Creating Wealth and Financial Freedom at Any Age
- Laura Staves
- Apr 3
- 4 min read
Most of my life, terms like "generational wealth" and "financial freedom" weren't too visible on my radar. But as the years of getting closer to retirement age keep speeding up, kind of like when you realize that Christmas is only a month away and you feel like it's still August or September, I find myself thinking more and more about planning for retirement and creating wealth that I can pass on to my family.
Maybe it's because my mom is now in a situation where she needs assisted living and the price tag of a nice care facility, which fortunately she has the funds to pay for, stares at me like a scary image from the big screen, or just the new wrinkles in the mirror reminding me that I'm not getting any younger--whatever the reason is, I've recently made it a priority to follow the steps below in my own personal quest to create wealth.
And what I've learned from all my research is that financial freedom isn’t just for the lucky few—it’s something anyone can achieve with the right mindset, strategy, and habits.
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Whether you’re just starting out or looking to improve your financial situation later in life, building wealth is possible at any stage. Here’s how to get started and take control of your financial future.
1. Shift Your Mindset About Money
Your journey to financial freedom begins with the right mindset. Instead of seeing money as something that controls you, view it as a tool to create opportunities. Educate yourself about personal finance, investing, and wealth-building strategies. Books, podcasts, and financial courses can help reframe your relationship with money.
Extra Insight: Two of my favorite inspirational money books that keep me in the right mindset are: Millionaire Mindset for Women : Eight Essential Elements to Greater Wealth and Defining Wealth for Women: (n.) Peace, Purpose, and Plenty of Cash!
2. Increase Your Income Streams
One of the fastest ways to build wealth is to increase your income. While budgeting helps manage money, earning more expands your financial potential. Here’s how:
Negotiate Your Salary – Don’t be afraid to ask for a raise or switch jobs for better pay.
Start a Side Hustle – Freelancing, e-commerce, or content creation can supplement your income.
Invest in Skills – Learn high-income skills like coding, marketing, or real estate investing.
Extra Insight: If possible, set aside all, or at least a good portion of your increased income into a fund for investing, whether it’s real estate, your 401K, or even making an extra payment on your mortgage principal.
3. Spend Wisely & Save Consistently
Wealth isn’t just about how much you earn—it’s also about how much you keep.
Live Below Your Means – Avoid lifestyle inflation and focus on long-term goals.
Follow the 50/30/20 Rule – Allocate 50% of income to needs, 30% to wants, and 20% to savings/investing.
Automate Savings – Set up automatic transfers to savings and investment accounts.
Extra Insight: Wait a day or two (or even better, three) before buying something that isn’t a necessity. You might decide you don’t really need it.
4. Invest Early & Often
Investing is the key to growing wealth over time. You don’t need to be a stock market expert to get started.
Start With Index Funds – They offer diversified, low-cost growth.
Explore Real Estate – Rental properties or REITs can provide passive income.
Take Advantage of Retirement Accounts – Max out 401(k) and IRA contributions for long-term growth.
Extra Insight: There are many ways to invest in real estate without having to invest a lot of money! Talk to an investment advisor or a trusted real estate agent, or just read and research to find out how.
5. Eliminate Debt & Avoid Financial Pitfalls
Debt can slow your path to financial freedom. Tackle high-interest debts first and avoid unnecessary borrowing.
Use the Debt Snowball or Avalanche Method – Pay off debts strategically.
Build an Emergency Fund – Aim for 3-6 months of expenses to avoid falling into debt again.
Be Cautious With Credit – Only use credit cards if you can pay them off in full.
Extra Insight: Avoid subscriptions that automatically charge your credit card each month. If you aren’t paying close attention, those charges can add up quickly.
6. Develop a Long-Term Wealth Strategy for Financial Freedom
Creating wealth is a marathon, not a sprint.
Set Clear Financial Goals – Define what financial freedom means to you.
Review & Adjust Your Plan – Regularly check your progress and make changes as needed.
Build Generational Wealth – Consider estate planning, trusts, and teaching financial literacy to the next generation.
Final Thoughts
No matter your age or financial starting point, wealth-building is within reach. With patience, discipline, and smart financial choices, you can achieve financial freedom and live life on your own terms. Start today—your future self will thank you!
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