What tricks to build wealth do Americans have?

Wealth gives you more options in life. To build it, most people think you need a Wall Street job, some good luck, or just being born into favorable circumstances. Those factors definitely help, but building wealth can happen by constantly following the best habits and practices.

The great news is that you can even start doing that in your 40s or 50s. It’s definitely not too late.

With the constant threat of a recession looming, Americans are exploring a variety of tricks to build wealth and reach financial freedom. According to a study, 62% of Americans credit inflation for boosting their commitment to building personal wealth.

But how exactly do they do it? Here are 7 secret ways Americans build wealth!

1. Stop overpaying for car insurance

One of the best tricks to build wealth is to start saving on car insurance. If you’re like most Americans, you’re most likely paying too much for car insurance. But, at the same time, finding a better deal is pretty challenging.

Well, not anymore.

Now you can shop around for a better option using Provide Insurance, the US’s largest online marketplace for insurance. The website allows you to compare quotes from over 175 different carriers in minutes. All you have to do is share some information about yourself and your driving history. Then they will show you the best options for your budget and needs.

You could save up to $600 a year, making this one of the best tricks to build wealth.

2. Don’t waste thousands on car breakdowns

No. 2 on our list of great tricks to build wealth is to stop wasting lots of money on car breakdowns. As a nation, we’re hanging on to our vehicles a lot longer. According to a recent report, the average US car is now 12.1 years old. The problem is that the majority of big-ticket auto repairs take place long after the warranty has expired.

Paying out thousands of dollars in car repairs every year means less money to invest. Luckily, you can get excellent coverage for repairs with Endurance. The company sells auto service contracts, which are similar to car warranties.

They will cover your car until it’s 20 years old. Think of it as up to a couple more years without an auto payment, which is quite tempting considering that the average new car loan is more than $710 a month.

3. Plan now for the health care costs Medicare won’t cover

Being prepared for medical costs is also one of the best tricks to build wealth. Sure, you’re hoping that your golden years are healthy, vibrant, and active and that you’ll be able to function as in your 30s.

But don’t bet on it. According to the latest reports, 7 in 10 Americans who turn 65 today will probably need some type of long-term care. You’re probably wondering, “Won’t Medicare take care of all that?” Sorry to break it to you, but the answer is “no.”.

Medicare doesn’t cover long-term custodial care, which means you’ll have to pay for it out of your pocket. That, plus inflation, could break your nest egg.

But you can prevent this from happening. A great option would be to sign up for GoldenCare, which provides long-term care coverage for most people.

This being said, planning now for a secure tomorrow is one of the best tricks to build wealth and ensure your health care costs are covered.

4. Talk to a free debt coach

Next on our list of tricks to build wealth is getting rid of debts so you can focus on saving. One of the best ways to do that is through the National Debt Relief. As one of the most respected providers of debt relief in the US, the program has helped over 500,000 Americans. Moreover, they are top-rated by ConsumersAdvocate, ConsumerAffairs, TopConsumerReviews, and TopTenReviews.

This is how it works: You fill out a form on their website, and then a debt counselor will reach out to you to find out more about your situation. If they can help you, they will come up with an affordable plan that works for you and offer you an estimate of when you’re expected to be debt-free.

The best part? There’s no upfront fee or obligation to get started.

5. Protect your house from unexpected, costly repairs

Home repairs are everything but cheap. Whether it’s a broken appliance or a leaky roof, your house can quickly turn into a nightmare and cost you hundreds and sometimes even thousands of dollars to keep up.

One of the ways to avoid that is by nipping it in the bud, which sends us to the next entry on our list of tricks to build wealth: safeguard yourself against giant repair bills. For example, American Home Shield is a home warranty company that does that for you. From home appliances to electrical, heating, cooling, and plumbing systems, they can all be protected.

No matter your age, AHS protects your stuff. Their plans cover up to 23 systems and appliances, and if they can’t help you with the repair, they will replace what’s broken or damaged.

Keep reading to discover other tricks to build wealth!

6. Invest in real estate with $10

No. 6 on our list of tricks to build wealth is investing in real estate. Over time, real estate has been a path to wealth. Most people think that you need to be wealthy to get started, but that’s far from the truth. Luckily, there are many ways to make money by investing as little as $10.

Fundrise is a great example. It lets you buy into real estate properties in pretty much the same way stocks let you buy into companies. In fact, you’re a landlord without having to seize eviction notices or run background checks.

It’s important to note that there’s no guarantee of future results. However, Fundrise investors have seen their investments grow on average by 25% after three years. This means that if they held on for five years, they would earn more than 50% more.

People are always looking for a new place to live, and recent rent spikes make real estate investing more profitable. Give it a try; who knows, maybe it will become one of your best tricks to build wealth.

If you’re new to the investment world and want to give it a try, here’s a great beginner guide that will help you harness the power of the stock market!

7. Use this for massive discounts

Next on our list of great tricks to build wealth is joining AARP. You’re probably saying, “Wait, but AARP is for retired people.” Well, the nonprofit organization doesn’t have a minimum age to join.

While it’s known that AARP is available to those age 50 or older, anyone between 18 and 50 years old is eligible to get discounts on a bevy of things, like up to $200 off flights, up to 20% off hotels, up to 30% off rental cars, and up to 15% off restaurants.

You can also save on prescriptions, meal deliveries, eyeglasses, and lots more. Moreover, AARP offers retirement planning tools, job listings, a Fraud Watch Network, and tons of resources, information, and programs.

You should give it a try. The AARP membership is only $12 per year with auto-renewal, and you’ll definitely recoup the cost in the first week.

If you liked our article on tricks to build wealth, you may also want to read Same Car, Cheaper Price: 8 Hacks To Get The Best Deal For Seniors.