Wealth Building Resources

Most people don’t build wealth by accident. Instead, they learn about topics like personal finance and investing, do calculations to track their net worth and return rates, and otherwise dedicate themselves to the process.

If you want to build wealth, there are a lot of online resources that can make your journey easier. Here are some of the best wealth-building resources we’ve been able to locate.  All of these are free and are good quality.

  1. Tools for Building Wealth

The Tools for Building Wealth site is a microsite supported by the Federal Reserve Bank of Dallas. It includes helpful forms and courses to help you define wealth, understand your net worth, set financial goals, track your spending, create an investment strategy, and more.

One of the best parts about this site is that the language is easy to understand. You don’t need a solid grasp on the concepts to get started, as the tools will guide you each step of the way.

  1. Finra’s For Investors Section

Inside the Financial Industry Regulatory Authority’s website, you can find a For Investors section dedicated to investors. It is filled with articles on a variety of topics, including knowing your net worth, controlling spending, setting financial goals, investing, and more.

Additionally, there is a link to a handy savings calculator that can help you see how your money can grow if you invest. You can also perform a basic background search on a range of investment professionals, ensuring the broker you select is a good choice.

  1. SmartAsset’s Investment Calculator

If you just want a simple calculator that can show you how your money can grow, SmartAsset’s Investment Calculator is a good option. You can input your starting investment, additional contribution amounts, a rate of return, and a time frame to see how much your money can earn under the conditions you select.

It also displays helpful charts, to make visualizing the information easier, as well as a table that shows how your balance would change every year. If you are in the “seeing is believing” crowd, it’s a great way to take a look at how investing can benefit you.

  1. Kiplinger’s Wealth Creation Channel

The Wealth Creation section on Kiplinger’s website is full of helpful information that can help you build wealth. There are overviews of various kinds of investments and tips to make deciding whether the approach is right for you easier. You’ll also find general personal finance information that aligns with wealth-building goals, which is a nice bonus.

Most of the content is targeted to novices, so the concepts are explained clearly to make sure they are understood by a wide audience. However, some are more advanced, so keep that in mind if you aren’t overly savvy about certain investment topics.

  1. Investopedia’s Future Value Calculator

If you struggle with impulse spending on higher cost items, the Future Value Calculator can help you break the habit by showing you how much the money would be worth if you forgo the purchase and invest it instead. Just select an average return rate, like 7 percent, and a time period, like 10 years. Then, enter in the amount you are thinking about spending in the “Present Value” field.

When you hit calculate, you’ll get a number that shows how much that money would be worth if you earned that interest rate on it for that amount of time. While that isn’t technically the purpose of this calculator, it is still handy for breaking bad spending habits.

  1. Morningstar

If you want to research possible investments – like specific stocks, mutual funds, or ETFs – Morningstar is the place to do it. However, you can do much more here than just look up quotes; there’s also a ton of relevant news articles, investment tips, and worksheets that can assist you as you work to build wealth.

You can even create a free account and track a portfolio. Additionally, free memberships let you jump into the Morningstar Classroom, a self-study course that covers a variety of investment topics in-depth.

  1. Bankrate

A highly respected name in the personal finance arena, Bankrate has information on more than just bank accounts, credit cards, and personal loans. The site also has a section dedicated to investing, including some helpful articles that cover a lot of basic questions many who are new to investments ask.

Plus, there are a ridiculous number of investing and CD calculators. Along with common options, you’ll find annuity and pension calculators, IRA conversion calculators, and Social Security benefit calculators all in one place. If you want a holistic view of your situation, it’s worth heading to this tools section and crunching some numbers.

  1. MyMoney.gov

Operated by the Financial Literacy and Education Commission, a US government organization, MyMoney.gov has helpful tools, worksheets, and checklists that you can use to get your financial house in order. You can also search on a variety of topics for more information, including saving and investing, to find helpful toolkits, articles, and more.

Admittedly, the site feels a bit clunky or a little outdated in comparison to many of the flashier websites around today. However, you aren’t inundated with ads or attempts to get you to sign up for products or services, so that makes the experience more peaceful overall.

  1. Wealthsimple

You don’t have to use Wealthsimple’s services to access a ton of helpful information on wealth building. The company produces blogs that can demystify the complex world of investing, making it easier to understand for beginners. The articles are also incredibly thorough, going far beyond what many blogs would cover in a single post.

If you use its learning resources, just be aware that you’ll see several attempts to get you to sign up for the company’s services. However, they aren’t too intrusive and, other than that, you won’t find other ads anywhere on the site.

  1. Khan Academy

Khan Academy offers a slew of free courses on nearly any topic imaginable. The classes are also incredibly high-quality, making them ideal for newbies and experienced investors alike.

You’ll find courses on a variety of topics, including, stock and bonds; investment vehicles, insurance, and retirement; and options, swaps, futures, MBSs, CDOs, and other derivatives, just to name a few. Much of the information is presented in short videos, making the content very engaging and highly digestible. Plus, you can always set down and pick up a lesson whenever you want, allowing you to control the pace.