As you experience your financial planning journey, keep in mind that the wealth-building process generally takes time. Although the idea of becoming an overnight millionaire is appealing, especially for those struggling to build an emergency fund, getting rich overnight isn’t a reasonable goal.
Find Out: I Asked AI To Make Me as Much Money as Possible: Here’s What Happened, According To Codie Sanchez
For You: 6 Big Shakeups Coming to Social Security in 2025
Here are 10 ways you can grow your net worth — without taking undue risk — and put some extra money in your bank account as rapidly as possible.
The S&P 500 index doesn’t guarantee quick profits, but it’s proven itself time and time again to be a tremendous generator of long-term wealth. Most investors are surprised to learn that the “risky” stock market has never lost money over any 20-year rolling period.
This means the S&P 500 index has a tremendous risk/reward profile over the long run. Even legendary investor Warren Buffett, the “Oracle of Omaha” himself, has directed his trustee to keep 90% of his money in an S&P 500 index fund after he passes.
Be Aware: Never Do These 3 Things With Your Money, Says Personal Finance Pro Humphrey Yang
Dividend-paying stocks may seem like a slow and boring way to build wealth, but they are one of the best tools for building a solid and growing source of income.
The so-called “Dividend Aristocrats” are large, well-known companies in the S&P 500 index, like Coca-Cola and McDonald’s, that have raised their dividends for at least 25 years in a row. This means that those who bought these companies 25 years ago are earning huge effective yields on their original investment amount.
Combined with the potential for capital gains, the Dividend Aristocrats can be a great way to build wealth. As of July 2025, the highest-paying dividend stock is Two Harbors Investment Corp., with a dividend yield of 16.06%.
One of the key ways to build wealth fast is to have a consistent passive income stream coming in, and you can do so by owning one (or several) rental properties. This can even help you pay off debts like your mortgage at a much more rapid rate.
With a well-managed rental property, you’ll receive a steady stream of income every month, with little additional effort required on your part. While you’ll have to find tenants to move in and will have to deal with occasional maintenance issues, your income will essentially be on autopilot.
Unlike your mortgage payment, your rents will continue to rise over time, meaning your tenants will be paying some or all of your mortgage while you watch your properties appreciate.
The cost of living goes up nearly every year, and so does your experience and value to your company. As such, you shouldn’t be afraid to ask for regular raises, both to keep up with the cost of inflation and to be paid what you’re truly worth.
This doesn’t mean you should constantly pester your boss about getting paid more, but you should make the case, when appropriate, that your value should be reflected in your salary. Those who fail to ask for raises tend not to get them, so don’t overlook this source of building your wealth.
Most of the world’s billionaires either inherited their money or started their own businesses. If you’re looking to generate a large amount of wealth, starting and growing a successful company is one of the most likely paths.
Of course, entrepreneurship is a risky proposition, as many new companies fail in just the first few years. However, if you can create a solid business idea, raise the appropriate funding and get the right people working for you, this high-risk, high-reward path can pave the way to a lifetime of wealth.
If you’re going to spend your life working for others, you’ll have to make yourself as valuable as possible if you want to generate the most wealth. Educating yourself in a wide variety of fields and developing a diverse skill set are some of the best ways to demonstrate your value as an employee.
Focus on specialized skill sets that are in high demand, such as those in the high-paying tech and financial industries, to give yourself the best opportunity to grow your wealth rapidly. Swiping your credit card to invest in yourself is money well spent, as it comes with high returns.
It’s hard to generate sizable wealth on a single salary, even if you save a large portion of it. To build wealth fast, set up multiple streams of income.
For example, in addition to your day job, pick up a side gig that matches your talents and abilities. If you’re a freelancer, try to find additional clients in a variety of different industries. Not only will this bring you additional income, but it will also help protect you during economic downturns if you happen to lose one of your sources of income.
You can’t begin any type of wealth-generation plan without having money to invest. As soon as you start drawing an income, make it your top priority to save as much money as you can.
One strategy often recommended by advisors is to “pay yourself first,” meaning put money in savings immediately when you receive your paycheck, even before you pay your bills. This type of “forced savings” will require you to trim your discretionary spending, but will also result in rapidly growing wealth.
You’ll never generate any wealth at all if you spend more than you earn. To set yourself up for a lifetime of prosperity, it’s important to create a strict budget and stick to it. Make sure that in addition to all of your unavoidable expenses, you’ve got a significant line item for savings and investments.
Every month that you can come in under budget, you’re adding to your pool of lifetime wealth.
Although being too speculative is a surefire way to risk all the savings you’ve worked for, being too conservative can be equally damaging in terms of limiting your wealth. Taking some risks in your financial life — from investing a bit more aggressively to starting your own business — is a necessary component if you want to generate outsized levels of wealth.
Owning stocks, real estate, your own business or even some crypto is a way to gain exposure to higher potential returns on your investments. Just understand that while speculation has a role in generating wealth, it also brings additional risk to the table.
The best way to build wealth quickly is to think long-term. The earlier you start saving and investing any amount of money, the faster your money will compound, which is the true magic behind growing wealth over time. Whether your goals are to pay off student loans, lower your credit card balances or boost your retirement savings, taking some proactive wealth-building steps now can quickly turn around your finances.
Caitlyn Moorhead and Brooke Barley contributed to the reporting for this article.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 10 Ways To Build Wealth Fast
