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Building wealthlooks different for everyone.
And it looks different at each stage of life.
These moves will also probably not turn you rich overnight.
The choices you make to build wealth now will pay off over time as you get older.
Start small if you gotta.
Even $500 saved can prevent a minor crisis from becoming a major financial setback.
Aim to gradually build this to three to six months of living expenses.
Keep this money in a high-yield savings account where its accessible but separate from your everyday spending.
ensure to house your liquidity reserve within a high-yield savings account or a money market mutual fund.
The most competitive vehicles in this space are offering yields in excess of 4.50%.
Avoid Debt
Credit card debt can be a wealth-killer.
Those interest rates are brutal.
If you have any existing debt, make a plan to pay it off as quickly as you might.
Always paymore than the minimum paymenteach month.
Every extra dollar helps reduce the total amount youll pay over time.
Avoid incurring any problematic, high-rate debt, advised Brock.
This includes payday loans, credit card obligations andshort-term personal loans.
The interest rates on these arrangements are exorbitant and will prevent you from getting ahead financially.
Strive to maximize your contributions, Brock said.
When it comes to investing, focus on long-term growth, which meansdomestic and international stocks.
In your 30s, chances are you havesignificantly more earnings powerthan you did in your 20s, Brock said.
An IRA offers additional tax advantages.
Whether you choose a traditional or Roth IRA depends on your tax situation.
Decide which makes more sense for you.
Unlike retirement accounts, a taxable brokerage account lets you withdraw money at any time without penalties.
So find ways to diversify your income.
This might mean freelancing, consulting or starting a side business.
Maybe youre great at graphic design, writing or marketing.
Even a few hundred extra dollars each month will help you build wealth over time.
This equates to 57.3 million people, 15.8 million of whom identify as full-time gig workers.
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