3 Simple Steps to Building Wealth
Curated from: investopedia.com
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To accumulate wealth...
- You need to make it. You need a long-term source of income that's enough to cover your basics.
- You need to save it. You need to develop a proactive savings plan.
- You need to invest it prudently.
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Making Enough Earned Money
Earned income comes from what you "do for a living."
- Consider what you enjoy as you will be more likely to succeed financially.
- Consider what you're good at and see how you can use those talents to earn a living.
- Consider what will meet your financial expectations.
- Consider how to get there. Determine the education requirements, etc.
Evaluate your income situation annually.
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Saving Enough of It
To ensure that you save enough money, your wants should not exceed your budget.
- Track your spending for at least a month.
- Trim the fat. Break down your wants and needs.
- Adjust according to your changing needs.
- Build your cushion. Aim to save around three to six months' worth of living expenses.
- Contribute to a retirement fund and try to get the maximum your employer is matching.
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Investing It Appropriately
Assess your situation. Build an investment policy statement that will provide general investment goals and objectives.
- Determine your return and risk objectives.
- Determine your investment strategy, possibly with a financial advisor, based on your investment policy statement.
- Invest your equity and fixed-income exposures over a range of classes and styles.
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