How will most of us build wealth? It’s not sexy. It’s not fast and exciting. It’s slow and over time. Sure there will be some that hit the next big thing and get rich quick. And if you have big goals and ideas, then go for them!
For the majority of us (and even those who have wealth), we need to spend less than we earn. We need to systematically save on a CONSISTENT basis.
Weekly, monthly…make it so you can’t get back at it easily. Don’t leave it in your checking account. I have part in a savings account with my regular bank that’s a little easier to get to and then more in a money market account that I have to transfer money from my bank to so it takes a couple of days if I need it back. Currently I’m using American Express Saving Account. (Not an ad, I just like it and use it personally).
You can start small and make periodic increases so you build the habit. Initial goal is 3-6 months of living expenses, more if your income fluctuates. As that goal is funded, you can work on personal goals such as home buying, vehicle purchase etc, and retirement planning. Work towards saving 20% or more of your income.
The key is to start and do it consistently!