Making money and building wealth is a crucial challenge in life as it affects the house or apartment you can afford to buy, the neighborhood you can live in, the car you can buy, potential financial independence and early retirement. There are numerous ways you can make money, we're trying to cover most of those on our website. New money-making guides are added every week.
Building wealth essentially means ending up with more money than you started out with. The main parts of building wealth are budgeting, saving money (so you can invest or spend more), investing, stocks and trading.
Building wealth is about planning for the rest of your life, making sure you can live comfortably while you work but also during your retirement. It's not about saving and earning some money for a large purchase or covering costs for a medical emergency.
The core principals of building wealth and making money that can make a Significant difference in your life, are:
Creating a budget; understand how you're spending your money and where you can make some savings
Building an emergency fund; things you haven't planned for will happen. Redundancy, a big medical expense,... make sure you set aside some money for that
Paying off any high-interest debt; debt is a budget killer, make sure you pay it off as soon as you can
Saving money where you can; reduce your fix costs and trim your variable costs where you can
Increasing your salary; whenever possible, negotiate a better salary or try to get a bonus
Investing as much and as early as you can; invest whatever you can and as early as you can - compound interest can make money while you sleep
Avoiding "lifestyle creep"; stay frugal even as you get richer and avoid living in line with your new financial realities.