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CanKickerFinance is all about the individual choosing the method to build wealth that makes the most sense given their starting point. CanKickerFinance has opinions on the wealth building process, but does not prescribe hard steps after building a budget.  

 

1. Build a budget and temporarily put money into high interest savings

2. Restructure debt if possible

3. Aggressively elliminate non-mortgage debt and build six months emergency savings

4. Invest

 

Yeah it’s pretty vague, but that’s intentional. Wealth building should be more like a “choose your own adventure” story rather than one person telling everyone the same advice. 

 

Ultimately, wealth is about building a budget and using the freed up money from budgeting to eliminate debt, build emergency savings, and invest. The cornerstone is the money freed up by budgeting. So start by building a budget and putting the money freed up into savings. 

 

Building the habit of actually putting money to the side and removing it from your daily spending accounts is 99% of building wealth. You can know every strategy that ever existed to build wealth, but ultimately if you don’t have money to invest, you know a bunch of stuff that doesn’t help your situation. 

 

There are different ways that people find their way into getting dedicated to improving their financial situation. The new engineer that was broke on Friday and making six figures by Monday, the mid-career individual that is looking to make their cash work for them, and the person that couldn’t survive a $1,000 emergency without relying on borrowing just realizing they need a change. 

 

Check out 8 Types of Starting Wealth to see which starting point you’re at. 

 

Where you start makes a difference in the options available to you, and your focus. The reliability of income, how many incomes, how much starting savings, and the kind of debt can all make a difference to your wealth building strategy. 

 

Can Kicker Finance is of the opinion to eliminate debt and build emergency savings before investing. This isn’t because CanKickerFinance is a debt nazi.  Being debt free with emergency savings reduces the risk of further debt in life, is typically the highest and fastest ROI received on cash, and keeps income available for more constructive borrowing like purchasing real estate. 

 

Between a budget, no debt, and emergency savings, you won’t be financially indestructible but you’ll be pretty damn close. Using the money freed up to invest will build wealth quickly and leave all of your income available for borrowing in more constructive ways like building a real estate or business portfolio. 

 

Is there a more optimal path? Yup, and there always will be, regardless of what strategy you choose. If you find yourself spinning wheels trying to optimize every last penny, by the time you actually commit to something, you will not have made any more gains than just doing a less optimal path sooner. 

The most important thing in building wealth is just to start. A logical starting point is at the cornerstone of building wealth and budgeting to free up cash and put it into savings.