Here’s how you can boost your wealth

According to a report by Credit Suisse, Aussies are among the richest people in the world with a median wealth of US$191,453 per adult.

If your net worth is not quite there yet, don’t worry. There are many ways to boost your wealth and here are a few suggestions that I think could be helpful:

  1. Increase your earning potential by starting a business or a side gig linked to your passion. With the rise of the internet, there are many services you can provide online to a global audience. A more traditional way of increasing your earning potential might be to get an advanced degree or professional qualification in an in-demand profession.
  2. Spend less than you earn. It’s a cliche mentioned in every personal finance blog but that’s because it’s logical and true. If you spend more than you earn, you won’t have any left over to build wealth.
  3. Invest in shares. My guess is if you’re reading this article you already recognise the power of investing in the share market over the long term. Over the last five years, companies such as CSL Limited (ASX: CSL) (up 184%), Macquarie Group Ltd (ASX: MQG) (up 127%) and ResMed Inc. (CHESS) (ASX: RMD) (up 174%) have created wealth for their shareholders.
  4. Be consistent and patient. Creating wealth usually doesn’t happen overnight (unless if you win the lotto- but what are the odds?). It can take a long time and you will need to be consistent over that period.
  5. Keep track. It doesn’t have to be too regular, but I think even an annual review of where you stand can provide you with valuable insights and help shape your decision making going forward.

Are you ready to start boosting your wealth? Have a look at this free report about three top blue chip stocks to consider buying.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor Kevin Gandiya has no position in any of the stocks mentioned.

You can find Kevin on Twitter @KevinGandiya.

The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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