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Since everyones journey is different, theres no one way to live life or build wealth.
Also here are eight signs you will retire wealthy.
Save and Invest the Difference
Investing isnt a secret way to build wealth.
For Peres, he also invested early and often in the market.
I started saving a portion of each paycheck in my 20s, he said.
But he didnt just save.
He also put that money in a high-yield account that earned compound interest and grew substantially over time.
Together with his wife, Peres also found ways to cut everyday expenses.
Over decades, it added up.
Heres an example of how investing in an interest-bearing account could help your money grow also.
Say youve found ways to cut expenses and have saved up $5,000.
Now, say you put that money into an account with a7% annual return ratethat compounds annually.
Thats $24,000 of total contributions and $15,036 in interest earned.
Thats $48,000 in total contributions and $25,256 total interest earned over one decade.
To boost income, I focused on high-margin niche markets and premium products, he said.
For example, we specialized in sustainably-sourced specialty coffees which commanded premium prices.
We also optimized the supply chain and cut out middlemen to boost profits.
You dont necessarily have to run your own business to retire wealthy.
This was the case for Peres on his path to retiring wealthy too.
I made sure key employees had equity stakes, he said.
This incentivized them to think like owners, work hard and stay loyal.
When we sold, their shares were worth a lot and they earned good payouts.
In turn, that goodwill meant they stuck around to support the new owner during transition.
Depending on your circumstances and goals, this may be something you could do as well.
This is something Peres suggested doing, as well as something he did.
Take calculated risks, he said.
I left a corporate job to start a business, a risky move that paid off.
After years of hard work, I sold my company and retired comfortably.
Weigh your risk tolerance alongside your goals and personal circumstances.
And if youre not one for taking these risks, thats OK too.
Invest in Rental Properties
Many wealthy individuals invest in rental properties.
Doing this can lead to greater earnings through rental income, which can then lead to increased annual savings.
Peres said that he and his wife invested in rental properties after retiring to continue to build their wealth.
The key was using leverage and locking in low interest rates.
The cash flow from rentals now funds our lifestyle, and we still have equity upside in the properties.
For others, investing in your local community by donating time or resources to events can boost your business.
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