Building wealth is a nuanced process, not easily categorized as “easy” or “hard.” Chelsea Fagan shares eight lesser-known steps to getting rich in a YouTube video. Focus on major lifestyle expenses rather than small indulgences to build wealth effectively. Lifestyle inflation can hinder financial goals by increasing spending as income rises. Automating savings and making it a fixed cost can help increase wealth over time. Self-made millionaires are becoming more common, but inherited wealth remains prevalent. Increasing income is more impactful than cutting expenses for wealth-building. Industries like tech and finance offer bonuses and stock compensation for investing. Compound interest is crucial for long-term wealth, especially during market fluctuations. Homeownership may not always be the best financial choice; renting can be more affordable in certain situations.

Read more at Yahoo Finance: 8 Things About Getting Rich You Aren’t Aware Of, According to Chelsea Fagan