Ways to build wealth: In this day and age, even with the current economic situation, it is still very possible to build wealth. The knowledge of some of the best ways to build wealth can go a long way in helping you to successfully increase your net-worth and elevate your financial status. Jumia Travel, the leading online travel agency, shares 6 best ways to build wealth.
Be Wary of ‘Little’ Expenses
The thing about little expenses is that they quickly add up into shockingly large expenses, so unless you need something, you really have no business buying it. Avoid buying crap that is not only useless, but eventually becomes a regretful waste of your money. Every ‘little’ expenses should pass the ‘is it useful?’ test, and if it doesn’t pass the test, then please save the money and be on your way to building wealth.
Save a Percentage of Your Income
There is no magical way to build wealth, it takes time that’s why it’s called ‘build’ wealth not ‘conjure’ wealth, and saving remains one of the best ways to build wealth. Yes people are fond of saying that it’s difficult to have a saving culture in our society because we simply don’t earn enough, but that really isn’t true. Consider Fridays and how much money is wasted by most of us in the name of ‘boys night out’ or ‘girls night out’; if a person decides to take N5000 or even N3000 out of that entertainment money and put in a saving account for a year, he/she would have saved at least N60,000 or N36,000.