It’s really simple to build wealth.
All you need to do is:
- spend less
- earn more
These two things are a guaranteed way to increase your net worth!
But definitely not easy. Sure, you can cut (and cut, and cut, and cut) your expenses until you spend money on your housing and your food bill, max.
You can move back in with your parents. I knew someone in DC who slept at the office to save money on rent. I wouldn’t recommend that, because that person just ended up fired as well as homeless.
Then, you can earn more.
Depending on who you are, you have many possibilities. Are you still in college? Major in something useful. Something that gets you out of college with marketable skills. Something other than Eastern European Art History.
Or, if you do major in something useless, get used to being frugal, or start something on the side.
Me, I focus on side jobs. I get teased a bit because I have all these ideas, and most of them stand to make me hundreds of dollars a year which for most people isn’t worth the hassle, but I’m willing. On the side, I’m learning how to create images in Photoshop. I’m building brands from the ground up. I’m teaching people how to market their dream businesses.
So, yes, if you were coming here for tips on how to build wealth, it really is simple. Spend a lot less than you earn, earn as much as you possibly can, and save the difference. Ideally, have a crystal ball (or Facebook insider info) and play around in the stock market. Buy low! Sell high!
None of this is groundbreaking or new information.
Stay tuned, and I’ll let you know the secret to weight loss (spoiler: eat well, exercise more).