Many people want to increase their net worth, but the question is—how do you actually do it? What steps can you take today to build wealth over time? The good news is that growing your net worth doesn’t require winning the lottery or inheriting a fortune. It comes down to practical, proven strategies that anyone can implement. In this article, we’ll tackle some of the most common questions about increasing your net worth and making smarter financial decisions.
 What Can I Do Today to Increase My Net Worth?
Track Your Spending
One of the best financial decisions my wife and I made over a decade ago was printing out several months of our bank statements and analyzing where our money was going. Once we accounted for our regular bills, we started identifying areas where we were spending wastefully. We discovered we were spending over $75 a week on coffee shops, eating out too often, and paying for subscriptions we hardly used. When you see how much those small, everyday expenses add up, it becomes easier to curb unnecessary spending.
Create a Budget (or at Least a Spending Plan)
For some, the idea of maintaining a strict budget feels overwhelming. If you can stick to a structured budget, that’s great-you should. However, if you struggle with that level of discipline, at least set limits on the areas where you tend to overspend or on things you don’t truly need.
Pay Yourself First
One of the biggest reasons people struggle to grow their net worth is that they only save what’s left over—which often means nothing is left. Think of it like a goldfish in a fishbowl. The more space it has, the bigger it grows. The same happens with our money—the more we make, the more we tend to spend. The solution? Shrink your financial fishbowl by saving first.
A general rule of thumb is the 50/30/20 rule, which suggests:
50% of your income goes to necessities, 30% goes to discretionary spending, and 20% goes to savings. I think it should be called 20/50/30, because that’s the order in which you should allocate your money. By saving first, you ensure that if you run out of money at the end of the month, your net worth is still growing and your necessary expenses are covered.
Go on Autopilot
The best way to make sure you’re saving first is to automate it. Set up direct deposits so a portion of your paycheck goes straight into savings or a retirement account. If your employer offers 401(k) matching, know exactly how much they match and maximize that benefit—otherwise, you’re leaving free money on the table.
The one common thread I see in every client who walks into my office ready for retirement is that they consistently saved. While there are ways to optimize savings, nothing is more important than building the discipline to save early and consistently.
If you can’t save 20% right now, start with anything you can and increase it over time. One easy way is the split-dollar method—whenever you get a raise, split it with your future self. Put half of the increase in your bank account and the other half into savings.
As you build savings, prioritize paying down high-interest debt first (like credit cards), then focus on other debts, starting with the ones with the highest interest rates.
Increase Your Income
If you feel your income is capped, consider asking for a raise or promotion, starting a side hustle, or looking for a higher-paying job. The fastest way to build wealth is increasing the gap between what you earn and what you spend—and boosting income is a powerful way to do that.
What Wealth Strategies Do You Recommend for People Who Aren’t Good with Money or Are Intimidated by Finance?
Educate Yourself
The best way to become more confident with money is to learn about it. A study by Ramsey Solutions found that 79% of millionaires read at least one book a month—many of them focusing on finance, investing, and business. Financial literacy gives you power over your money, rather than letting money control you.
Be Okay with Failure
No one becomes an expert without making some mistakes. Yes, financial mistakes can cost money, but the lessons you learn from them will be far more valuable than the money you lose. Your failures will make you better at handling money in the long run.
Start Small to Develop Emotional Discipline
Even if you have a perfect understanding of finance and investing, emotions can still get in the way. Many people underperform in the stock market because they “trade scared”—just like a football player who plays scared is more likely to get hurt. Start small to build confidence and emotional discipline before making bigger financial moves.
Are There Wealth Strategies for People Who Are Scared of Losing Money in the Stock Market?
Build a Financial Safety Net
Having a 3–6 month emergency fund in a high-yield savings account or CDs helps you feel secure—even during market downturns. This way, you won’t be forced to sell investments at a loss when you need cash.
Practice Without Risking Real Money
Most investment platforms offer simulated trading accounts that allow you to practice investing without risking real money. This can help you develop your skills and gain confidence before you start investing your own funds.
Tip: Make your simulated account as realistic as possible. If you only plan to invest $100 per month, practice with that amount. This will set realistic expectations and help you build good habits.
Start Small
If you’re spending $75 a week at coffee shops, consider cutting that expense down to $20 a week and investing the remaining $55. That way, you’re using money you were already spending—except now, you’re growing your wealth instead of just growing your belt size. If you lose that money, it may not bother you as bad seeing as it was going to waste anyway.
Consider Alternative Low-Risk Investments
If stock market volatility makes you uncomfortable, consider lower-risk options that still grow wealth: Fixed Indexed Annuities, I Bonds and Treasury Securities, Life Insurance with Cash Value. These options don’t grow as aggressively as stocks, but they provide better returns than savings accounts or CDs while protecting your principal.
I’ll Say It Again: Educate Yourself!
One of the biggest reasons people fear investing is because they don’t understand it. The more you learn about how the market works, the less intimidating it becomes. By using tested, proven strategies, you can balance risk and reward while still growing your wealth.
Final Thoughts
Your net worth isn’t determined by how much you make—it’s determined by how much you keep and grow. Track your spending, save first, automate your finances, educate yourself, and start small. No matter where you are financially, taking even one small step today can lead to a much stronger financial future. The best time to start was yesterday. The second-best time is today.