It could be in July at the start of a new financial year. Right now is a good time, with the extra cost of the festive season, holidays and back-to-school fresh in our minds.

Last week we looked at mastering debt problems.

If they are under control how do we start building wealth? Every fortune starts with the first dollar, just as every journey starts with the first step.

Set up separate bank accounts for specific purposes, with one for savings. Have different money buckets for different functions. The best example of how well this works is our superannuation.

Super is part of our income, what we get paid.

It is in a separate account that we cannot touch. It grows remarkably over time to a large amount from small, regular contributions.We need an investment account like a super fund that we can access for specific wealth-building purposes.

Its first function might be to save a deposit to buy our own home. Buying our home is a key part of wealth building.

Work steadily at paying the loan off. As the debt reduces the value of the property should increase. This builds our equity in the property. Equity can be used for other wealth building purposes.

Our dedicated savings account must be added to regularly. Even if only a small amount goes in it will build. Once it reaches a couple of thousand dollars it is smart to start a managed fund savings plan with part.

An important step in wealth building is to look for ways to grow our income. How can we make ourselves worth more to our employer? Could we consider an extra part-time job? Increase our income and we will be able to contribute more to our wealth building project.

It is very important to learn about financial strategies and investments. There's always more to learn.

There are many different types of managed funds with different return prospects and volatility levels. Borrowings can also be used to invest in them.

Over years the managed fund savings plan can grow as much as superannuation.

Learning more about superannuation is important. It offers valuable tax savings for extra contributions. Consider buying some shares.

They can provide excellent earnings. It is helpful to get advice from a professional adviser.

Once the kids leave home and the mortgage is reduced there will be surplus income to allocate to wealth building. An adviser can help work out the best options.