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- Warren Buffett is one of the richest people in the world because he saved and invested — and didn’t follow get rich quick schemes.
- Wealth is attainable to everyone with good financial habits, and you may already be on the right path.
- Spending less money than you earn, saving for retirement, and investing money are simple ways to become wealthy.
Owning bitcoin won’t guarantee future wealth — but the right saving and investing strategies will.
At least according to Warren Buffett, who considers cryptocurrency a get-rich-quick scheme. Though chances are slim you’ll end up with the multi-billion-dollar fortune Buffett has, there are sensible ways to build wealth without betting on a bubble.
It’s hard to put a number on “wealth” because it’s personal and it depends on many factors, including where you live. Generally, having wealth means not having to worry about being able to pay your bills and knowing a comfortable retirement at a decent age is feasible.
These 11 indicators are easy to follow and will help you build wealth — whatever that means to you. Even better, a lot of these tips go hand-in-hand and require little work or maintenance.
If you are already following this advice, congratulations! You are on the road to being wealthy.
You started saving for retirement as soon as you started working.
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A portion of every paycheck — including the first one when you start working — should be set aside for savings.
Retirement may seem like a long way down the line when you first start your career, but the wait will be even longer if you don’t prepare. Saving as early as possible triggers compound interest and can lead to a huge difference in the long run.
You always make loan payments on time and in full.
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Whether its a student loan or a mortgage, it is best to make all payments in full and on time. Paying off less and missing loan payments will end up costing more in the long run.
Business Insider’s Áine Cain has some tips on how to pay off student loan debt in your 20s — including paying before the grace period, using auto-pay, and prioritizing loan payments.
You clip coupons and look for good deals.
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Just because you can afford to shop at Whole Foods or your hip local market doesn’t mean you should, especially if you want to end up wealthy.
The USDA says that a family of four can spend between $ 150 and $ 300 a week on groceries. Shaving those expenses in half can really accumulate on the savings side. Shopping at a store like Costco, known for its bulk products and huge savings, is economical and fun.
See the rest of the story at Business Insider
See Also:
- Hong Kong’s richest man retired at 89 years old — here’s his incredible rags-to-riches life story
- Meet the kids of the richest black billionaires in the world
- We stayed at New York’s top 2 luxury hotels to see which was better — and the winner is clear
DON’T MISS: 10 US cities that make it easier to build wealth thanks to savings in one key area
