In the last few decades, an entirely new concept of wealth management has emerged—one that is far different from the traditional old-fashioned notion of saving money and investing well. These new financial strategies are helping everyday people around the world to build their wealth. If you’re looking for a way to build wealth but can’t (or won’t) use the traditional methods, that doesn’t mean you can’t succeed at becoming financially secure. Here are a few ways to build your net worth and wealth with non-traditional methods.
Live below your means
Living below your means might sound “traditional,” but the amount of debt out there and the pressure of materialism in our society says otherwise. If you want to build your wealth, then you’ll need to earn more money than you spend, so creating a budget that ensures you have extra money left over every month only gets you closer to that goal.
If you’ve got outstanding debt, then you’ll need to decide whether it’s more important to be wealthy or to continue your current way of living. If you decide that wealth is a higher priority, then it’s time to take action and become debt-free as quickly as possible. Use this loan payoff calculator to help guide you toward an actionable strategy that removes your debt and gets you on the path to having a positive net worth and building wealth.
Become an angel or peer lender
Previously becoming a Venture Capital (VC) investor was only available for those who were already wealthy and had thousands of dollars to invest. Now thanks to crowdfunding, peer-to-peer lending, and angel investing, you can support innovative companies for much less while still potentially building your wealth with their improved revenue.
Start a side hustle
Entrepreneurship has always been one of the most profitable ways someone can build wealth quickly, but it was typically reserved for those who got their MBA or had families that funded their startup. Now, creating wealth by starting a small business is as easy as buying a domain or setting up an account on a marketplace like Etsy or eBay. Starting with a small side hustle might only bring you a trickle of income in the beginning, but the longer you stick with it, the better a business person you’ll become. The better you become at running a business, the more streamlined you’ll be able to run it, and the higher likelihood your net worth, income, and overall wealth will boom.
Invest using smaller amounts
Micro investing has leveled the playing field and allowed anyone with a few bucks to buy only one, or even a partial share of any publicly-traded company on the NASDAQ. Even putting $50 a month into stocks or mutual funds can bring back dividends quickly that give you more money you can put back into your investments and compound your wealth.
The bottom line
You can do many little things to create significant changes in your financial future that don’t need to involve outdated traditional methods. Try any of these tips to start building wealth and stay the course. The more effort you put into any of these methods, the better off your financial future will be.