Building Wealth Is Very Easy

• ·        Warren Buffet is one of the richest people in the world because he saved and invested - and didn't follow get rich quick schemes.
• ·        Wealth is attainable to everyone with good financial habits, and you may already be on the right path.
• ·        Spending less money than you earn, saving for retirement, and investing money are simple ways to become wealthy.

Owning bitcoin won't guarantee future wealth - but the right saving and investing strategies will.

Owning bitcoin won't guarantee future wealth - but the right saving and investing strategies will.

At least according to Warren Buffett, who considers cryptocurrency a get-rich-quick scheme. Though chances are slim you'll end up with the multi-billion-dollar fortune Buffett has, there are sensible ways to build wealth without betting on a bubble.

It's hard to put a number on "wealth" because it's personal and it depends on many factors, including where you live. Generally, having wealth means not having to worry about being able to pay your bills and knowing a comfortable retirement at a decent age is feasible.

These 11 indicators are easy to follow and will help you build wealth - whatever that means to you. Even better, a lot of these tips go hand-in-hand and require little work or maintenance.

If you are already following this advice, congratulations! You are on the road to being wealthy.

You started saving for retirement as soon as you started working.

A portion of every paycheck — including the first one when you start working — should be set aside for savings.

Retirement may seem like a long way down the line when you first start your career, but the wait will be even longer if you don't prepare. Saving as early as possible triggers compound interest and can lead to a huge difference in the long run.

You always make loan payments on time and in full.

Whether its a student loan or a mortgage, it is best to make all payments in full and on time. Paying off less and missing loan payments will end up costing more in the long run.

You clip coupons and look for good deals.

Just because you can afford to shop at Whole Foods or your hip local market doesn't mean you should, especially if you want to end up wealthy.

The USDA says that a family of four can spend between $150 and $300 a week on groceries. Shaving those expenses in half can really accumulate on the savings side. Shopping at a store like Costco, known for its bulk products and huge savings, is economical and fun.

You are financially prepared for an emergency.

Life is full of unexpected surprises — and sometimes the unexpected can be costly. That's why it's crucial to save for a rainy day in the form of an emergency fund.

While the conventional wisdom is to save enough money to cover you for at least three months with no steady income, the more you save, the more freedom and safety you have for when the inevitable emergency hits.

You don't spend all the extra money you have.

If your company gives out bonuses and your first thought is to spend it all on a night out with expensive entertainment and gourmet dining, you may be doing it wrong.

While this extra income may feel like house money, you should think of it as money earned. Treating yourself in small doses if fine, but it also makes sense to do something productive with this influx of cash, such as adding to your investment portfolio or paying down debts.

You contribute more than the default to retirement.

Your pension will likely come with a default contribution amount — say, 4%. While putting that 4% into a 401(k) or IRA is a great start, you can easily increase that amount to great effect, especially if your employer has a matching program.

According to Business Insider's Lauren Lyons Cole, who is a financial planner, investing through a retirement account means you save money on taxes, while making sure your financial future is more secure. Instead of coasting by on the default, try maxing out your 401(k) and IRA.

You have everything you need, but not everything you want.

Living below your means is a good indicator of financial responsibility. When you live in this state, all your basic needs are taken care of. You can afford additional luxury goods but resist the temptation to spend at will, meaning that your money goes to saving instead of the newest gadget.

You consistently earn raises and promotions.

Having a steady job and salary is nice, but it is even better when you are rewarded for hard work. A good career can quickly become a dead-end job if your salary doesn't even keep up with inflation.

Make sure to get the periodic raise you deserve — it can be as simple as asking.

You don't spend too much on housing.

Warren Buffett is one of the richest people in the world but lives in a house he bought in 1958 for $31,500. He told BBC, "I'm happy there. I'd move if I thought I'd be happier someplace else."

Buffett, like all of us, doesn't need a pricey mansion to be happy and his modest home is a sign of thriftiness that has allowed him to spend his finances on things he values more. If you're spending less than the recommended 30% of your income on housing expenses, you're in good shape.

Your investment portfolio is aggressive but diversified.

The best long-term investments are low-cost, diversified, and aggressive. You don't want to waste money by throwing it at unnecessary expense fees or by putting all your eggs in one basket. It is also important to have the right mix of stocks and bonds based on your age and how much risk you can handle.

The absolute worst investment is not having any investment at all.

You don't have credit card debt.

Credit card debt is a huge barrier to building wealth for millions of Americans. Debt can be a giant financial burden and decrease your credit score, restricting financial opportunities, like becoming a homeowner.

It is best to avoid credit card debt in general, but if you find yourself in the hole, there are some smart ways to get out of it.

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