To build wealth, start with the resources you already have, whether that’s access to free high-yield savings accounts or a 401(k) with an employer match.
While starting today is a smart move, financial planners say not to expect wealth to grow overnight — to make real progress, you have to be patient.
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The key to growing wealth isn’t always simply to make more money. Sometimes, it’s about using what you have to your advantage — maybe it’s as easy as moving your savings into an account with higher interest rates, or taking advantage of an employer’s 401(k) match.
Most importantly, experts say one of the most important elements to building wealth is to simply give it time. Here are the best ways to start building wealth today, according to financial planners.
1. Figure out your net worth
Financial planner Michael Pappis says those looking to grow their wealth should start by understanding what they already have
The best way to do this is by calculating your net worth. “Most people have never visually seen their net worth on paper, and it’s usually an eye-opening exercise,” …read more
Source:: Businessinsider – Finance