starting a side hustle or establishing passive income for example.
If your goal is to build wealth, then you need to master the side hustle and make money other ways than just your full-time job. This can really be anything, including driving for Uber, consulting, or building websites on the side.
Once you start making money from your side hustle, invest 100 percent of the profits. Once you find and build a great side hustle, you will be tempted to spend that money in your everyday life as your bank account grows — we recommend that you think of your side hustle as a key to building wealth over the long term, instead of just being rich today.
Invest In Stock You Know
While we recommend a simple index fund investment for beginners, you can also allocates chunk of your investment capital towards individual companies.
However, if you’re going to invest in stocks, go with what’s familiar. Look at the products you use and consume every day; then research the fundamentals of those companies so you can learn more about their investment potential.