All it takes to build long-termwealthis implementing smart strategies.For example, directing a portion of your paycheck into a separate savings account will help you accumulatesavingswithout even thinking about it.From asking for a raise to spending less on housing, here are a few ways you can start to build more wealth in 2019.Building wealth is all aboutplanning for the long run.That's why small, simple decisions you make todaylike where you stash your savings or how much of your income you're spending on housingare so important.When John, anearly retireeand blogger,interviewed 100 millionaires, he discovered many of them did the exact same thing to get there: "They earned a lot, saved a ton, and invested for a long time."Below, we've rounded up eight things you can do right now to set yourself up for a rich future.SEE ALSO:The 7 best lessons successful people taught us about money in 2018DON'T MISS:7 investing mistakes keeping you from building wealthSet up automatic savingsYou can take the biggest step toward building wealth in 10 minutes at your computer.Setting up auto savingstakes the effort and thought out of saving money.If you set up a 401(k) through your employer, your contribution will typically be automatic, so that's a great place to start. If you want to save a portion of your after-tax income, you can connect multiple accounts to your direct deposit and designate how much money from every paycheck will move into each account."By saving off the top, an amazing thing will happen,"saidSean, a 28-year-old blogger who goes by The Money Wizard and has saved over $260,000. "You won't even notice all the missed money, and you won't even have to adjust your lifestyle to meet your savings goals. Your spending will instead mold around what's left, leaving you feeling like you're living just as great of a lifestyle, all while saving a fortune."Ask for a raise ' or change jobsHourly wages for US workers have risen less than 1% in the past year,according to the Economic Policy Institute. And despite the average Americanbelieving they deserve a raise, more than70% aren't asking for one.Negotiating your starting salaryand continuing to negotiate every few years or when you start a new jobcould makea $1 million differencein your lifetime earnings.Take a page out of supermodel and entrepreneur Tyra Banks' book when asking for a raise: "You need to sit there and talk about your value. Talk about what you have done that has increased revenues, increased engagement, or how you've been working from nine to nine, even though you are only supposed to be working from nine to six. ... You don't need a raise, deserve a raise."The key to earning more money may be switching jobs, according to an analysis from financial services companyNomura. Employees who changed jobs earned about 1% more year-over-year than those who stayed with the same employer.Job switchers likely experience stronger bargaining power and greater salary increases when more opportunities are available or they find a new higher-paid role that better matches their talents, according to the report.Put your money in a high-yield savings accountHaving too much money in your checking account could hold you back from building wealth.Keep about a month's salary in your checking account so you can easily pay your bills each month. Once you have that, start building up at least three months' worth of expenses in an emergency fund.Allowing your checking account to overflow beyond what's necessary means you're missing out on the benefit of compound interest, which is the snowball effect applied to your money.Store your savings in a high-yield savings account, where you could be earning 1% interest on your money, rather than the 0.01% earned in a traditional checking or savings account.See the rest of the story at Business Insider
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