1. Switch to Bi-Weekly Mortgage Payments
If you’re paying your mortgage monthly, you might be missing out on one of the simplest hacks for long-term savings. I switched to bi-weekly payments—half a monthly payment every two weeks—and now I make 26 payments a year instead of 12. That extra “13th month” payment each year chips away at the principal faster. On a $500,000 mortgage with a 7% interest rate, this can save over $170,000 in interest and shave years off the loan.

2. Automate Everything: The 75-15-10 Rule
I split my income into three separate accounts: 75% for spending, 15% for investments, and 10% for savings. I set up automatic transfers as soon as income hits my account. This structure keeps my finances on track without needing willpower or mental math. Automating this system has eliminated budgeting stress and made investing a habit, not a chore.

3. Invest in Financial Education—Every Paycheck
I made it a rule: every paycheck, I buy one book, course, or resource to deepen my financial knowledge. Over time, I’ve read 25 books in five key categories—money, business, leadership, sales, and personal development—plus five biographies of successful people. It’s the equivalent of an MBA at a fraction of the cost. That education has transformed how I think about money, risk, and wealth.

4. Don’t Spend Raises—Invest Them
Most people fall into lifestyle inflation when they get a raise. Not me. Every bonus or raise I get goes straight into investments—at least at first. Once I’ve adjusted for long-term growth, I apply the 75-15-10 rule to future increases. That one discipline has helped me grow my portfolio faster and kept me from falling into the trap of spending just because I earn more.

5. Use Credit Cards—But Only Strategically
I’m not anti-credit card—I just believe they should be used carefully. I only swipe for things I already plan to buy and pay the balance off in full every month. The cashback or travel rewards I earn go directly into my investment account. But I stay away from cards entirely if I’m ever tempted to spend more than I should. Responsible use is key to making credit cards work for you, not against you.

6. Define Clear Financial Goals
I don’t save or invest just to “have more money”—I tie every dollar to a purpose. I have specific savings targets (3–12 months of expenses), investing goals (cash flow vs. appreciation), and even calculated how much I need in assets to fund my ideal lifestyle. This clarity helps me stay focused and make smarter financial decisions every day.

7. Learn Market Trends and How to Invest Accordingly
There’s passive investing, like buying index funds. And then there’s active investing, where you learn to spot trends. I look at five key areas: Main Street (consumer behavior), Wall Street (investor behavior), Government (policy changes), Innovation (new tech), and Broad Market conditions (like interest rate shifts). Services like Briefs Pro help me stay on top of these insights, but even basic research goes a long way. You don’t need to trade stocks daily—just understanding where the world is headed can guide better investment choices.

8. Financial Education Is the Real Escape Plan
The system isn’t designed for people like me to win by default. Institutions profit from keeping people financially uneducated—through interest payments, hidden fees, and impulsive spending habits. That’s why learning how money works is the first and most important step to financial freedom. Once I understood the rules, I started playing a different game—and winning.

If you’ve ever felt stuck or overwhelmed by money, try just one of these strategies to start. They may seem simple, but the impact they’ve had on my financial life has been anything but small.

Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but he is not providing you with legal advice in this article. This article, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

The post 8 Wealth-Building Strategies That Changed How I Manage My Money appeared first on ROI TV.

Understanding Wealth: More Than Just Money

Wealth isn’t solely about accumulating a large bank balance. For many, it means having the freedom to live the life they desire, maintaining happiness, and fostering meaningful relationships. Defining what wealth means to you is the first step in creating a financial plan that reflects your aspirations.​

