We always hear that building wealth is a marathon and not a sprint, but it’s easy to get stuck at the beginning when you’re not sure where to start. Thanks to technology and the internet, there’s almost too much information about personal finance and investing to soak in these days. Not only can you talk with a financial advisor, invest with a robo-advisor or manage your investments entirely on your own, but you can trade individual stocks, invest in index funds or mutual funds or buy fractional shares of companies you believe in.
And then there’s cryptocurrency, non-fungible tokens (NFTs) and a world of digital assets some experts promote as the best way to grow your net worth. All of this begs an important question: What are the best ways to build long-term wealth?
At the end of the day, there are numerous ways to build a solid investment portfolio using stocks, bonds, mutual funds, real estate and more. However, the right strategy for you really depends on how much extra cash you have, your tolerance for risk and when you may need to access your money in the future.