3 Simple Steps to Building Wealth - Deepstash
3 Simple Steps to Building Wealth

3 Simple Steps to Building Wealth

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3 Simple Steps to Building Wealth

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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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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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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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