Roughly four in 10 Americans (41%) have a side hustle and earn an average of $2,241 monthly, according to a recent PYMNTS report. That’s a significant amount of people — and money — but is it the way to build true wealth? Or is passive income the way to go? Here’s a breakdown of which money-making method is better for building wealth and why. Side Gigs: Better for Quicker Debt Repayment and Savings The average American spends between $920 and $1,558 a month on debt, as per an Experian report. This incl ...

Jim Cramer is the host of CNBC's Mad Money and author of How To Make Money In Any Market. Cramer joins Big Technology Podcast to talk through hot takes the top tech names: Apple, Amazon, Meta, OpenAI, NVIDIA, Microsoft, Tesla, Coreweave, and more. We discuss whether NVIDIA can hit $10 trillion, whether Tesla needs self driving to work, whether OpenAI can make it, and much more. We talk why Cramer encourages looking at individual stocks vs. index funds and what money is for. Check out Jim's book here: https: ...

As a bestselling author, a personal finance expert and the host of “The Ramsey Show” — a popular radio show and podcast — Dave Ramsey has been teaching people how to build wealth since 1992. If you’re looking for the fastest way to become a millionaire, Ramsey believes it all starts with a solid financial foundation. For You: 6 Money Moves Wealthy People Always Make Before New Year’s Read Next: 6 Things You Must Do When Your Savings Reach $50,000 Here Ramsey shares why everyone needs a budget, how to act ...

Core Insights - The premise of "The Automatic Millionaire" remains that wealth and financial security can be built on an ordinary income, emphasizing that extraordinary income does not guarantee financial success [1] - The concept of "paying yourself first" is highlighted, suggesting that saving 12.5% of gross income is essential for wealth accumulation [2] - The relevance of the "latte factor" has increased, with daily savings from small expenditures now estimated at $27, indicating a greater impact on financial health [2] - Home ownership is deemed essential for wealth building, with a strong disagreement against the notion that renting is cheaper than owning [3][5] - Real estate prices have quadrupled over the past 20 years, reinforcing the importance of local market conditions in real estate investment [4] - The number of millionaires has significantly increased from around 8 million to over 24 million, with projections indicating this number could double in the next decade [7]

There’s no one-size-fits-all approach to building wealth. In fact, everyone’s journey might look a little different. Find Out: 5 Key Mindset Shifts To Financially Become the Top 1%, According to Humphrey Yang For You: 6 Subtly Genius Moves All Wealthy People Make With Their Money However, there are a few things that you might be overlooking when embarking on your wealth-building journey. In this article, GOBankingRates cover seven things Rachel Cruze believes you should focus on in a recent video. Holdin ...

Core Insights - Building wealth can be an exciting endeavor, highlighting the positive aspects of financial growth and investment opportunities [1] Summary by Categories - **Wealth Building**: The article emphasizes that the process of accumulating wealth can be engaging and fulfilling, countering the notion that it is solely a tedious or stressful task [1]

Core Insights - A recent survey by LendingTree indicates that only 21% of Americans consider themselves wealthy, with 38% of those who do not see themselves as wealthy believing they will never achieve that status [1] Group 1: Wealth-Building Strategies - Homeownership is identified as the primary wealth-building strategy, with 36% of respondents owning a home, which allows for equity growth through mortgage payments and rising property values [3] - Saving for retirement is another key strategy, utilized by 33% of respondents, as it leverages compound interest and tax advantages [4] - High-yield savings accounts are employed by 29% of respondents as a means to save money and feel financially secure [5]

Core Insights - Most Americans are focused on improving their financial situation and building wealth during the current presidential term [1] Financial Foundations - Establishing strong financial foundations is essential for wealth growth, which includes controlling spending, paying off high-interest debt, and setting up an emergency fund [3][4] - Automating savings and investments is recommended as a strategy to ensure consistent financial growth, often referred to as "paying yourself first" [4] Investment Strategies - Once financial stability is achieved, broad-based investing in low-cost index funds and ETFs is suggested as a viable path for average Americans [5] - The S&P 500 has historically provided annual returns of 8% to 10%, making it a reliable investment choice despite market fluctuations [5] Consistent Investing - Steadfast investing is emphasized over market timing, with recommendations to utilize workplace retirement plans, IRAs, and brokerage accounts [6] - Taking advantage of employer matching contributions is highlighted as a way to maximize investment returns [6] Diversification and Risk Management - Given the economic challenges such as tariffs and inflation, diversification is deemed crucial for protecting investments [7] - A balanced portfolio should include a mix of stocks, bonds, Treasury funds, and high-yield savings accounts to mitigate risks [7]

Core Insights - Many middle-class individuals mistakenly believe that saving money equates to building wealth, but this approach can lead to a loss of purchasing power due to inflation [3] - Lifestyle inflation is a common pitfall where increased income leads to higher spending rather than increased savings [4][5] - There are "hidden drags" on wealth accumulation, such as high-interest debt and various fees, which can significantly impact financial health [6] Group 1 - The misconception that saving money leads to wealth creation can result in a decline in real buying power over time due to inflation [3] - Lifestyle inflation occurs when individuals increase their spending in line with income raises, which can hinder wealth accumulation [4][5] - Awareness of hidden expenses, such as high-interest debt and subscription fees, is crucial for maintaining and growing wealth [6]

Core Insights - The journey to becoming independently wealthy requires hard work and effective saving strategies, distinguishing those who dream of wealth from those who achieve it [1][2] Group 1: Importance of Saving - Early and consistent saving is crucial for building wealth, with a recommendation to save 30% to 60% of each paycheck [4] - Starting early allows for more time for money to grow through smart investing and compound interest, which significantly contributes to reaching the first million [4] Group 2: Tracking and Managing Expenses - Tracking every expense meticulously can reveal opportunities to cut back on unnecessary spending, leading to significant savings [5] - Ruthlessly cutting expenses in areas such as dining, entertainment, and subscriptions can yield substantial savings without greatly impacting quality of life [6]