One of the easiest ways to build wealth is by being wealthy already. So ideally, you’ll have a hefty inheritance or family trust fund hidden down the back of the sofa cushions, or perhaps the keys to a modest yacht?
This kind of backing allows you to take more risks in building wealth, after all fortune favors the brave.
For most people, whose ideas of intergenerational wealth is the handing down of a battered copy of The Total Money Makeover, the only things they’re inheriting are physical features and hereditary conditions.
5 jobs to apply for this week
- Congressional Affairs Manager (Senior Project Manager), International Association of Chiefs of Police, Alexandria
- Senior Policy Specialist, Arnold & Porter, Washington D.C.
- Tax Manager, RSM US LLP, Washington
- Federal Business Development Manager, V Group Inc., Remote
- Private Client Financial Advisor – Philadelphia, PA, Citizens, Philadelphia
And while the playing field isn’t exactly fair, there are still plenty of ways that regular workers can grow their net worth in 2025 and beyond. Let’s take a closer look.
Advocate for yourself at work
If you haven’t had a raise in the last year and feel your performance warrants one, it’s time to prepare a case for a salary increase.
WTW, a worldwide advising, broking, and solutions firm, recently projected that overall pay budget growth in 2025 would be approximately 3.9%, so this is something to keep in mind as a benchmark.
Start by analyzing your responsibilities. Have they grown in the last year? Sometimes jobs suffer under scope creep, and quite suddenly you can find yourself under the same old title, but taking on projects and work streams you’d usually find nestled under a more senior one.
Research job duties and titles in your industry and region, by comparing to similar roles on The Hill Job Board, and use online platforms like Glassdoor and PayScale to complete the picture.
Next, build a case by documenting your achievements and contributions, especially if they are outside your usual remit, ensuring you have figures to back up all claims.
Lastly, time your meeting request well. Ideally, the organization will be in a growth phase, or perhaps steep challenges lie ahead that your specific skillset will help tackle effectively.
Either way, look at the bigger picture and confirm your positioning before confirming that performance review meeting.
Set your sights on bonuses
If your organization has a bonus incentive built into its structure, meet with your manager to restructure your goals and KPIs with the goal of unlocking a bonus, first and foremost.
Once these are established, regularly meet one-to-one with your superior to ensure you’re on track to meet or exceed expectations.
Also ask about stock options, profit-sharing plans and project-based bonuses, which are all becoming more and more common in tech, and expanding to other industries.
Maximize your benefits
It’s easy to overlook particular employee benefits, but cumulatively these can significantly impact your wealth building.
Check if your health insurance plan meets or exceeds your needs, and if the latter, see if you can contribute to a Health Saving Account (HSA) in part, which offers a triple-tax advantage – deposits are tax-deductible, growth is tax-deferred, and spending is tax-free.
Additionally, if your employer provides a 401(k) match, ensure you take advantage of this by contributing the max, or as close to the max as possible.
Also ensure you’re squeezing any childcare assistance, commuter benefits and tuition reimbursement you can, or look for a new job that does offer these.
Work from home more
It’s no secret that working from the office costs employees. From commuting costs, to incidentals like coffees and snacks, even if you bring your lunch with you, it’s a real struggle to spend nothing on an in-office day, and these small expenses really add up quickly.
At home, it’s far easier to spend nothing. And if you are really seeing the saving benefit of working from home, you could ask to work remotely full-time, or find a new role that’s remote-first, and even move to a city or town with a lower cost of living, if you’re in a position to do so.
Keep updated on student loans programs
Trump has been openly hostile to the Biden administration’s student loan forgiveness programs, though he will inherit the legal battles tied to the Saving on a Valuable Education (SAVE) Plan, and Plan B.
Currently, 8 million borrowers who enrolled in SAVE are in limbo, not making payments while the courts decide if the program is legal or not. If this is you, set aside those repayments every month, so you’re prepared if or when the payment pause expires, and if there’s any clawback.
Keeping repayments affordable will hopefully be a consideration, but it’s unclear as of yet what the courts will decide, and how the Trump administration will proceed.
Public Service Loan Forgiveness remains the most common way workers apply to have student loans forgiven. So if you’re a teacher, government employee, work for a non-profit, are a nurse, doctor or other medical professional, have a disability or if you repay your loans under an income-driven repayment (IDR) plan, you can try this route.
Though do note, most require you to have made the equivalent of 120 qualifying monthly payments while working full-time for a qualifying employer first.
Reduce your overheads
Having a car with a high-monthly payment can be a significant financial drain. If you’re not really into cars, consider selling your plush one, and purchasing a more affordable one with cash. With this move, you instantly save hundreds of dollars a month.
Moving to a more urban area with reliable public transport and safe active travel options can mean you don’t require a car at all. But it’s not just repayment savings, think of insurance, maintenance, and gas/charge costs too.
Seek professional financial advice
You could spend a lifetime following investing and savings advice from online personalities and books and make gains, but nothing beats a one-to-one with a financial advisor.
By discussing your life priorities, you can create a personalized plan, optimize savings and investments, and ensure you’re taking advantage of tax-savings where you can.
See if financial planning is part of your benefits program, or get some recommendations and quotes for a fee-only appointment, where you’ll receive tailored and unbiased advice that looks at the short and long-term.
Look for a new role
Often the most direct way to increase your income is to get a new role. In an October 2024 report, payroll firm ADP put pay growth for job hoppers at 7.2%, but anecdotally many record increases of up to 20%, so do your research and benchmark yourself accordingly.
When negotiating a job offer, focus on the overall package, including bonuses, benefits and stock options, all of these can compound over time helping you build wealth.
