How can i build up wealth?

Dear Adey,

How can i build up wealth? i have a moderate income and i have little debts on my credit card and car note.

thank you for your advice in advance.

Tom

Hello Tom

Wealth building is a marathon and not a sprint and discipline is one of the key ingredients. Every good thing takes time  so does wealth building. Your most powerful wealth building tool is your income and  until you take control and manage your income, you will never get out of debt or build wealth.

So first thing would be for you to pay off all your debts as soon as you can and stay out of debts

Make sure you have a monthly savings of a minimum of 20% of your income.

Build up your emergency fund and put in a separate bank account. ( This fund will be used for emergencies only)

Make more than you spend

Look for  realistic investment opportunities

if you are entrepreneurial in nature, start up a new venture by solving a problem/providing a solution

Grow your network-

Read stories of successful people and pick a thing or two from them

Think of creative ways to increase your income

and don't forget to give.

All the best as you make your way to the top. See you there in a few.

Regards

Adey