According to a report by Credit Suisse, Aussies are among the richest people in the world with a median wealth of US$191,453 per adult.
If your net worth is not quite there yet, don't worry. There are many ways to boost your wealth and here are a few suggestions that I think could be helpful:
- Increase your earning potential by starting a business or a side gig linked to your passion. With the rise of the internet, there are many services you can provide online to a global audience. A more traditional way of increasing your earning potential might be to get an advanced degree or professional qualification in an in-demand profession.
- Spend less than you earn. It's a cliche mentioned in every personal finance blog but that's because it's logical and true. If you spend more than you earn, you won't have any left over to build wealth.
- Invest in shares. My guess is if you're reading this article you already recognise the power of investing in the share market over the long term. Over the last five years, companies such as CSL Limited (ASX: CSL) (up 184%), Macquarie Group Ltd (ASX: MQG) (up 127%) and ResMed Inc. (CHESS) (ASX: RMD) (up 174%) have created wealth for their shareholders.
- Be consistent and patient. Creating wealth usually doesn't happen overnight (unless if you win the lotto- but what are the odds?). It can take a long time and you will need to be consistent over that period.
- Keep track. It doesn't have to be too regular, but I think even an annual review of where you stand can provide you with valuable insights and help shape your decision making going forward.
Are you ready to start boosting your wealth? Have a look at this free report about three top blue chip stocks to consider buying.
