Compounding returns that come with investing are necessary to build substantial wealth over time.

Invest

Create an emergency fund to avoid the need to turn to debt.Think about what makes sense for your financial situation.

Create an Emergency Fund

Building wealth is about cutting costs as well as looking for ways to earn more money.<ul><li>If you work for a company, make yourself valuable so you’re eligible for raises and promotions.</li><li>Alternatively, look for a new job that pays more and recognizes your worth.</li><li>Start a business or side hustle to make more money.</li></ul>

Earn More Money

Learn how to spend on the things that matter to you. Consider your values and priorities when you draw up your spending plan. If going on vacation or giving to a charity is important to you, include those items in your spending plan.

Spend Wisely

Pay down your high-interest debt as quickly as possible. While some types of low-interest or tax-deductible debt can help you along the way, high-interest debt rarely has a good purpose.

Pay Off High-Interest Debt

The right insurance coverage can reduce your financial risk that might go toward replacing losses. For instance, homeowners insurance, health insurance, disability insurance, car insurance.

Protect Your Assets with Insurance

<div>The wealthy see money as a resource and a tool to help them build wealth over time.</div>Know your income, your expenses, how much is earmarked for additional expenses and how much for other financial goals.

Create a Spending Plan

Most of us want to build wealth in a way that allows us to live comfortably in the future. However, it can feel like a daunting task. The good news is that there are simple steps you can take to start building wealth. Be warned, though.

Invest

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