Explore Wealth Building is an article series that offers practical strategies for growing wealth. These strategies include setting financial goals, building healthy saving habits and using a strategic approach to investing. Regardless of the size of your income, you can use these strategies to increase your wealth over time and achieve your financial dreams.

The first step in building wealth is to create a budget. A budget is a key principle for wealth creation, as it helps you avoid unnecessary spending and prioritize needs over wants. A budget also encourages savings and helps you develop a habit of regularly putting money away for the future. It’s a good idea to revisit your budget at least once a year and to adjust it as your circumstances change.

Explore Wealth Building Strategies for a Secure Future

Once you have your spending under control, you’ll want to focus on reducing your debt. This can be done by implementing strategies like the debt snowball or avalanche method, or by refinancing your loans to lower interest rates.

After lowering your debt, it’s important to start saving as soon as you can. A regular savings plan will help you get in the habit of regularly putting money away for the long term, and will allow you to take advantage of the power of compounding over time. By diversifying your investments and leveraging tax advantages, it’s possible to accelerate the growth of your assets and achieve substantial wealth over time. For more information about how to build wealth, consider speaking with a professional. Bankrate’s AdvisorMatch tool can connect you with a CFP(r) professional who can provide personalized guidance.