10 Steps To Building Wealth

Look, Let’s Talk About Money

Here’s something nobody wants to admit: you probably think about wealth more than you’d like to. Maybe you’ve scrolled past yet another social media post about someone’s early retirement, or you’ve caught yourself doing mental math on your paycheck, wondering if it’ll ever be enough. Sound familiar?

The truth is, wealth-building isn’t some mysterious secret reserved for trust-fund kids or lottery winners. It’s actually a skill you can learn. Honestly, it’s more about consistency than luck. I’ve spent years studying financial behaviour, and what I’ve discovered is that wealthy people aren’t dramatically different from you. They just make different choices, repeatedly, over time.

The good news? You can start today. Right now. FYI, this isn’t about getting rich quick (spoiler alert: that rarely works). This is about actually building lasting wealth that sticks around.

What Is Wealth?

Let me clear up something that trips most people up. When we talk about wealth, we’re not just talking about having a fat bank account (though that helps). Wealth is the total value of everything you own minus what you owe. That includes your house, investments, retirement accounts, business equitybasically, the stuff that works for you while you sleep.

Here’s the key difference that most people miss: wealth takes time to accumulate. You won’t build serious wealth in a year or two. Most self-made millionaires spend at least a decade making smart financial moves before they hit that magic number. But the payoff? Once you build real wealth, it protects you. It gives you choices. It lets you say “no” to things you don’t want.

How Do I Start To Build Wealth?

The first move isn’t opening a brokerage account or buying rental properties. Nope. The first move is changing how you think about money.

I’m serious about this. Your mindset is literally the foundation for everything else. If you believe wealth is only for other people, that’s exactly what you’ll create in your life. Your brain will find evidence to support that belief and ignore everything contradicting it. It’s how we’re wired.

Here’s what you actually need to do: start thinking like someone who already has wealth. How would a wealthy person approach this financial decision you’re making? How would they spend this paycheck? What would they prioritise? Start asking yourself these questions daily.

The wealthy think in terms of assets, investments, and long-term growth. They don’t think “I can’t afford that,” they think “How will this impact my financial goals?” That shift in perspective changes everything.

What Is The Fastest Way To Build Wealth?

Short answer: invest your money into something with genuine earning potential.

But here’s where most people mess up. They think “fastest” means they can skip the foundational work. You can’t. The fastest path still requires:

• A steady income stream to invest from
• Money saved specifically for investment
• Knowledge about what you’re investing in
• The discipline to stay invested through market ups and downs

The reason investment accelerates wealth-building is compound growth. When your money earns returns, and those returns earn their own returns, you get this beautiful snowball effect. Over 20 years, this compounds into life-changing money.

And this is a critical investment that carries risk. The higher the potential return, the higher the risk typically is. You need to understand what you’re investing in before you throw money at it. That’s not being paranoid; that’s being smart 🙂

The Difference Between Being Rich And Wealthy

Ever noticed how some people with huge incomes still live paycheck to paycheck? That’s the rich-versus-wealthy problem.

Rich = You have a lot of money right now. Maybe you make $200,000 annually, or you got a big bonus. Your bank account looks impressive.

Wealthy = You own assets that generate money without you having to work. Your investments create income. The rental property you have pays rent. Your business runs while you’re on vacation.

Here’s why this matters: a rich person loses their job, and suddenly they’re stressed. A wealthy person loses their job, and… well, they might actually celebrate because their assets cover their lifestyle. Wealthy people have financial freedom. Rich people have financial anxiety.

You can be rich and still carry debt. You can have a six-figure salary and still live beyond your means. But wealth? Wealth means you’ve built something that sustains itself. That’s the real goal here.

10 Key Steps To Building Wealth

Alright, let’s get into the actual framework. These aren’t suggestionsthey’re the steps that actually work. I’ve seen them work for dozens of people, and the research backs every single one of them up.

1. Pick A High-Paying Job

Let’s be real: you can’t build wealth from nothing. You need money to start the process, and the most reliable way to get that money is through income.

This doesn’t mean you need to be a neurosurgeon, but it does mean you should be intentional about your earning potential. Look at your field. Are there higher-paying roles you could move into? Could you get additional certifications that bump up your salary? What would a 20% salary increase look like?

If your current job is capped (and you’ve genuinely exhausted growth opportunities), then explore new fields. Maybe you’re in the wrong industry entirely. I’ve seen people switch careers and suddenly have access to significantly higher-paying positions.

If you can’t land one high-paying job, stack multiple jobs. If Job A pays you $3,500 monthly and Job B pays you $2,500 monthly, you’ve created a $6,000 monthly income stream. That’s not glamorous, but it works. You’re building your foundation.

The key is this: your job is your wealth-building fuel tank. You can’t get anywhere without fuel.

2. Start Side Hustles

Your primary job isn’t enough, not if you want to accelerate wealth-building. This is where side hustles come in.

A side hustle is something you build in your spare time that generates extra income. And here’s what makes them powerful: you get all the profit (after expenses). Unlike climbing a corporate ladder, where you negotiate raises with your boss, with a side hustle, you directly benefit from putting in more effort.

