Building wealth with minimal investment can feel like a pipe dream for many people. The reality is that you can create wealth and achieve long-term financial goals with a solid strategy of saving, investing, and spending wisely. The key is to start early and keep it up, especially by leveraging free or low-cost investment vehicles.

The first step is to create a savings plan. After paying your bills and covering expenses, set aside funds you won’t need in the near future. Consider cash equivalents, such as high-yield savings and checking accounts, money market accounts, or Certificates of Deposit (CDs). Having an emergency fund is also crucial in creating wealth, which helps to cushion unexpected expenses that can put you into debt.

How to Invest for Long-Term Growth: Tips from Financial Experts

Once you have an emergency savings fund, it’s time to take your savings to the next level by investing. Investing means buying assets that are expected to increase in value over the long term, which can then generate income or capital gains for you. Some of the best investments you can make include real estate, stocks and bonds, business ownership, and alternative assets.

The more you save and invest, the faster you’ll build wealth, putting you on a path to meeting your financial goals. You can find more information about wealth-building strategies by consulting with a financial professional and exploring books and courses in subjects like investing and entrepreneurship. In addition, it’s wise to seek out a financial adviser that’s licensed or registered in your state.