Are you looking to add some zeros to your bank account? We all want more money to fund our current life and the lifestyle we dream of, but cash is not always available. Unless you have a money tree in the backyard, you must determine how to increase your net worth and build wealth.

Simply put, accumulating wealth is about growing your net worth over time and retaining it for you and your family. It doesn’t happen overnight, but you can build a financial nest egg that keeps growing to set you up for retirement, purchasing more assets, and not being concerned with paying your bills.

A wealth management strategy will build your portfolio as you invest your funds. You can reinvest income and capital gains to maximize compounding and dollar cost averaging.

Is building wealth easily? Yes, it is if you have the right action plan for success. If you are ready to improve your life, here is a dynamic wealth accumulation plan you can start today to put you where you want to be financially.

Plan #1: Pay Yourself First

We all have to make an income to provide for ourselves, which means a job, self-employment or business.

Regardless of how the money is earned, what is more, important is how it is spent. The secret to building wealth is to take the money you earn and invest as much as you can before spending it. You will have bills that need to be paid, including:

• Mortgage/rent
• Car payment
• Insurance
• Utilities
• Food

These things can’t be avoided, but pay yourself next once they are taken care of. This may mean budgeting a small amount for entertainment so you can invest a large amount for your future.

Remember, you are worth it, and when you focus on your future financial goals, you’ll find it easy to skip extra spending on things like going for drinks, eating out and other expensive entertainment. Find the right balance for you and your wealth plan but prioritize yourself at the top.

Plan #2: Stay Away From Status Items

Nothing eats up your money faster than things that bump up your ego. There is no shortage of items to buy to show off, including:

• Expensive vehicles
• Designer clothes
• Jewelry and watches
• Big houses

Ultimately, you will end up with things and not money, and it doesn’t matter how good you look to other people. You won’t have the financial comfort you hoped for.

Ditch the extras and focus on how to invest for maximum gain. You will probably find that by downgrading your car, house and other non-essential things, there will be lots of extra money to put toward your wealth accumulation.

Plan #3: Monitor Your Financial Picture

You will have less of it if you don’t know where the money is going. Start today by putting together a budget and tracking your monthly spending.

If you have high-interest debt, pay that off first because it costs more than some investments can make. After they are paid off, funnel that money into investments.

Put together a financial roadmap for getting where you are going with your wealth. It is a great idea to meet with a financial advisor as they can build a strategic plan to get you on track and advise you on the best investment vehicles to take you there.

Refer to your financial plan regularly and tweak things when they need it for maximum growth. Have an emergency fund built up for unseen expenditures to absorb that financial hit without stopping your regular investment plan.

Plan #4: Find Additional Income Sources

Sometimes your current income isn’t enough to meet your financial goals, so you can change your plan or bring in more money. There are many ways to earn additional income, but it takes effort, time, and a big commitment to your future. Here are a few ways to make money:

Ask for a Raise

If you are due for a raise at your job or think your contribution deserves a bump, go ask for it. Most employers won’t give out raises unless you ask for them, and while it might be intimidating, you know your worth.

Start a Side Hustle

Beyond your work hours, you can use your time to make more money through a part-time side hustle like freelancing, flipping used products, driving for Uber, affiliate marketing, or even monetizing a YT channel.

Get More Clients

Sometimes, you have to hustle in your business, especially if you are in sales and on commission. You can increase your clientele and make more income with some extra effort.

Building wealth is not for the faint of heart. You need to work hard and smart and then use as much of your spendable income on strategic investing so it builds up over time to give you the lifestyle you want. Seek professional help so you can stay on the best wealth-accumulating path to reach your goals, and then once you get there, enjoy the financial fruits of your labour.