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How to Grow Your Wealth: The Ultimate Guide for the High Net Worth

How do we grow our wealth and live the American dream? All of us want to do it – a travel book with no empty pages, sightseeing the best that nature has to offer, celebrating our loved one’s biggest accomplishments. All of that requires a sound investment plan, though -especially in the middle of a pandemic. Coronavirus has taken its toll on the financial world. Now more than ever, all of us have to keep a close eye on the ins and outs of our wallets in the wake of the global, cross-industrial investment crises. So how to grow your wealth and reach the American dream when the odds seem to be against you? Many times you can DIY it, but other times you’ll need investment experts like Pillar Wealth Management to help you out – if you have $10 million in assets, we can help you save up to $100,000.

7 Secrets minified

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

We are an independent firm offering our services to high-net-worth and the ultra-high-net-worth exclusively. Our services include investment and portfolio management, retirement planning, estate planning, tax planning and much more. Our experienced and highly skilled financial advisors assist wealthy individuals and families in growing their wealth to meet all their goals and attain financial success. Set up a free chat with Pillar Wealth Management today.

So what’s the fastest way to build wealth? What are the seven streams of income? How can you be rich from nothing? Stick around and find out in this article.

Table of Contents
What Is The Fastest Way To Build Wealth?
What Are The Seven Streams Of Income?
How Can I Become Rich From Nothing?
How to Grow Your Wealth and Protect Your Assets

What Is The Fastest Way To Build Wealth?

To grow anything, you need to first build it: your money is no exception. If you want to know how to grow your wealth, you need to know how to build it.

The fastest way to build wealth boils down to one thing: the difference between your income and expenditure ratio. The higher the difference between them, the more you’re saving. If the gap between your expenses and income is low, you’re dwelling in the troubled territory.

You can lower your expenses by avoiding debt, rethinking your standard of living, starting off your saving plans early. Alternatively, you can increase your income by getting a high-paying job, getting a side-hustle, starting a business,

Whether you’re 20 or 50, you’re going to face a few challenges regarding money, but some facts about growing your wealth stand true no matter what.

1.    Avoid Getting into Debts

The first step to building wealth is retaining it.

This means staying out of debt by paying off the ‘good debt’ and making decisions that don’t involve getting into debt in the first place. Avoid the “Let’s just loan right now and pay back later”mindset from the get-go; it leads you to buy things that are not in your budget.

Also, you don’t want to be retired and still be paying off your mortgage – create a financial plan that enables you to speed up your mortgage payments.

Remember, the more you loan out, the more debt you’ll have to pay, and the fewer investments and savings you retain.

PS: Don’t invest while you’re in debt; you’re setting yourself up for failure and prolonging your time in debt. Wrap your liabilities up before investing in wealth-building plans.

Partner with the right financial advisor to help with your debt management. High-net-worth investors worth $10 million or more can learn how to find such advisors from our exclusive guide.

2.    Start Off Early and Earn It

You have to put in the work if you want to get something – there’s no getting around that fact. You want money? Go out and get it. Pass your CV around. Say yes to business ventures. Get a second job. Start a passive income project like a YouTube channel or a blog.

Whatever you decide to pursue, do it as early as possible – do it when you’re in school, college, or after you land your first job and even right now. The sooner you start, the more money you’ll save.

If you want to know how to grow your wealth, start saving up as early as you can and really put in the work – go all in. Nothing is stopping you but yourself.

How to grow your wealth

3.    Minimize Your Taxes

No, don’t worry – this isn’t a rundown of how to commit tax evasion. Don’t do that!

However, it’s not a secret that taxes do take up a significant chunk of our earnings. In one report, researchers concluded that 46% of our investment returns are eliminated by taxes and miscellaneous fees.

There are legal ways to minimize that amount and grow your wealth over time, which include:

• Tax-deferred investment accounts

• Contribute to retirement accounts

• Set up health savings accounts

• Make charitable donations

• Side hustles and home offices can claim business reductions

If you don’t want the government to take up major chunks of your wealth, taxes should be top-of-the-list when cutting your costs. Set up a free chat with Pillar Wealth Management today to discuss your tax management strategies.

4.    Deciding Your Standard of Living

We have two tips for deciding your standard of living and everyday expenses:

• Live below your means

• Gradually raise your living standards

Don’t spend money you don’t have. If you can’t buy something with the cash you have on you, don’t buy it. Also, understand that just because you can afford big cars and luxurious apartments, it doesn’t mean you should take those leaps; map out your finances towards a stable and steady future. Learn why this is so crucial from our guide on portfolio performance.

How To Grow Your Wealth Fast?

There are no fast-tracking surplus amounts of wealth. You have to be willing to put in the hard work and see your plans through to the end.

What Are The Seven Streams Of Income?

1.    Passive Income

Passive income happens when you’re not directly involved in the business transactions, but you’re getting a portion of the money.

Don’t be fooled by the title,though. It takes a lot of time, effort, and even initial investment to set up passive income sources so that you’re getting a continuous supply of cash with minimal involvement.

Online stores, blogs, YouTube channels are all passive modes of generating income. It takes some time, marketing strategies, research, and some money to set them up and keep them going. Income comes much later.

