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“Everyone in life has their challenges; mine have not been financial.” — Ann Romney
My most popular post over the past two years was “14 Traits of the Rich—How Many Do You Have?” That piece got me thinking about what separates people with wealth from everyone else. Whether rich or not, life brings struggles for everyone. Fame and money don’t mean problem-free lives—think of celebrities who’ve struggled despite wealth—but having enough money does solve many everyday problems. A broken washing machine is far less stressful if you can simply replace it, and vacations feel more achievable when your finances allow it.
So how do you create more wealth in your life?
Even with high unemployment, slow wage growth, and a sluggish economy, it’s possible to get ahead. The real danger is apathy: feeling low and giving up. You have to fight that and take action. As the book Just Start by Schlesinger, Kiefer, and Brown says, action determines success.
How to take action to build wealth:
1. Decide exactly what you want. Vague goals won’t get you anywhere. If you want more income, make a step-by-step plan—do you need a raise, a promotion, or a new role? Break the goal into clear, timed steps.
2. Invest for the long term. Once you have an emergency fund of six to twelve months, a steady income, and manageable debt, set up regular contributions to a diversified portfolio—index funds are a solid, low-cost choice.
3. Create additional income streams. Treat your income like an investment portfolio: diversify it. Start a side business or offer services locally or online so you’re not dependent on a single employer.
4. Save and build discipline. Be ruthless about cutting unnecessary spending and prioritize saving. Small daily choices add up—skip expensive coffee, cook more at home, and be cautious with credit cards. Discipline is the first step toward lasting wealth.
Spend less and earn more—that simple formula works. Stay motivated, keep taking steps forward, and don’t let setbacks stop you.
Share the strategies you’re using to build wealth.
