Starting a business feels like the ultimate freedom move. You’re your own boss, chasing your dreams, and setting your own rules. But if you really want the dream to last, you can’t just think about making money. You have to think about building wealth.
As a seasoned finance professional like Lance Belline will tell you, wealth doesn’t magically appear because you’re working hard. If you’re a new entrepreneur, here are 3 strategies that really matter.
Pay Yourself First
It’s super tempting to reinvest everything you make back into the business. A lot of new entrepreneurs do this because it feels like you’re “all in.” But here’s the problem — if you don’t pay yourself now, you’ll always find an excuse not to.
You want to think of paying yourself as a non-negotiable. Just like you wouldn’t skip paying your internet bill or your suppliers, you shouldn’t skip paying your future self. Set up an automatic transfer from your business account to your savings. Start small if you have to. Even $100 a month makes a difference over time.
Means: You’re treating your financial security like a real business priority.
Over time, that savings can be invested into things like retirement accounts, stocks, or real estate — the stuff that builds wealth without needing your daily hustle.
Build Multiple Streams of Income
Depending on just one income stream is risky, no matter how amazing your business is. Markets change. Customers change. Technology changes. And when it does, you don’t want your whole future tied to one thing.
You really want to build extra income streams as early as possible. Maybe that means investing in a rental property. Maybe it’s starting a small side hustle, creating digital products, or offering paid workshops. It doesn’t have to be huge at first. It just has to exist.
Means: You’re building a safety net while you’re building your empire.
Multiple income streams protect you during slow seasons and create more opportunities for growth.
Make Friends with Smart Debt
Not all debt is bad. In fact, smart entrepreneurs know how to use “good” debt to build wealth faster. Good debt is anything that helps you buy or create an asset — something that puts money in your pocket.
Think about taking a business loan to expand operations or buying property that generates rental income. The idea is to use borrowed money to make more money — not to buy flashy stuff that drains your account.
Means: You’re letting money work for you instead of the other way around.
Just be smart about it. Always run the numbers. Always have a plan. And always make sure the asset will grow or pay you back more than you borrowed.
If you start paying yourself early, create multiple income streams, and use smart debt wisely, you’re setting yourself up for real, lasting success. Future you is going to be very thankful you started now.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin