12 Steady, Profitable Ways To Build Wealth Fast

Money makes the world go round. Financial independence means you get to enjoy the world.

While many people slave away at a 9-to-5, it doesn’t have to be this way. There are ways you can make income beyond your salary, and wait for it … build up your own wealth. In fact, I’ve taken some of these steps to secure my financial freedom.

If you’re stumped on how to get started, you’re not alone, but through reviewing the advice of financial experts and those who have achieved wealth, we’ve come up with a few ideas you can put into effect today.

1. Create a Vlog or Blog

When people want information, they turn to the internet. If you have strong writing or vlogging (short videos) skills and in-depth knowledge about a specific niche, you can take advantage of this.

It’ll take some work to build up your blog or vlog, but when you’ve established the site and a following, the site will start to pay for itself. You should aim to keep it fresh by updating or adding new content as needed. Once you establish yourself as an authority, it’s upward from there.

2. Create Educational Courses

Piggybacking off your knowledge from the first point, you could also create an educational course. This would be completely passive income once you’ve created the course and put it up for sale.

If it’s a timely topic that may change over the years, such as advertising practices for social media, you may need to update the course from time to time.

3. Put Your Art to Work for You

If you have a talent for the arts, such as taking photographs, you can make money off of that. Upload them to a site like Shutterstock or even Etsy where you don’t have to do much after they’re listed. Best of all, you only have to post the photos once after you take them and then it becomes a passive income stream.

You can do the same with digital elements if you have design skills or music clips for people to purchase and use in social media or newsletter ads.

4. Purchase Rental Properties

Real estate is one of the best assets to have because it almost always appreciates in value. You can offset the mortgage payments by renting it out on a daily, monthly, or weekly basis.

If you purchase a home in a high-traffic tourist area, it will pay for itself several times over each year. Just remember that you will be responsible for ensuring all of the appliances work and the house’s general upkeep.

5. Save Up

This might seem like a bit of a “duh” suggestion, but the reality is to have wealth, you have to put money away. If you put it in a high-yield savings account, all the better.

While many savings accounts don’t have a high APR, there are other ways to put your money to work. Consider a short- or long-term CD, money market accounts, or even bonds.

6. Max Out Your Retirement Options

When it comes to putting money away for your retirement, you want to contribute the max every year, if you can. The IRS contribution limit for a 401k for 2024 is $23,000 for people under 50, and $30,500 for those 50 and over.

You especially want to contribute the max if your employer does a price match. This is essentially free money and you can build up your wealth faster. When you retire, you’ll have enough to do more than retire, you’ll be able to enjoy life.

7. Take Risks When You Invest

When it comes to investing, some risks are worth the reward. But don’t be too risky. You don’t want to bet the farm. Consider your budget and set aside money you can comfortably use to invest.

Some investments to consider are cryptocurrency, moderate stocks, and real estate. In the end, diversity will pay off for you.

8. Make Yourself an Asset

In every company, there are people who show up to do their work and clock out, working to collect a steady paycheck. Then, there are those who position themselves so they’re a huge asset.

You can do this, too. Instead of sticking to the status quo, learn about your company, and the skillsets they need. Be a go-getter. Show that you’re not just there to work, but to help the company grow, too. The more valuable you are, the more chances you have to make money and grow that wealth.

9. Invest in an S&P 500 Index Fund

We’re back to investing! An index fund is a less risky way of investing your money, but it does pay off for many. They’re also lower cost, which allows you to keep more of the gains.

Another perk? Low taxes. Managed funds are taxed at least once a year on net gains. So even if you’ve not benefitted from said gains (by selling the stock), you’re still responsible for the taxes on it. That’s not the case with the more passive index funds.

10. Minimize Your Debt

Millions of Americans have debt and it’s draining their finances, because they’re not just paying the principal, they’re paying sometimes hefty interest rates, too. The best plan of attack is to pay off balances with the highest interest first, since they suck up your income faster.

However, if you’re not in a place to pay off debts, you can start slowly by reducing finance costs. For credit cards, you can try transferring your balance to a lower-interest card. If you have a loan, see if you can refinance for a lower interest rate.

11. Set up Multiple Streams of Income

It may seem tedious at first, but it’s so important to have money coming in from multiple avenues. The wealthiest people in the world are constantly investing and finding new revenue streams. They invest in stocks and other businesses, some even help fund start-ups.

By having multiple revenue streams, if one fails, you will still have money coming in and that’s the key to ensuring financial freedom.

12. Remain Patient

“Steady, as she goes,” as the song says, is the way to grow your wealth. Unless you happen to win the lottery, it’s not going to happen overnight. Stay patient, keep an eye on your investments, and above all, try to refrain from making impulsive decisions.

As you make smart decisions over time, you’ll see that wealth grow. In the end, patience and diligence pay off.