What could your side hustle be? Look at your skills:

• Do you write well? Freelance writing platforms like Upwork and Fiverr are always looking for good writers
• Are you handy? Offer services on TaskRabbit
• Do you have social media skills? Build Instagram pages in niches and monetise them
• Can you teach something? Create courses on platforms like Skillshare or Udemy.

The best side hustles solve actual problems for people. They don’t require massive startup costs. And they’re something you can actually stick with because you don’t hate doing them.

IMO, everyone should have at least one side hustle running. It’s not about working 80-hour weeks (that’s a burnout recipe). It’s about using your existing skills to create an extra income stream that builds your wealth foundation faster.

3. Start A Business (Full-Time Or Part-Time)

Here’s something that separates ultra-wealthy people from everyone else: most of them own businesses. Not all, but most.

And this makes mathematical sense. Think about it:

• Employee: Your income is limited to your salary, usually capped by your employer’s budget
• Business owner: Your income is limited only by your ability to sell and operate efficiently

With a business, you have leverage. You can create systems that scale. Also, you can hire people and multiply your output. You can build something valuable that you eventually sell.

Now, starting a business is harder than getting a job. There’s more risk, more uncertainty, more work upfront before you see money. But the wealth-building potential is exponentially higher.

What kind of business could you start?

• A service business (consulting, coaching, freelancing)
• An e-commerce store (selling products online)
• A software product (app, SaaS tool, plugin)
• A content business (YouTube channel, podcast, newsletter that monetises)
• A local business (agency, salon, restaurant)

The internet has democratized business. You don’t need a physical storefront or massive funding anymore. You need an idea, execution skills, and persistence.

The caveat: businesses take time to generate real income. Most new businesses don’t hit profitability for 18-36 months. You need runway (savings) to survive that period. That’s why having that high-paying job and side hustles first makes sensethey fund your business while it’s growing.

4. Automate Your Finances

This one’s simple but game-changing: set up your money to move automatically toward your wealth goals.

Here’s how it works: when you get paid, money automatically transfers from your checking account to:

• Your savings account (emergency fund first, then wealth-building fund)
• Your investment account (brokerage, retirement account, etc.)
• Your debt payments (if you have debt)

Why does this work? You never see the money, so you never miss it. You budget based on what’s left in your checking account, which is already allocated for spending. This removes the willpower component entirely.

Set it up using:

• Your bank’s automatic transfer feature
• Apps like Qapital (rounds up purchases and invests the difference)
• Payroll deductions (your employer takes it out before you see the paycheck)

David Bach, a financial expert, calls this “paying yourself first,” and it’s one of the most powerful wealth-building tools available. The difference between someone who automates versus someone who doesn’t is usually $50,000-$200,000 over a decade.

5. Invest Your Spare Cash

“I don’t have money to invest” is what most people say. And then they spend $150 monthly on subscriptions they don’t use.

You likely have more investable money than you think. You just need to redirect it.

Start small. Seriously small. $50 monthly. $100 monthly. Whatever you can actually commit to without creating financial stress. The goal isn’t hitting some magical investment amount; it’s building the habit.

Where should you invest?

Low-cost index funds: These track the overall stock market. For beginners, low-cost S&P 500 index funds are perfect. They offer diversification, low fees, and historical returns of about 10% annually over long periods. Platforms like Vanguard, Fidelity, and Charles Schwab offer these.

Roth IRA: This is a retirement account where your money grows tax-free. If you’re under 65, this should be a priority. You can contribute up to $7,000 yearly (as of 2025).

Taxable brokerage account: Once you max out your retirement accounts, open a regular investment account and keep buying index funds.

Individual stocks: Only if you actually enjoy researching companies. Most people are better off with index funds and calling it a day.

The math here is powerful. If you invest $300 monthly at an average 8% annual return for 30 years, you’d end up with roughly $420,000. Same investment over 40 years? About $1.2 million. That’s what compound growth does.

6. Create Specific Money Goals

Here’s what separates people who build wealth from people who just hope to: specific, written goals.

Not “I want to be rich.” Not “I want to save more.” Those are meaningless. Your brain can’t work toward vague targets.

Instead, write down:

• Annual income goal: “I want to earn $75,000 this year”
• Net worth goal: “I want to reach $500,000 in net worth by age 45”
• Investment goal: “I want to have $100,000 invested by next year”
• Business goal: “I want to launch a business generating $2,000 monthly by December”

Write these down. Actually write them on paper or in your phone. Make them specific and measurable. Put a deadline on them.

Why does this work? Your brain is a goal-seeking machine. When you give it a clear target, it starts finding ways to hit that target. You’ll notice opportunities you previously missed. You’ll make different financial decisions because you can evaluate them against your goal.

T. Harv Eker, a millionaire and financial author, says the wealthiest people literally have their net worth goals written down and reviewed regularly. This isn’t magic, it’s just how goal-setting works.

7. Save Unexpected Cash

Bonuses. Tax refunds. Birthday money from relatives. Selling stuff you no longer need. This is your wealth-building acceleration button.

Most people get unexpected cash and immediately spend it. A thousand-dollar tax refund becomes a thousand-dollar vacation. A work bonus funds a shopping spree.

