- 3 reads
We all want to be wealthy so that by the time we reach a certain age, we can do so in the knowledge that we can live comfortably. If you are looking to become richer or to slowly build up your net worth over time, then you’ve come to exactly the right place as this guide has been created to recommend four solid ways that you can build wealth over time, both through investment strategies and by simply saving money. Read on now in order to learn all about it.
Set up a Traditional Investment Account
One of the most time-tested ways to build wealth is by investing in stocks and bonds. For stocks, the S&P 500, is popular. Its average annual return from 1926 through 2018 was around 10%. You can do so through an investment manager, or you can use online products which can manage the investments for you. Seeking independent financial advice is the most sensible approach. Naturally, you will have to pay a fee for someone to manage these investments for you, but this is nothing compared to the amount of money that you can make over time thanks to the magical power of compounding. Just make sure that you don’t dip into the money, because if you lose out on the strongest market days, your returns will be significantly less.
Purchase Commodities
Commodities can help to build money over time and to have a solid basis of wealth to call back on in a moment of crisis. Traditional commodities include gold and silver, which often go up during a recession, while new commodities can include cryptocurrencies — which are known to drastically go up (and down) in value — and NFTs, which have risen in popularity this year. You can also buy paintings or classic cars in the hope that their value will increase over time. Just be aware that the price of any commodity is also prone to decreases as well, so make sure that you have sought expert advice first.
Use Coupon Codes
One amazing way to get savings on a whole series of purchases is by using coupons. This way you can save considerably when buying everyday products, something that can seriously save you a heap of money over the long term, covering everything from great Grubhub Deals to savings on travel and phone contracts. Take a look at a coupon provider to see where you can save significantly, no matter if you desperately need money or are looking to consolidate already built-up wealth.
Pay into Your Retirement Account
If you are in a position to do so, you should try and pay as much forward into your retirement account as possible. This is especially true when you are in a salaried job, as your employer may match your contributions, meaning far more money for you in the process. This means that when you reach retirement age, you will have a much bigger pool of money to draw upon in the process, allowing you to enjoy old age to the fullest extent possible.