Key Steps to Building Wealth

1. Start Saving Early and Consistently: The power of compound interest cannot be overstated. Beginning your savings journey early allows your money to grow exponentially over time. Even if you’re starting later, consistent saving can still significantly impact your financial future.​Pure Financial AdvisorsInvestopedia
2. Invest Wisely with a Long-Term Perspective: Your investment strategy should align with your time horizon and risk tolerance. Younger individuals might opt for a more aggressive portfolio, while those closer to retirement may prefer a balanced approach. Regularly reviewing and adjusting your asset allocation ensures it remains in line with your evolving goals.​
3. Account for Inflation: Inflation erodes purchasing power over time. For instance, a 3% annual inflation rate can significantly reduce the value of your money over a decade. Investing in assets that historically outpace inflation, like equities, can help preserve and grow your wealth.​
4. Utilize Tax-Advantaged Accounts: Maximizing contributions to retirement accounts such as 401(k)s and IRAs can provide tax benefits and accelerate wealth accumulation. Exploring options like Roth IRAs, which offer tax-free growth and withdrawals, can further enhance your financial strategy.​
5. Plan for Healthcare Costs: Healthcare expenses often increase with age. Incorporating these potential costs into your financial plan and considering Health Savings Accounts (HSAs) can provide a tax-efficient way to cover medical expenses in retirement.​
6. Manage Debt Effectively: High-interest debt can be a significant barrier to building wealth. Prioritizing debt repayment, especially on high-interest loans, frees up resources that can be redirected toward savings and investments.​
7. Protect Your Assets: Adequate insurance coverage—health, life, disability, and property—safeguards your wealth against unforeseen events. Regularly reviewing your policies ensures they align with your current needs and circumstances.​

Conclusion

Building wealth is a journey that requires discipline, education, and proactive planning. By implementing these steps and regularly reviewing your financial plan, you can work towards achieving the financial freedom that aligns with your personal definition of wealth. Remember, it’s not about timing the market, but time in the market. Start today, stay consistent, and seek professional advice when needed to navigate the complexities of financial planning.

Intended for educational purposes only. Opinions expressed are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Consult your financial professional before making any investment decisions. Opinions expressed are subject to change without notice.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

The post Steps to Growing Your Wealth at Any Age appeared first on ROI TV.

Defining ‘Rich’ and ‘Wealthy’

• Rich: Individuals with high incomes who can afford luxury items and experiences. However, high earnings don’t guarantee financial security if spending matches or exceeds income.
• Wealthy: Individuals possessing assets that generate income, such as investments, real estate, or businesses. This provides long-term financial stability and the freedom to maintain their lifestyle without relying solely on active income.

As financial advisor Kasia Manolas explains, “Being rich is having things: the nice house, car, clothes. Being wealthy is the money you hold onto.”

kasiamanolas.com

Average and Median Net Worth in America

According to the Federal Reserve’s 2022 Survey of Consumer Finances, the average net worth of U.S. households is approximately $1.06 million. However, this figure is skewed by high-net-worth individuals. The median net worth, which provides a more accurate picture of the typical American household, is $192,700.

nerdwallet.com

Strategies for Building Wealth

Achieving wealth involves more than earning a high income; it requires prudent financial decisions and disciplined habits:

1. Multiple Income Streams: Diversify your income through side businesses, investments, or passive income sources. This not only increases earnings but also provides financial security if one source diminishes.
2. Prudent Financial Choices: Key decisions significantly impact wealth accumulation:
   • Career Selection: Choose a profession with growth potential.
   • Financially Compatible Partner: Align on financial goals and habits.
   • Modest Living: Keep housing expenses to 25% of income and follow the 20/4/10 rule for vehicle purchases (20% down, finance for no more than four years, total vehicle expenses not exceeding 10% of income).
3. Long-Term Planning: Invest consistently and take advantage of compound interest. Starting early and maintaining regular contributions to retirement accounts or investment portfolios can lead to substantial growth over time.

Financial Freedom and Wealth

True wealth provides the freedom to live life on your terms, free from financial stress. It’s not solely about the amount of money but the security and opportunities it affords. As highlighted by Kiplinger, “Being wealthy is about living your life with zero regrets, zero jealousy and focusing on what brings you joy and happiness.”

kiplinger.com

By focusing on building wealth rather than just earning a high income, you can achieve lasting financial security and the freedom to enjoy life without monetary concerns.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post The Difference Between Being Rich and Being Wealthy appeared first on ROI TV.