An important disclaimer: I am not a financial advisor and none of the below should be construed as financial advice. The below details tactics that have worked for me, but you should not expect to see similar success. Stock market investing is SUPER risky, only choose strategies that work for your personal goals and circumstances, and always seek advice from an accredited financial advisor.

Also, full disclosure: I am a proud affiliate, meaning if you click a link and make a purchase, I may earn a commission at no extra cost to you. My recommendations are based on deep experience with and knowledge of the products I mention and I recommend products only when they are genuinely helpful and useful, not because of the small commissions I may receive. Please don’t spend any money on products I recommend unless you genuinely believe they will help you achieve your goals.

It can be a challenge to build wealth, but it can be especially difficult if you have a chronic illness. 

As a chronic illness warrior, it may be harder to work, earn money, and save for the future. Between the medical bills and chronic fatigue, among various other life challenges, it might feel impossible to get ahead.

If life was a video game, it would be like constantly playing on hard mode. The game might be harder, but it’s not impossible to beat.

With careful planning and execution, you can still build wealth and achieve your financial goals.

In this article, you’ll get 5 simple steps you can take to start a successful wealth-building journey. I’ll also share key investment strategies you can use to build a solid investment portfolio.

5 Steps to Build Wealth

If you dream of building a better financial future, but worry that your chronic illness may get in the way, don’t despair. Yes, it’s harder when you’re facing the challenges of your chronic illness, but it is still possible to get ahead.

Here are five steps you can take to jumpstart your journey to a healthier financial future:

1. Create a budget. 

I know, boring, right? Boring or not, a mindful budget will help you get a clear picture of your finances.

Create a budget that tracks your income and expenses. This will help you see where your money is going and identify areas where you can cut back.

A budget is also a plan for how you will spend your money. It can help you save for your goals and ensure you’re on track. There are many different budgeting methods, so find one that works for you and stick with it.

Psst… if you need a tool to help you track the progress you’re making toward your goals (financial or otherwise), I recommend using ClickUp.

2. Pay off debt. 

Also thrilling, right? I get it, you probably can barely stand to look at your student loan balance, credit card debt, massive medical bills, or even the barely decreasing total on your latest car.

The truth though… debt is a wealth destroyer. It swallows your earnings, bit by bit, and it’s often barely noticeable. Debt beneficiaries, like your credit card company, try to keep those details under wraps (where it’s legal). You’re making them money after all.

It might be painful to swallow the truth, but if you can’t get your debt under control, then you’ll have a difficult time building your wealth for the long term. 

Focus on paying off high-interest debt first, such as a credit card. Once you’ve paid off your highest-interest debt, then focus on the next high-interest debt, such as a student loan.

Don’t let financial institutions run your life: pay your debt off pronto. Once you are debt-free, you will have more money to save and invest.

3. Start saving.

You’ll likely want to start steps 2 and 3 at about the same time, depending on your financial goals.

For instance, you’ll want to have an emergency fund, but you probably don’t want to delay saving for it in favor of paying off all your debt.

An emergency fund is a savings account that you can use to cover unexpected expenses, such as a car repair or unusual medical bill. Aim to have enough money in your emergency fund to cover three to six months of living expenses.

On another note, the earlier you can start saving, the more time your money will have to grow. Start small, but gradually increase your monthly savings target, which will get easier as you pay off debt.

4. Invest for the long term. 

Once you have a solid emergency fund, you can start investing your savings. There are many different investment options available, so it’s important to do your research and choose investments that are right for you.

If you’re ready to start investing, I recommend reading the following articles:

5 Simple Tips to Help You Start Investing in the Stock Market: Part 1

4 Simple Steps for Getting Started: Investing in the Stock Market: Part 2

5. Protect yourself and your assets with the right support. 

If you’re struggling to manage your finances on your own, consider getting professional support from an accredited financial advisor. A financial advisor can help you create a personalized financial plan that meets your specific needs.

Investment Strategies 101: Assets That Build Wealth

Ready to start investing? Here are some investment options that you may want to consider as part of your investment strategy:

Income-producing assets.

