Jasmine
VIP Contributor
When you add monetary value of your total assets and wealth and then subtract your total liabilities including debt that is your networth. If you want to improve your wealth or grow your wealth, you need to increase your networth. Without effective money management and financial planning, it's challenging to increase your net worth. Building wealth requires financial literacy. Financial literacy means skills and knowledge related to managing money. Lack of financial skills can lead to debt accumulation and difficulty meeting basic needs, regardless of your income level. Learning how to save and how to invest is crucial to build your wealth, and you don't need to be an economist to do so.