2.    Active or Earned Income

As opposed to passive income, active income is generated when you’re directly involved in transactions. When you do some work and get money in exchange, you provide a service, and the person pays you for it. A 9 to 5 job where you’re in charge of daily tasks is an example of an active income stream.

The problem with active or earned income is that it’s barely enough to survive most of the time. Yes, some jobs will offer a pretty reasonable income and benefits package – but those are rare finds. The norm is that a 9-5 is financially limiting and doesn’t free your time for the finer things in life.

Ideally, you should go beyond a job, start your own business, and invest in passive income streams.

3.    Interests Income

Investing in government saving schemes, bonds, or using the power of compound interest to earn money is called interest income. Technically speaking, you lend the government some of your money,and then it puts the money back into your account with an added bonus.

This is one more source of passive income, and people usually undermine it. However, combine compounding power and government schemes or bonds, top that off with minimal risks, and you have an excellent supply of backup cash.

4.    Rentals Income

This is the money you get when you lend or rent things that you own: a classic example of this would be a room in your house that you’ve posted on Airbnb or renting out portions or rooms in the house or building that you own.

One of the biggest drawbacks of this income is that it usually takes a lifetime to own a house or a building. If you buy cheaper property, the return would be minuscule as well. Unless you have generational wealth, this is probably not your safest bet.

5.    Profits Income

When you sell a service or a product for an amount that’s higher than what you bought it for, you’re engaging in profits income. You can do this by opening a retail store where you purchase items from wholesalers at discounted rates and sell them at a slightly higher rate individually.

You need to be an entrepreneur to earn profits, so this is a heavy-initial-investment plan. Plus, you need to manage the system you’ve created before you’re able to make anything sustainable.

6.    Dividends

Dividends, company shares,or stock market shares are another excellent way of income generation. This requires a certain level of technical expertise, but once that’s out of the way, a well-timed investment in the right company can go a long way.

The downside to this form of investment is perhaps how unpredictable the stock market gets. The latest Game Stop Stock fiasco that led to the entire stock market crash in March 2021 was the most recent example of one of the many irregularities in this kind of investment. Plus, not all of us can predict which startups will take off and which ones won’t.

7.    Royalty Income

This is another passive mode of generating income for those of us who’re more creative-minded. If you make something unique – like a piece of digital art, stock photos, or a song – you can put it up on a website and sell it.

All you have to do is:

• Make the work of art once

• Sell access to the art

How Can I Become Rich From Nothing?

So you’ve read the advice on the different income streams and the best ways to generate wealth. Moving on to the more practical advice: what if you have nothing saved and you want to start now?

While there are no secrets to getting rich overnight, you can take the first step on the ladder to become wealthy from nothing with a few helpful tips. You can also save your time and consult Pillar Wealth Management directly.

Talk to a Financial Advisor

Talk to a certified professional about the pros and cons of all the different financial tools at your disposal: savings accounts, stocks, IRAs, mutual funds, whatsoever. Everyone’s financial needs are unique, and you need to figure out the best investment plan to meet your own.

A professional will help you craft your financial portfolio and figure out what does and doesn’t work for you in the long-term.You’ll need a map if you’re going to tread into the financial waters, and an expert on your side is a great way to begin. Find such experts by reading our brilliant guide on the best financial advisors for high-net-worth individuals and families.

PS: if you have millions of dollars in family wealth, you’ll need all the expert help you can get. Check out our book on The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million.

Invest the Money You Have Smartly

Smart investments are the next step you should be taking if you are starting off with nothing. Do your research on the correct and most fruitful ways to invest. This can include:

• Interests, dividends, stocks

• Real estate

• Business

As you learn how to be an investor, you’ll be more mindful of your resources and send them down the route of maximum return.

Spend Your Money Wisely

Create a budget. Don’t waste money you don’t have. Avoid loans. Choose reasonable standards of living. We’ve been through this in the first half of the article. Spend your money wisely, especially if you’re starting off with nothing and want to climb up the ladder fast: your financial choices need to change.

Think Seriously About Passive Income

Passive income is the most steady and maintainable form of all income modes – take time out and invest in it. Building passive income is great because:

• It adds to your retirement plan

• Protects you from total loss of income in case you lose your job

• Keeps a steady cash flow even when you’re retired

The only – very minor – downside is that it requires time to set it up. But once you’ve kick-started it, it requires zero effort to maintain, and you can earn money while you’re taking a nap or sipping Rose on your next big trip to an exotic resort.

How to Grow Your Wealth and Protect Your Assets

You’re not going to grow wealth by saving a hundred dollars every month – you need an investment plan, a financial advisor, financial foresight of at least 10 to 20 years, and various other versatile tactics that you can discover from our eye-opening guide on portfolio growth strategies.

You also need to understand that unexpected and unfortunate things will happen no matter how well you map out your financial future. Your car will break down. There will be medical emergencies. That’s just how life works.

Stay open to the possibility that your financial goals will change every few years. So will your idea of how to grow your ‘wealth’ and everything that entails. So take a deep breath whenever there is any unexpected spending and carry on.

We hope this article was helpful.If you’re seeking the financial services of a wealth management advisor, our firm might be the perfect fit for you. We’ll help you out with your liquid assets, taxes, investment plans, and significant financial events. If you want to access our elite wealth managers and their expertise, get in touch!


To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.

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