BUILDING WEALTH
14 Wealth Building Strategies to Start Right Now
Building wealth is not a sprint it's a marathon that involves a carefully crafted combination of strategies, each contributing its share to your financial success.
In this blog, we'll explore 14 WEALTH BUILDING STRATEGIES that, when implemented wisely, can pave the way to prosperity.
However, let's remember that there are no shortcuts to wealth and patience is key. So along this journey understanding the nuances of money or, possibly making significant changes to your lifestyle are the types of considerations we will be discussing. They may prove significant to crafting the right combination of strategies for you to achieve your wealth aspirations.
WHAT IS WEALTH?
Everyone has a different idea of what wealth is. You could ask 20-somethings and they might describe extravagant houses or a private jet. Someone older might mention lucrative investments. Everyone seems to have a different idea. I feel that wealth means having options.
But no matter the definition, money will be essential to your wealth-building journey. While we use “wealthy” to describe people with excess money, the definition doesn’t specify an amount to determine when one has reached wealth status. That’s because wealth is not merely a financial destination, it is an evolving strategy.
The goal is to build and use financial resources strategically to achieve personal and financial objectives, whether that means funding dreams, securing one's future, or making an impact on the world.
HOW TO BUILD WEALTH
Gain control of finances, resources, and opportunities:
Diligently investing in yourself, education, and knowledge
Learn Financial Literacy
Understand risk and reward and take appropriate risks where required.
Build financial resources and opportunities. To learn how to create Multiple Income Streams sign up for our onDEMAND Workshop.
Use financial resources strategically:
Leveraging your wealth by investing appropriately and earning out-sized returns. Outsized returns mean "an unusual size" and or "a size larger than the standard." This is the difference between earning income and building wealth.
By doing this process repeatedly you will build wealth that will extend well beyond your lifetime and to your heirs.
STRATEGIC PLAN OF ACTION
Now, let’s talk about the strategies to become wealthy.
These are actionable and achievable strategies that would allow anyone who is consistent and disciplined to achieve their desired level of wealth within five years.
As we discuss each of these strategies, consider which you prefer to include in your wealth-building portfolio.
DECIDE & VISUALIZE
Create a Wealth Vision Board: This is a fun exercise that allows you to genuinely think about what's important to you, your purpose for wanting financial freedom, and how to aggressively pursue it. To make it even more fun, let's do this together! Join the onDEMAND Workshop: Financial Vision Board.
BECOME FINANCIALLY LITERATE
Financial literacy is the ability to understand and make use of a variety of financial skills. Banking, budgeting, saving, credit, debt, and investing are the pillars that support financial decisions. Join our onDEMAND Workshop: Financial Literacy.
2. Follow the Money: This step helps you get intentional about where your money goes. Take the time to create a budget for your personal or business finances. Update your budget frequently and review activity every month. Monitoring your finances this way is a fundamental step to money management, and ultimately, financial independence.
SPEND LESS, EARN MORE, INVEST THE DIFFERENCE
Financial freedom is expedited when you have a high savings rate. In order to increase your savings rate, you can cut costs ruthlessly or increase your income. Here’s how you can do them all!
3. Cut Costs - Review the budget and cut costs on any. big and unnecessary expenses.
4. MULTIPLE INCOME STREAMS
Having multiple income streams is not just a strategy, it's the secret to building wealth, financial freedom, and a life on your own terms!
Passive Income - think of set it and forget it. Passive income streams generate income when you’re asleep! This category includes investing and creating products that will sell for a lifetime. Join our onDEMAND Workshop: Passive Income Streams to learn step-by-step how to set up passive income streams for yourself.
Side Hustle - A side hustle is often done in one’s free time. Oftentimes, you may have to do a little bit more work periodically to keep things going. Much like a Lemonade Stand, if you don’t set up for the weekend, you won’t make any money. However, some side hustles take on a life of their own and become lucrative businesses. Consider side-hustling a way to validate its potential as a business venture in the future! Need a little help? Join the onDEMAND Workshop: Side Hustle Income to discover how to set up side hustles for yourself.
Earned Or Freelance Income - the approach to looking for a job and freelancing are closely related. In both cases, you want to showcase your skills and reach out to those who need what you’re offering.
Entrepreneurship - Starting Your Own Business is day-to-day work to create, promote, and sell what you offer. The most important step to starting your own business is to Find the perfect business for you! Once you have decided on the business you want to start, download the NOBOSS Workshops Trial Version and go for it!
MANAGE MONEY
5. Eliminate Debt – If you’re in debt, download the debt payoff plan worksheet for free, to start paying off those debts.
6. Build Credit – When starting a business it is best to separate personal finances from business finances immediately. This is true for business credit as well. If you’re in a position to start building Personal and Business credit wisely, join our LIVE WORKSHOP: Business Credit.
REVIEW AND ADJUST YOUR EFFORTS
7. Automate – this just makes life simpler. Automate your finances using features like auto pay period and direct deposit. Software and tools like recurring billing or accounting software.
8. Ask for Help – be encouraged to find a mentor, consultant, or advisor that has the experience to answer your specific questions.
Ask NOBOSS - this is a monthly live chat hosted on the NOBOSS website where anyone can ask questions.
onDEMAND Workshops - include the Q&A session where attendees can ask questions about those specific topics that we're discussing.
NEW BUSINESS CONSULTING - with this service you can ask and discuss trade secrets and other sensitive issues in a discrete and confidential environment.
9. Seek Opportunities - The wealthy are always networking with investors and other wealthy people. This is one of the ways for them to continuously learn, and stay on the pulse of wealth-building opportunities. You should too. Join the NOBOSS community of like-minded entrepreneurs to discover opportunities for you.
10. Identify Current Growth Sectors – periodically do a quick market research to keep your finger on the pulse of your market. If you're a YouTuber, consider what's coming up in the algorithms. If you're on social media, consider frequent topics of discussion in the groups or on your feed. These are broad indicators as to what's trending.
11. Establish Quarterly Goals – I highly suggest a Cash Requirements Budget. This is a powerful tool that allows you to see into your financial future!
12. Monthly Reports – review your finances monthly for both personal and business. Standard business financial reports should be sufficient. Maintain your personal finances the same. However, creating custom reports will give you specific insight into the financial health of your business. Our Bookkeeping Services will give you the results you’re looking for. We can maintain your bookkeeping for you or, setup your bookkeeping system and train you to maintain the books yourself.
MAKE SOME “NOBOSS Moves”
13. Nomad Lifestyle – there are many reasons why making dramatic changes to your lifestyle proves beneficial.
In this Travel Course, it will be obvious that traditional living is more expensive than a full-time travel lifestyle. You will learn step-by-step how to Travel the World and Save 50% or more of your income!
I know, I’ve been traveling since 2021…
14. Own Something The Government Can Not Control - with the threat of de-dollarization, CDBC, and other issues, consider how you can take back control of your life and your money.
CLOSING STATEMENT
As we conclude our exploration of these 14 Wealth Building Strategies, one thing should be abundantly clear: wealth is not an overnight phenomenon. Building Wealth is the result of dedication, discipline, and deliberate choices. Understanding money, managing it wisely, and being open to necessary (or even dramatic) changes in your lifestyle are the cornerstones of success on this journey.
Pursue the strategies that resonate with you. Make it a habit to learn and implement strategies that may improve your wealth-building portfolio as they arise in the future. These efforts will compound, leading you to a future of financial freedom and abundance, and significantly increase your chances of achieving your wealth aspirations.
