Are you looking to increase your net worth and build wealth quickly? Here are a few ways people have successfully retired early so they can enjoy everything life has to offer with no strings!
How To Build Wealth Fast
Dated: February 4 2021
Are you looking to increase your net worth and build wealth quickly? Here are a few ways people have successfully retired early so they can enjoy everything life has to offer with no strings attached!
Start a Roth IRA
I encourage every young investor to start a Roth IRA as soon as possible. This will allow you to be more financially stable than 99% of the population. This tax advantaged account allows you to contribute up to $6000 per year. You can withdraw your original contributions whenever you want, without owing any penalties or taxes, no matter how long your account has been open. That's because the money you put in is money on which you already paid income tax. If you plan to purchase a home down the road, you can withdraw it tax free!
Drop Your Living Expenses Like Crazy
This tip is pretty basic but in America we are almost trained to be consumers and spend, spend spend! There are so many ways you can drop your expenses today. When buying a car, don’t buy a new car! Look for deals on used cars and take the time to shop around for the lowest insurance rate possible.
House hacking is a new trend that launches your net worth immediately. You can buy a duplex and rent the other unit out so you are only paying half your mortgage. You can also buy a larger home and rent out rooms to produce income and save on your monthly payments. Accessory dwelling units (ADUs) are also becoming more popular on the west coast and beyond. Are you still renting? Get a roommate! There’s no reason to be throwing money away excessively every month and paying someone else’s mortgage.
Don’t buy crap! We all have fallen victim to impulse buys! Online shopping has made it so easy to purchase that gadget your friend mentioned at dinner and have it on your doorstep the next morning. Try adding things to your shopping cart and waiting 24 hours to hit the buy button. This will allow you time to process whether you REALLY need that thing or not.
Save 30-50% of your income. Pretend that a portion of your income is a bill every month. Stash that money away in an IRA or high yield savings account and watch your money grow over the years.
Invest in Yourself
In this day and age you can learn almost anything for free! I call it Youtube University. Take the time to learn about something that interests you. Learn how to monetize and market yourself to build an income stream. If you are in a business such as real estate, you can invest in a coach to help you build your client base! Investing in yourself gives you the power to create the life you’ve always wanted.
What hobbies do you have? With platforms such as Youtube and Instagram, you can turn ANY hobby into a lucrative side hustle. Whether you create a product or enjoy an extreme sport, you can document your journey and share it with the world in a way that generates income from ads on your videos. If you create a product there are websites such as Etsy or Shopify that can facilitate sales to new and loyal customers.
Buy Real Estate
Real estate investing will not make you wealthy over night, but it will add multiple zeros to your net worth in a short time frame compared to other investments. You can purchase multifamily properties and produce a significant cash flow from day one! This cash flow can be used to invest into more real estate deals which creates a domino effect that will allow you to grow your portfolio quickly.
As you make a habit of finding ways to better yourself, you will also find new ways to build your net worth. Each individual does it differently. Give yourself a chance (and a raise!) so you can grow into the investor or entrepreneur that you’ve always wanted to be.
Let's meet for coffee and talk about your wealth strategy!
Call or text 702-918-2264
Lauren Gontero REALTOR®
The Gontero Group | Winning Realty
As a Las Vegas native, I witnessed its great transformation – from a desolate desert into a bustling metropolitan city that retains its small-town feel. My intimate knowledge of this region, and my ....
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