Superannuation is an important part of building long-term wealth, but the money is generally locked away until retirement.
That is why I also like the idea of building a separate ASX share portfolio that can grow alongside it.
Here is how I would approach it.
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I would make regular investing part of the plan
I would start by deciding how much money I could comfortably invest on a regular basis.
It might be $500 a month, $1,000 a month, or simply whatever is left after other financial commitments.
The important thing for me would be consistency. I would rather steadily build positions in good businesses than spend months waiting for the perfect time to enter the market.
Share prices will inevitably fluctuate, but regular investing means I can keep adding during both strong and weak periods.
I would focus on businesses that can keep growing
For a portfolio designed to build wealth outside superannuation, I would want companies with opportunities that extend well beyond the next year or two.
Xero Ltd (ASX: XRO) is the type of business I have in mind. It already serves millions of small businesses, but its potential global market is far larger. Xero can keep adding customers while expanding the financial tools available through its platform.
I would also consider businesses such as ResMed Inc. (ASX: RMD), where long-term demand could benefit from more people being diagnosed and treated for sleep apnoea.
I would not expect every investment to rocket higher. I would simply want a collection of quality businesses capable of increasing earnings and becoming more valuable over many years.
I would keep the portfolio diversified
Owning ASX shares outside superannuation also gives me the freedom to build the portfolio around my own preferences.
I could combine growth companies with more established businesses, such as big four bank National Australia Bank Ltd (ASX: NAB) or supermarket operator Coles Group Ltd (ASX: COL).
An exchange-traded fund (ETF) could make diversification even easier. The Vanguard MSCI Index International Shares ETF (ASX: VGS), for example, would give me exposure to a large collection of global companies alongside my Australian holdings.
I think that mix would make me less dependent on any one company, sector, or even the Australian economy.
I would give the portfolio a purpose
One reason I like building wealth outside superannuation is flexibility.
The portfolio could eventually help fund an earlier retirement, reduce working hours, pay for travel, or simply provide another financial asset that is accessible before preservation age.
During the building stage, I would generally reinvest dividends and leave successful investments alone.
But knowing the money is accessible gives the portfolio a different role from superannuation.
Foolish takeaway
I see an ASX share portfolio outside superannuation as something I could build quietly over many years.
Regular investing, quality businesses, and sensible diversification would form the foundation.
Over time, the goal would be to create another meaningful pool of wealth that gives me more choices well before traditional retirement arrives.
