Simple Steps to Help Build Your Wealth

September 21st, 2016 | | Advice4Life

Building Wealth  |  William Bowman, CPA 

From a financial advisor’s perspective, you get a bird’s-eye view into patterns of spending, saving, earnings and investments but most importantly you get to delve into people’s aspirations, concerns and values.

In order to build your wealth, there are a few simple steps to consider…

  1. Saving is the first and foremost critical step towards building wealth. Saving money is dependent on your lifestyle and what’s most important to you. 
  2. Take advantage of your 401(k) if your employer offers one. Make sure you understand your plan. If you are contributing to your employer plan, you may want to consider whether or not you should contribute more.
  3. Make sure you have a formal, written plan that includes your financial goals. Planning to retire some day is not a plan; your plan must be specific.
  4. Because it’s impossible to be unemotional about your finances, get professional help. A financial professional is not only there to help crunch numbers, but to partner, influence and be held accountable for your plan design and helping you reach your objectives. This partnership can also help keep you from making mistakes along the way.
  5. Don’t sacrifice all that you love in the pursuit of wealth. You must define what wealth means and looks like to you.
  6. So that you can spend your time loving life in the future, pay yourself first. Don’t suffer from impulse purchases or get caught up in spending today without saving for tomorrow.
  7. Take a systematic approach to goals and decide where you would like to start building your wealth. Simply break down your goals into short term steps.
  8. Find a healthy balance between what makes you happy and what will pay the bills. Pin pointing your wants and needs will help you achieve your lifelong goals.

Enjoy a comfortable lifestyle now and in the future by considering the steps to plant your goals and build your wealth.

“What you plant now…You will harvest later.”
Oz Mandino

Opinions are those of William Bowman and not necessarily those of Raymond James. “Investing involves risk and you may incur a profit or loss regardless of strategy selected.”

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