These are assets that generate income, such as rental properties, stocks that pay dividends, or bonds. Income-producing assets can help you cover your expenses, even if you’re unable to work.

Assets that appreciate in value. 

These are assets that increase in value over time, such as stocks, bonds, and real estate. Investing in assets that appreciate in value can help you grow your wealth over time.

Assets that help you save on taxes. 

There are certain investments that can help you save on taxes, such as tax-advantaged retirement accounts and municipal bonds. Investing in these types of assets can help you keep more of your hard-earned money.

Investment Strategies 102: Key Investments to Build Wealth

If you’re ready to build your wealth, you’ll want to build a diversified investment portfolio. Here are some investment options that you may want to consider including:

Index funds. 

My personal favorite, index funds are a type of mutual fund that tracks a specific market index, such as the S&P 500. Index funds are a low-cost and diversified way to invest in the stock market.

Dividend-paying stocks. 

Dividend-paying stocks are a type of stock that pays shareholders a portion of their profits each quarter. Dividend-paying stocks can provide a steady stream of income, which can be helpful if you’re unable to work full-time due to your illness.

Real estate. 

Real estate can be a good investment for people living with chronic illnesses. Real estate can provide a steady stream of income from rent, and it can also appreciate in value over time.

Yourself. 

Not what you were expecting? One of the best investments you can make is in yourself. 

That might mean investing in your education, your health, or your career. Investing in yourself can help you improve your earning potential and achieve your financial goals.

I’m still grateful for the time and effort I put into furthering my education, even with the immense student loans I took on. I also don’t regret the time I spent learning about stock investing. Speaking of which, here are my favorite books on stock market investing:

The Bogleheads’ Guide to Investing (a great beginner guide)

A Beginner’s Guide to the Stock Market (despite its name, this is a more comprehensive guide)

Naturally, there are other investment options beyond what I’ve listed here, so I encourage you to explore your other options. Educate yourself and decide which investments best fit your needs.

Additional Tips

Additional tips to help you build wealth:

Don’t give up. 

It can be easy to get discouraged when you’re struggling with a chronic illness. But don’t give up on your financial goals. Just take it one step at a time and keep moving forward.

Take care of yourself. 

I get it, easier said than done when you have a chronic illness, right?

Regardless, do your part to take care of your physical and emotional health. Stay up to date with your medications and follow doctor’s orders. This will ensure you can do what you need to do to manage your finances.

Conclusion

Building wealth is a journey, not a destination. By following these steps, you can take your first steps on the path to good financial health as you build your wealth.

I’m here for you if you need additional support. Leave your questions in the comments below and I’d be happy to provide you with support for your specific circumstances.

Good luck on your path to financial success, fellow chronic illness warrior. You got this.

Recommended Reading

10 Tips for the Chronic Illness Warrior: How to Achieve Financial Freedom with FIRE

How to Build a Solid Savings That Supports the Medical Needs of Your Chronic Illness

How to Navigate a Career with a Chronic Illness: 10 Tips for Career Success

Top 10 Best Side Hustles for the Chronic Illness Warrior

10 Simple Steps You Can Follow as a Chronic Illness Warrior to Jumpstart Your Side Hustle

Additional Resources

• The National Foundation for Credit Counseling
• The Financial Planning Association
• The American Association of Individual Investors
• The National Organization on Disability (NOD)
• The American Association of People with Disabilities (AAPD)
• The American Chronic Pain Association
• The Invisible Disabilities Association

Think beginning your journey to build wealth will help you FIRE Your Life? Check out the posts page for more ways you can FIRE Your Career and achieve financial freedom.

FIRE Your Career: Achieve Financial Freedom Through Your Career & Spend MORE Time Doing What You Love.

Tools and Resources I recommend in this article:

ClickUp (my recommended goal-tracking tool)

The Bogleheads’ Guide to Investing (great intro to investing book)

A Beginner’s Guide to the Stock Market (a more comprehensive book to help you learn the ins and outs of stock market investing)