If you’re looking for inspiration, you can also check out this list of influencers coming to the financial blogging conference known as FinCon this year. A lot of these entrepreneurs have built multi-million dollar businesses online and from scratch, so you can learn a lot by following them on social media to see how they work.
#5: Building and Selling a Business
I didn’t come from an entrepreneurial family, so I never realized that starting a business with the intention to sell was a thing. However, I now realize this is a smart strategy many entrepreneurs specialize in.
You can do this in the online business world or with a traditional brick and mortar business. Most people who flip businesses do so with the goal of boosting profitability early and selling in three to five years. Some entrepreneurs who buy and sell businesses do it over and over, often holding several different businesses at once.
Personally, I have seen how this works in the online business world. Back in the day, I bought a website called FinanceforTeachers.com for around $3,000. I’m currently bringing in some revenue for this site and trying to grow it. So, that’s a good example of someone starting a business and another person buying it for their own means.
Should you buy and sell businesses for profit? It totally depends on your skillset and your area of expertise, but it’s worth considering if you have some working capital and think you have what it takes.
#6: Pay Off Your Debt
Your net worth — the true measure of your wealth — is determined by taking your assets and subtracting your liabilities. The crazy thing is, there are plenty of people with material wealth but almost zero net worth. If you have $1 million in the stock market but also have $1 million in debt, for example, your net worth is a big fat zero.
Why? Because you owe as much as you own.
That’s why paying off your debt is such a powerful wealth-building tool. When you pay off debt and become debt-free, you are building wealth for yourself while also decreasing stress and improving your peace of mind.
Should you pay down debt instead of investing? Absolutely not. I am not advocating paying off your home and cars instead of investing. I am suggesting you do both as part of a wealth-building strategy.
Most financial advisors agree that debt is not the devil provided you’re using it to your advantage. If you want to purchase your dream home or buy a business, you will likely need to borrow money. Over all though, you are always better off carrying around as little debt and baggage as you can get away with.
The Bottom Line
There are so many ways to build wealth outside the stock market that it isn’t even funny. You can build a business, buy a franchise, start a blog, or invest in real estate. You could even come up with a totally new idea of your own.
All you need is some time, some guts, and a whole lot of discipline to succeed. If you have what it takes, nothing can stop you.
This post originally appeared on Forbes.
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