Growing wealth isn’t just about earning more—it’s about making smarter money moves. The difference between those who stay financially stuck and those who build real wealth comes down to strategy and mindset. Instead of just working for money, you need to start letting your money work for you.
“The rich do not just work for money; they make money work for them,” says Randell Tiongson, a Registered Financial Planner. If you want to take control of your financial future, here’s how to start boosting your net worth today.
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Invest Early—Let Compounding Do the Work
One of the biggest mistakes? Waiting too long to start. Time is your best asset when it comes to growing wealth. The earlier you start investing—whether in stocks, real estate, or other income-generating assets—the more you benefit from compound growth.
“Wealth-building is a marathon, not a sprint,” says Tiongson. “Even small, consistent investments can turn into significant wealth over time.”
The key? Start now, no matter how small.
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Control Your Spending—Don’t Let Lifestyle Inflation Win
A bigger paycheck doesn’t automatically mean financial security. Many people spend more as they earn more, leaving little room for real wealth growth.
Living below your means doesn’t mean cutting out everything fun—it means being intentional. Instead of upgrading to a new car or the latest gadgets, put extra money toward investments that grow your wealth.
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Eliminate High-Interest Debt—It’s Holding You Back
Debt is one of the biggest roadblocks to wealth. Credit cards, personal loans, and other high-interest liabilities eat up your income and limit your ability to invest.
“It’s hard to build wealth when a big chunk of your income goes to debt payments,” says Tiongson. The faster you pay off high-interest debt, the more money you can redirect toward savings and investments.
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Create Multiple Streams of Income
Relying on just one paycheck is risky. The wealthiest people don’t depend on a single source of income—they diversify.
Side hustles, rental properties, dividend stocks, freelancing—multiple income streams create financial security and accelerate wealth accumulation.
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Stay the Course—Wealth is Built Over Time
Building wealth isn’t about quick wins. Markets rise and fall, but those who stay consistent with their investing strategy see the biggest rewards.
“Financial freedom isn’t about making the most money—it’s about making the right financial choices over time,” Tiongson reminds us.
The Bottom Line
Building your net worth doesn’t have to be complicated. Save early, invest consistently, eliminate unnecessary debt, and explore new income opportunities. Most importantly, shift your mindset—stop working just for money and start making your money work for you.
This article includes quotes from an original piece by Randell Tiongson, published in the Philippine Daily Inquirer.
