You have financial goals - Deepstash
You have financial goals

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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MORE IDEAS FROM 7 signs you're building wealth faster than you think

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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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 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 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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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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RELATED IDEA

Increase Your Income

Formal education, practical experience in your field and doing a good job is important to earn a high income.

Most professionals see their incomes increase over time. If you can gain high earnings at an early stage, you’re likely to make even more later on.

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How to Build Wealth: This Chart Tells All

As the chart shows, if you want to build wealth, there are really only two things to get right:

  • Increase the difference between your income and expenses
  • Save that difference and grow it exponentially over time

That’s it.

This chart shows you exactly how much you need to save, and the rate  you need to compound it at, in order to reach your goals!

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Create a Spending Plan
The wealthy see money as a resource and a tool to help them build wealth over time.

Know your income, your expenses, how much is earmarked for additional expenses and how much for other financial goals.

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