Working Hard but Not Building Wealth? 8 Things To Do Immediately

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Here are some reasons why you arent building wealth, and eightthings to do about it.

Earning six figures, drowning in debt and living paycheck to paycheck.

So just how do you turn it around, as she puts it?

You should do the following things immediately.

Financial success starts with your beliefs, Dox-Martinez pointed out.

Your money habits are often rooted in childhood experiences or generational beliefs.

For example: Im not good with money becomes Im learning to manage my money confidently, she shared.

Awareness is the foundation of change.

Without understanding your spending habits, you cant create intentional plans for your money, she said.

He recommended real estate as a great example of this.

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The earlier you are in your career, the more this will help.

401(k)s collect compound interest, which gives you a better chance of building wealth faster.

Automation … helps you pay yourself first, a key principle of building wealth, she said.

Saving money in a savings account wont significantly grow your wealth, however.

Youll want to look intostocks and bonds, Blackwood said.

Remember, too, he said, that timing the market is impossible.

He recommended an investment strategy called weighted-dollar-cost averaging that is a way to mitigate against timing risk.

In other words: Invest a little bit each month as opposed to all at once.

For an investment that could turn into an income stream, Blackwood recommended bonds.

Bonds, to most, are considered stable but unsexy, but they yield income.

You dont have to ditch everything you enjoy in life to build wealth.

You just need a clear plan and a commitment to takingsmall, consistent stepsforward, she said.