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It is easy to think of wealth as something that happens overnight. The media often emphasizes rags-to-riches stories, forgetting how rare those scenarios are. With discipline and hard work, building wealth is possible. Here are a few strategies and everyday habits that can make wealth-building easier.

1. Pay yourself first
   Pay yourself first, is perhaps the most effective wealth-building habit and one of the easiest to implement. With this simple strategy, you direct part of every paycheck to a savings account, mutual fund, or other investment vehicle. The financial routine of automatically transferring funds makes consistently saving money effortless.
   
2. Know how much is in your accounts
   A shocking number of Americans have no idea how much money is in their accounts. Knowing how much is in the account is an essential first step toward controlling unexpected costs and taking control of your finances.
   
   Once a year, do more than just look over your accounts. Do a full review. Successful wealth builders know where they stand and where they are going. So, they conduct annual reviews of their finances, including emergency savings, investments, insurance, and all other expenses.
   
   
3. Develop multiple streams of income
   One of the fastest ways to build wealth is to bring in extra money, which starts with developing multiple income streams. That could be a side hustle, a home-based business, or even rental real estate. The idea is to generate extra cash, money that can be saved and invested.
   
   
4. Deposit (or invest) raises, bonuses, and other “found” money
   If you want to build wealth, start by putting bonuses and other found money in a savings account or investing the cash in a share certificate, money market account, mutual fund or other low-cost investment. When wealth builders get extra money, they avoid lifestyle inflation, opting instead to beef up their savings and investment accounts.
   
   
5. Take advantage of savings
   From 401(k) contributions to IRA accounts to health savings accounts, some types of investments have a double and even triple advantage. One of the most effective ways to build wealth is to prioritize investments that offer tax savings and the promise of tax-free withdrawals. Consult a tax advisor to determine the best strategies for your situation.
   
   Additionally, people who are successful at building wealth look for ways to save money on everyday purchases. These people choose generic and store-brand products when they go grocery shopping. You might even see them scanning the racks of the local thrift store for gently worn designer duds and used but still pristine furniture and home décor.
   

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