Here's a simple tip to begin your wealth-building journey today

Building wealth is often perceived as a challenging endeavor, requiring dedication and perseverance to embark on the journey and maintain progress consistently. Personal finance expert and author Anthony O'Neal emphasizes that with time, savings and investments can grow through compounding.

On the "Power Players With Brian Sozzi" podcast, O'Neal pointed out a troubling statistic: "62% of people are living paycheck to paycheck, and I do not think it's because of income. It's just because of the lack of strategy and information that unfortunately they didn't get when they were younger." O'Neal, who authored the bestselling book "Stop Living Paycheck to Paycheck," advocates for creating financial margins as a foundational step toward building wealth.

"I believe your greatest wealth-building tool is margin," he stated. "It's not your income. It is margin. And margin is simply, what if I have $5,000 coming in? If my expenses are at $4,000, that means I have $1,000 in margin. But if I got $5,000 coming in and I got $6,000 going out, that means I'm negative $1,000. Now I can't do anything but borrow money, put it on a credit card, or borrow from friends."

The issue of households living paycheck to paycheck continues to be a significant concern across the United States. Recent data from the U.S. Census Bureau reveals that around 34.5 million Americans, or approximately 10.2% of the population, live below the official poverty line, which is roughly set at $33,000 for a family of four. Furthermore, consumer finance data from the Federal Reserve indicates that nearly 37% of American adults would struggle to cover an unexpected $400 expense without resorting to borrowing, liquidating assets, or using credit cards.

O'Neal draws from his personal experiences to discuss these financial challenges. Earlier in his life, he faced hardships that led him to live in his car parked in a Walmart lot. Through consistent discipline in saving and investing, along with determination, he was able to significantly improve his financial situation.