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If you want to build wealth, youll likely need to look beyond your day job.
Explore the following strategies tohelp you build wealth going forward.
Go Beyond Saving
Everyone knows that saving money is important.
People need to both save AND invest.
When you invest early, you give yourself a chance to reap the benefits of compounding.
The surest way to buildtrue long-term wealthis to invest in the stock market, said Johnson.
Millennials need to begin compounding early, and let that compounding work its patient magic over decades.
Dont let fear hold you back from putting your funds to work.
Avoid Timing The Market
Its tempting to attempt to buy low and sell high.
But its almost impossible for the average investor to accurately predict therise and fallof the market.
A mistake many investors make is attempting to time the market.
Attempting to time the market is fools gold.'
That means you are consistently buying into the market whether it has headed up, down or sideways.
Find tax-efficient, cost-effective ways to build wealth on auto-pilot.
Dont stop at the employer match.
Set a goal to hit the maximum ($23,500 for 2025).
Afew worthwhile personal finance booksinclude The Automatic Millionaire and Think and Grow Rich.
Generally, more knowledge might help you put more focus on investing for tomorrow than just spending for today.
If you only trade your time for money, it can be difficult to grow your wealth.
Instead, you should probably put your money to work for you.
For most, investing in stocks is one baseline investment that generates income.
But the wealthy often look beyond this entry-level point to create other passive income streams.
The Bottom Line
Generally, building wealth boils down to working smarter instead of working harder.
Break the cycle by looking toward the future and making decisions about your money with a long-term vision.
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