Effective Strategies for Building Wealth • Mastering Money: Effective Wealth Strategies

Feb 273 min read

Whether or not you consider yourself wealthy may depend on more than simply how much money you have. People who consider themselves wealthy report that habits like early planning, consistent saving, and strategic investing helped them build their financial confidence.

• Having a plan that takes into account your circumstances, goals, and risk tolerance may help you develop these important wealth habits and stick to them.

Do you consider yourself wealthy? However you define it, feeling wealthy is about more than just the numbers. It’s also about the confidence that comes with knowing what you want—that is, having a clearly defined goal—and knowing you have a plan in place that can help you achieve it.

What are those who consider themselves wealthy doing that has helped give them that sense of confidence? Here are 3 things that respondents to the 2024 Fidelity State of Wealth Mobility Study told us helped them:

1. Start saving early: Do not wait until you have large amounts to save. Start with what you can and strive to increase this amount yearly.

2. Save consistently: Automate your transfers to your savings or investment accounts.

3. Invest strategically: Strategic investing begins with a firm understanding of your wants, needs, and concerns. With those elements in mind, you can determine an appropriate asset allocation that gives you enough exposure to risk to benefit from long-term, compounding growth, but not so much that you deviate from your plan in the face of uncertainty or market volatility.

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