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Building wealth is a process that often takes time. While the idea of becoming an overnight millionaire appeals to many, the only real way to get rich overnight is through speculation, inheritance, or winning the lottery.
Tips: 6 Ways To Start Building Generational Wealth For Your Family Related: 20 Best Savings Accounts 2022
Ironically, the best way to build wealth "quickly" " is to chart a careful path to long-term profitability. The faster you can save and invest, the faster your money will accumulate, which is the real magic behind building wealth.
Here are 10 ways to grow your net worth as quickly as possible without taking on undue risk.
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You can't start any kind of wealth creation plan without money to invest. As soon as you start earning, make it your first priority to save as much money as possible. One strategy often recommended by advisors is “pay yourself first,” which means saving immediately when you get your paycheck, before you pay your bills. This type of "forced savings" will force you to cut back on your discretionary spending, but will also lead to increasingly riches.
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Buy an S&P 500 index fund
The S&P 500 Index doesn't guarantee returns, but it has proven time and time again to be a tremendous long-term wealth-creating machine. In fact, most investors are surprised to learn that the "risky" stock market has never lost money in 20 years of rolling. And yet, the S&P 500's long-term average return is 10%. This means that the S&P 500 Index has a huge risk/reward over the long term. Even legendary investor Warren Buffett, the "Oracle of Omaha" himself, ordered his trustee to keep 90% of his money in the S&P 500 index fund after his death.
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Buy dividend stocks
Dividend-paying stocks may seem like a slow and boring way to build wealth, but they are one of the best ways to tap into a steady and growing source of income and capital growth. The so-called "Dividend Aristocrats" are well-known large companies in the S&P 500, such as CocaCola and McDonald's, that have increased their dividends for at least 25 consecutive years. This means that the people who bought these companies 25 years ago are making a huge effective return on their initial investment. Combined with the potential for capital gains, Noble Dividends can be a great way to build wealth.
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Buying rental property
One of the main ways to build wealth quickly and in the long term is to earn passive income. And one of the best ways to generate passive income is by owning one (or more) rental properties. With a well-managed rental property, you will receive a steady stream of income every month with no extra effort on your part. Although you need to find tenants to move in and deal with occasional maintenance issues,