But what if you didn’t? What if every unexpected dollar went straight into your investment account?

Let’s do the math: if you capture just $2,000 yearly in unexpected income and invest it at 8% returns over 30 years, you’re looking at roughly $280,000. That’s money you weren’t even counting on, turned into serious wealth.

Here’s my strategy: set up a separate savings account specifically for unexpected income. When money arrives, it goes there. Every quarter or every six months, you move it to your investment account. This small friction prevents you from accidentally spending it on something dumb.

You’re not sacrificing anything because this money wasn’t in your budget anyway. You’re just redirecting found money toward your actual goals.

8. Track Your Spending

You can’t improve what you don’t measure. If you don’t know where your money goes, you can’t control where it goes.

Tracking spending isn’t about being cheap or restricting yourself. It’s about understanding your money patterns so you can make intentional decisions.

Here’s what usually happens when people start tracking:

• They realise they’re spending $200 monthly on subscriptions they forgot about
• They see that they spend $400 monthly on food delivery
• They notice small purchases ($5 here, $10 there) add up to $300+ monthly

Once you see this, you make choices. Maybe you can cancel subscriptions. Maybe you can meal-prep instead of delivery. The point is you become conscious of your spending.

Tools that make this easy:

• YNAB (You Need A Budget): My personal favourite for behavioural change around money
• Mint: Free, tracks spending automatically
• Personal Capital: Great for net worth tracking and investments
• Simple spreadsheet: Old school but effective

Pick one and stick with it for at least three months. After that, tracking becomes automatic. You’ll actually notice when your spending drifts.

Tracking doesn’t mean deprivation. It means you know exactly where your money goes, and you can make deliberate choices about it.

9. Belong To A Network Of Wealthy People

This one’s underrated, and honestly, most people ignore it. But who you spend time with directly impacts your financial outcomes.

Here’s why: wealthy people think differently. They operate with different assumptions. They know different opportunities. When you spend time around them, you absorb their mindset, their strategies, and their confidence.

This isn’t about superficial networking at cocktail parties (though that happens). It’s about genuinely connecting with people ahead of you financially and learning from them.

Where do you find these people?

• Online communities: Reddit communities like r/fatFIRE, financial forums, and Discord communities around investing
• Masterminds groups: Small groups of people (usually 4-6) who meet regularly to discuss finances and goals
• Professional organisations: Industry groups where higher earners congregate
• Classes and courses: Financial seminars, business courses, investment workshops
• Mentorship: Find someone ahead of you and ask them to mentor you
• Social clubs and societies: Golf clubs, country clubs, alumni associations (I know, cliché, but it works)

The best part? You don’t need to be wealthy yet. Most successful people remember where they are and are happy to share advice.

Listen more than you talk. Ask questions. Find out what mistakes they made, what worked for them, and what opportunities they see. Implement what you learn.

Over time, your network becomes your net worth. Your connections open doors to business opportunities, job opportunities, and investment opportunities that never show up on job boards or in public listings.

10. Work On Your Mindset

This is the glue that holds everything else together. If you don’t believe you can build wealth, you won’t.

Your mindset determines your actions. Your actions determine your results. So if your mindset is “I’m not a money person” or “People like me don’t get wealthy,” then you won’t take the actions necessary to build wealth.

Working on your mindset means:

Consuming the right information: Read books about wealth-building. Listen to podcasts about investing and personal finance. Follow people who are actually building wealth (not get-rich-quick gurus). Over time, their thinking rubs off on you.

Questioning your limiting beliefs: When you catch yourself thinking “I can’t afford that” or “That’s not for people like me,” stop and challenge it. Is that actually true, or is that just a story you’ve been telling yourself?

Acting like the person you want to become: Wealthy people make different daily choices. They read financial news. Track their investments. They look for opportunities. They invest time in learning about money. Start doing those things now, before you’re wealthy.

Surrounding yourself with abundance thinking: When everyone around you complains about money and talks about scarcity, it’s hard to think about building wealth. Intentionally spend time with people who think in terms of opportunity and growth.

Celebrating small wins: As you build wealth, acknowledge your progress. That first $1,000 invested? That’s huge. That month when you saved an extra $500? That matters. Your brain responds to celebration with motivation to keep going.

The wealthy didn’t start with special knowledge or magic. They started with a belief that they could build wealth, combined with taking the necessary actions. That’s it. That’s the whole formula.

Final Thoughts

Building wealth is genuinely available to anyone willing to make different choices for long enough. I’m not exaggerating. The strategy is straightforward: earn more than you spend, invest the difference, and keep doing that for years.

The hard part isn’t understanding the strategy. The hard part is implementing it consistently when there are a thousand temptations and distractions fighting for your money and attention.

But here’s what I know: if you implement even half of these steps, you’ll be ahead of 80% of people financially. Most people don’t do any of this. They spend everything they earn and wonder why they’re broke. Don’t be that person.

Start with one step. Just one. Master it, then add another. Before you know it, you’ll have this wealth-building machine running on autopilot.

Your future self will thank you for the decisions you make today. So what’s step one for you going to be?