14 Ways To Build Wealth In 10 Years

As we look toward the future, building wealth requires a blend of time-tested strategies and adaptations to new financial landscapes. Here are 14 effective methods to increase your net worth by 2034, blending traditional approaches with an eye on future trends.

Define what financial success looks like for you, whether it’s owning a home, securing a comfortable retirement, or funding an education. Setting specific and measurable goals for 2034 will guide your financial decisions and strategies. Though its basic advice, figuring out your goals for money is truly the only way to make money, and no better way to do that then setting up a 10 year plan.

Click here for specific ways to set and achieve financial goals for building wealth.

Track and manage your income and expenses meticulously. A dynamic budget that adjusts to economic changes ensures you live within your means and identifies opportunities to save.

Step-by-Step Guide To Set a Budget:

• Step 1: List all your living expenses
• Step 2: List flexible and recurring expenses
• Step 3: Add up your after-tax income
• Step 4: Set financial goals
• Step 5: Record and track your spending
• Step 6: Adjust and review your budget for growth

Aim for an emergency fund that covers at least six months of expenses. This fund is crucial for financial stability in case of unexpected events like job loss or health issues.

How To Build a 6-Month Emergency Fund:

1. Store Funds in a Proper Savings Account 
2. Map Out Your Spending 
3. Start Setting a Percentage of Your Paycheck Aside
4. Set Small, Inspiring Goals 
5. Set a Long-Term Goal, Too 
6. Rethink Subscriptions and Sign Up for Promotions
7. Automate the Process of Saving
8. Don’t Increase Your Monthly Expenditures or Get a New Credit Card
9. Tap Into the Gig Economy
10. Don’t Save Too Much — Invest the Rest!

See here for more details.

Prioritize paying off high-interest debts, particularly credit card debts, to free up more resources for investment and reduce financial stress.

Going into retirement with high-interest debt puts your financial security and longevity at risk. Ensure you maintain a precise budget to track your monthly income and expenditures. Then, prioritize payments on secured debts–those linked to tangible assets like your home or car–as advised by Sean Fox, president of debt resolution at Achieve.

Set up automatic transfers to your savings accounts to consistently save without needing to think about it regularly. This habit ensures you’re always building your reserves.

Step-By-Step Guide To Build and Automate Your Savings With Your Bank:

1. Set Your Savings Goals
2. Formulate A Budget
3. Pick A Savings Account
4.  Open One Or More Savings Accounts
5. Elect For Automatic Deposits
6. Determine The Timeframe For Your Automatic Savings Plan
7. Keep An Eye On Your Savings Account
8. Minimize The Number Of Withdrawals From Your Savings Account
9. Make Necessary Adjustments To Your Savings Plan As You Go

Click here for a more detailed guide on automating your savings.

Leverage the power of compound interest by investing consistently in diversified portfolios. Consider stocks, bonds, and other investment vehicles that suit your risk tolerance and financial goals.

Spread your investments across various assets to mitigate risks and increase potential returns. This includes stocks, bonds, real estate, and emerging sectors.

Increase contributions to your retirement accounts each year. If your employer offers a matching program, ensure you contribute enough to get the full match.

Ways To Maximize Retirement Savings:

• Save At Least 10% Annually
• Take Advantage Of Your Employer Match
• Save Your Raise — Don’t Spend It
• Make Catch-Up Contributions
• Eliminate Unnecessary Expenses
• Diversify Your Investments
• Watch Out for High Fees
• Invest In a Roth IRA for Tax-Free Retirement Income
• Invest In Income-Generating Real Estate
• Downsize Before Retirement
• Relocate For a Lower Cost of Living
• Find an Employer With a Better Retirement Plan

Real estate remains a strong wealth-building tool. Consider rental properties or real estate investment trusts (REITs) as part of your portfolio, looking at emerging markets and urban renewal areas.

Ways To Invest In Real Estate With Little or No Money:

• Investment Trust
• VA Loan
• Home Equity Loan
• Seller Financing
• Hard Money Loan
• Option-to-Purchase Agreement
• Private Money Loan
• Wholesaling

As the job market evolves, continuously upgrading your skills is essential. Consider certifications, workshops, or advanced degrees that align with industry trends.

Skills Projected to Be Most Valuable In 2034:

• Coding
• Artificial Intelligence
• Cloud computing
• Blockchain
• UX design
• Communication
• Cognitive flexibility

Utilize fintech solutions to manage and grow your investments. Robo-advisors, online investment platforms, and mobile apps can provide sophisticated analytics and automate your investment strategies.

Investing in your health can reduce long-term medical costs and improve your quality of life, allowing you to work longer and save more if you choose.

As the world shifts towards sustainable energy, investing in renewable energy projects or stocks can provide long-term returns.

Examples:

• Solar
• Hydropower
• Electric Vehicles
• Geothermal

Leverage the shift towards remote work by reducing commuting costs and potentially relocating to areas with a lower cost of living without sacrificing job opportunities.

Remote Jobs for the Future:

• Developer
• Marketing
• Data entry
• Sales
• Graphic design
• Writer
• Recruiter

As we head toward 2034, artificial intelligence is expected to continue its trajectory as a transformative force across multiple industries. Investing in AI can be a strategic move to build wealth. This might involve:

• Stocks and ETFs: Look for companies and ETFs that focus on AI development and integration. Companies leading in technology, such as those developing AI for automation, data analysis, and consumer tech, are particularly promising.
• AI Startups: Venture capital or angel investments in AI startups can offer substantial returns. Keep an eye out for emerging companies with innovative solutions in healthcare, finance, automotive, and customer service technologies.
• AI-Enhanced Tools and Services: Use AI tools to optimize your own investments and savings. Many financial tech companies offer AI-driven platforms that help individuals manage and grow their investments more efficiently.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.