Building wealth requires a combination of short-term and long-term planning, as well as a focus on your personal financial situation. If you know and have the habits outlined in our beginner's wealth-building principles, let's take the next step to level up and achieve financial success with more income and by leveraging credit, debt and investments. Here are five next-level wealth-building goals to set for yourself:

Build your personal credit. 

Your credit score is an important factor in your financial health. It can affect your ability to borrow money and access financial products such as credit cards, loans, and mortgages. If you have a low credit score (generally considered to be anything below 670), securing favorable terms on these products may be more challenging. It is worth noting that there are many different types of credit scores, and other lenders and credit providers may use different scoring models to evaluate credit risk. To improve your credit score and achieve your wealth-building goals, it is crucial to focus on paying your bills on time and reducing your credit card balances. Setting up automatic payments can help you avoid missed payments and keep your credit score from dropping. It is also a good idea to monitor your credit score regularly to stay informed about your credit standing. Many major banks and credit card companies offer free access to your credit score through their mobile apps, or you can use a financial management app like SoFi to track your score. If you want to learn more about the different types of credit scores, check out this article from myFICO, the company behind the creation of FICO scores.

Increase your income. 

Get the money. It's as simple as that. Learn new skills, always stay ready in the job market and ask your employer for raises and bonuses. Stop waiting for the promotion or the raise to come. Take control of your financial circumstances. Gain the ability to build your own business and explore different ways to turn a side hustle into an income-generating machine. Invest in yourself to advance your earning potential via an employer, your own business, or a combination of both. Making money is a skill that can be learned, mastered, and wielded to achieve your wealth-building goals. By increasing your income, you'll have more money to save and invest, which can help you achieve your financial security and freedom goals more quickly.

Start thinking about investments. 

According to Fidelity's 2021 Women and Investing Study, 67% of women are now investing outside of retirement funds (401K), compared to 44% in 2018. Women also consistently post better investment returns than men, both as individual and institutional investors. Despite this, women often have lower confidence in their investing abilities. Women are more financially savvy than they credit themselves for, and using investments to build wealth is a great way to build confidence in your financial knowledge. There are many types of investments to consider, including stocks, bonds, mutual funds, businesses, and real estate. It is essential to do extensive research and understand your risk tolerance before making any investment decisions. The sooner you get started, the more time you will have to benefit from the economic compounding effects of investing. Also, the sooner you'll start learning about yourself and the various investment opportunities - what you like, don't like, and how you would want to do things differently. Success in investments is constantly increasing your knowledge and experience and, from there, aligning your resources with what you know and your wealth-building efforts. Looking for a place to begin? Try SoFi.

Solve your personal shelter needs. 

It is often said that you should spend around 30% of your gross income on rent, but this rule of thumb may only be realistic in some cases. The cost of living could be high in certain areas, as well as other personal expenses can impact your ability to afford rent. Owning a home can provide financial security and financial freedom, giving you control over your shelter and the potential upside of home value appreciation and rental income. It is important to consider the responsibilities and costs associated with homeownership, such as mortgage payments, property taxes, and maintenance. However, setting a goal (check out our blog on establishing wealth goals) for your shelter needs and building a plan to achieve them can give you more favorable options than constantly searching for the best rent deal and roommates. While homeownership may not be right for everyone, it is a wealth-building tool that can help you build equity and achieve long-term financial goals. 

Learn about your relationship with debt. 

For some, we were taught to never take out loans and watched our family stash their life savings under the mattress. And even more, people are taught that all debt is bad and should be avoided at all costs (unless it's for our education). While it is true that some forms of debt, such as high-interest credit cards, can be harmful to your financial well-being, it is essential to understand that debt can also be a valuable tool for building wealth. The wealthy often use debt to finance investments and grow their wealth over time. Many of us are exposed to debt first via credit cards or student loans and don't know what we are signing up for. No matter what you've been told or how you've been interacting with debt, it's time to take a step back and deeply understand your relationship with it. Building wealth requires a balance of taking calculated risks, minimizing your exposure, and having fail-safes in place. It is also important to be emotionally prepared for the financial journey ahead. As you earn more income and consider ways to invest, it can be helpful to study how the top 1% use debt to secure their generational wealth and make informed decisions about your own financial strategy.

Wealth-building is a journey that requires literacy of the game, self-reflection on your risk tolerance, and strategically making moves that align with your financial security and independence goals. Level up today and start building your personal credit, increasing your income, starting to think about investments, solving your personal shelter needs, and deepening your relationship with debt via learning.