Start a business

Wealth can also be generated through business ownership. Yet before you quit your job to start a business full time, make sure you have at least six months to 10 months of expenses saved and a five-year roadmap, Saporu advised.

Striking out on his own allowed him to make more money, instead of being undervalued in a bureaucratic system, he said.

“You have to take a risk to have outsized rewards,” Saporu said. “When people are [financially] comfortable and get the correct footing down, they can take those risks.”

Thing About Future Generations

“You may have to sacrifice something you need or want so that the person behind you can jump over you,” Lee said.

That may mean not spending as much on an annual basis so you can put money away to pass down to your kids or starting a college savings plan. It can also mean buying life insurance so that your heirs can inherit something, he said.

In the end, building wealth is about being patient.

“Don’t think that your wealth is going to change overnight because of some get rich quick scheme or because you dumped everything into an alternative investment,” Lee said.

“Wealth building doesn’t happen overnight.”

By Matt Donnelly, Brent Lang