7 steps to build wealth asap

7 Steps to Build Wealth ASAP!

Let’s be honest, we all want to build wealth as soon as possible. We do not really want to wait until 70 to have wealth and freedom. So in this article I propose the 7 concrete steps that helped us build wealth quickly. The added bonus is that this allows more time for the wealth snowball to take effect over the decades. Here are some steps to build wealth.

What is True Wealth

First we must determine a reasonable definition of wealth. For the record, I am not talking about becoming a billionaire. That is very rare and typically involves some element of being in the right place at the right time and other factors outside our control. Or it involves some very unique set of circumstances. I am not saying famous actors, sports stars or tech entrepreneurs are not hard working; but when you dig deep into their lives there was typically a set of circumstances and luck beyond their influence.

I am talking about steps to build wealth and live a very comfortable upper middle class life that almost anyone can replicate if they get some basics down and stick to them.

Our definition of wealth

In 2022, the average net worth of US households was $300k. The median net worth for someone 35-44 years old in the US is about $91k. This goes up to $168,000 for people ages 45-54.

I am talking about blowing past this all together and building some substantial wealth in the first half of your life, by about age 49. So for sake of definitions let’s peg that number at double the average net worth to $600k. This will put you clear onto steps to build wealth ASAP. This goal would probably put you on a clear course to hitting that psychological $1 million mark and put a person well into the the top 15% of wealthy households in the country and world.

True Wealth

I would also like to combine this number with 2 other factors we talk about a lot: health and relationships. A life of True Wealth is more than a number. That is why I personally combine my calculations with overall health management and connections to other people. For me, many of these connections just happen to come through collectibles and games.

7 Steps to Build Wealth

Building wealth is a process that requires discipline, planning, and persistence. BUT, with intense focus on setting things up, I believe someone can replicate the success of others and hit those high net worth figures. While there’s no guaranteed way to amass wealth quickly, here are seven proven steps that can help you build wealth over time:

1. Automate Paying Yourself First: 

I am convinced this is the single most important and easy step one can take to build wealth. It’s so easy and straightforward that people typically just blow past it. Building wealth must be more complicated they think? There must be a magic formula that only the elites know?

Yeah, it’s butt ass basic. If you have regular and gainful employment, automate to have a certain percentage of your take home pay automatically swept away and placed into an investment vehicle. For me this is a basic low cost set of a few index funds.

You must understand this, life is not like the movies. A magical moment does not exist in real life, that is the stuff of fantasy. Life is about one small step each and every day. And over time you look back and may be amazed by how far you have come.

But, compare this to someone that just stand there and flails about waiting for that magical moment when everything falls into place. It never happens. And when they look back after years they have made no progress. They are standing and flailing and waiting in the same spot.

2. Reduce debt and avoid unnecessary liabilities:

Debt and liabilities must be tamed to build wealth fast. One of the things that got us working on Money Vikings content years ago was finding methods to destroy debt. Watch some Caleb Hammer videos and you will be in shock at the debt decisions and behavior of millions of folks. I am not mad at them, I feel very sad for them. They are handing their lives and energy over to what others think and those willing to prey on them.

Prioritize paying off high-interest debts such as credit card debt or personal loans. Avoid accumulating unnecessary liabilities that don’t contribute to your financial well-being.

Special mention: cars

Remember you are not what you drive. Americans spend a fortune on cars. And there is a huge opportunity cost to car ownership. Therefore if you want to build wealth fast, ensure it is not being eaten up by some exorbitant car payment.

3. Save and invest wisely:

Building wealth quickly is about investing wisely. I am thankful the pandemic fueled meme stock craze is dead, I hated it. There are central tenants to investing that should be understood.

Build an emergency fund that can cover three to six months’ worth of living expenses. Financial experts will say do this before investing, but I personally disagree. I still think the first step is to automate. Otherwise a person could get stick by never achieving the emergency fund and never get around to investing.

Once you have a sufficient emergency fund, start investing in assets that have the potential to grow your wealth over time, such as stocks, real estate, or mutual funds. Consider diversifying your investments to minimize risk.

I like to stick to the basics at first for investing. I choose those long term tried and true assets: diversified stock funds, ETF’s, bond funds, real estate investment trusts, real estate, and maybe some small exposure to alternative investments like precious metals and collectibles.

The main point is that wealthy people invest in things that have a proven track record of returns. They are not dropping everything into the latest crypto craze, meme stock or complicated investing scheme.

Check out my Ride My Bike Portfolio construction!

Also check out this great list at BankRate:

  1. Save. You can’t begin any type of wealth-generation plan without having money to invest. …
  2. Buy an S&P 500 Index Fund. …
  3. Buy Dividend-Paying Stocks. …
  4. Buy a Rental Property. …
  5. Keep Asking for Raises. …
  6. Start a Business. …
  7. Broaden Your Education and Skill Set. …
  8. Set Up Multiple Streams of Income

I have tried most of these, and combined they can form the foundational tips to build wealth ASAP!

4. Buy a home:

My next move to build wealth is to buy a home that I can comfortably manage, afford and enjoy. A great percentage of people’s net worth is tied up in their homes. A home is an asset we can use/enjoy and build equity in over time. I have several videos about the pros and cons of investing in a home, but I generally believe it is good for many people in the long run.

It also allows options down the road. Let’s say after a decade you decide you no longer want to own a home. Well, you will have a decade worth of equity to cash out on that would have otherwise gone to rent.

5. Focus on Health & Low Cost Pursuits

Sometimes we need things to fill our time that are not costly. People notouriously spend money unconsciously when they are bored, tired or just do not know what to do with their time. There are so many things we can do that do not cost much and are healthy for us. This is another step to build wealth fast.

How about this as a free proposal, focus on your health as another way to build wealth. Walking, biking, playing with kids, selecting a healthy recipe, researching healthy food options are all inexpensive ways to build wealth. Check out Money Vikings Health for many other ideas in this category:

6. Increase your income:

To build wealth fast, one must be able to funnel income into assets that will grow and produce more income over time. Seek ways to supplement and add to your income. Many people have taken up side hustles to add to their income over the years. I personally enjoy trading and selling collectibles to both support my hobby and add a bit of extra cash. Check it out:

Look for opportunities to increase your earning potential. This may involve acquiring new skills, pursuing higher education, starting a side business, or seeking promotions or better job opportunities. Increasing your income can provide more resources to save and invest.

7. Continuously educate yourself:

Those who build wealth are usually seeking out new investment opportunities. They are not jumping at each one, but they are seeking them. That is the why we started Money Vikings! Stay informed about personal finance and investment strategies. Read books, attend seminars, and follow reputable financial experts to enhance your financial knowledge. Understanding how money works will enable you to make informed decisions and optimize your wealth-building efforts. I hope these 7 steps to build wealth ASAP are helpful and inspirational. This is no BS advice, not based on magic and marketing, but on what actually works. Before you know it you could be exceeding those average investing figures.


Clearly our educational system is lacking in teaching people about personal finance and wealth building. This is why we hope to add that value. Please consider liking, subscribing and sharing our content if it added value to your True Wealth journey.

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