7 signs you're building wealth faster than you think - Deepstash

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7 signs you're building wealth faster than you think

businessinsider.com

You max out your retirement accounts every year

If you can afford to put the full $19,000 into your 401(k) this year,

  • you multiply your earning potential in the market,
  • you can score if your company offers to "match" your contribution,
  • You only pay income tax on it later, but for now your money grows tax-free.

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You're not obsessive

Check on your asset allocation periodically to ensure it matches your overall risk tolerance. Do not obsess over the details that could lead to emotion-fueled mistakes.

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You're focused on the 'big wins'

Focus on the 5-10 Big Wins, rather than 50 little things.

For example, paying down debt, saving automatically, negotiating a higher salary, and investing early will have a much greater impact than forgoing your morning coffee.

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You don't keep too much cash

Never keep more than you need in cash or in a checking account.

Grow your money in the short-term by storing it in a high-yield savings account or certificate of deposit.

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Your income is higher than last year,

... but your spending hasn't changed.

Increasing your earnings is a form of leverage, whether you scored a raise, landed a better-paying job, or created a second or third income stream.

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Consumer debt kills wealth. 

The average credit card charges an APR of 17% while the stock market returns an average of 7% to 8% each year, adjusted for inflation.

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You have financial goals

Create a roadmap to increase your chances of achieving your financial goals.

It might be worth it to work with a financial adviser to set specific goals and have a plan in place.

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