6 Proven Wealth Building Strategies

6 Proven Wealth Building Strategies

6 Proven Wealth Building Strategies
Building wealth is​ as​ simple as​ saving a​ little bit here and​ ​ a​ little bit there. ​
You need not have great riches in order to accumulate wealth, but you need to have the​ drive, determination, and​ ​ discipline to successfully increase your wealth. ​
Let’s look at ​ 6 proven wealth building strategies you can put to use today.
1. ​
Pay Yourself First. ​
if ​ you do not set aside money before you start paying your bills, chances are you will never save any many after you pay these same bills. ​
if ​ your employer has a​ 401k or​ 403b plan, enroll in it​ and​ ​ set up a​ reasonable percentage to invest. ​
The money will come out before you see your paycheck, therefore the​ loss of​ discretionary income will be less noticeable to you. ​
Maximize your contribution if​ ​ you are able, especially if​ ​ your employer matches your contribution.
2. ​
Save Now. ​
The earlier you start to save in your life, the​ more you will have later in life. ​
of​ course, if​ ​ you aren’t able to save much until after your children are grown, you can step up your savings until you retire and​ ​ still have a​ decent nest egg.
3. ​
Get Rid of​ Debt. ​
Even before you build up your savings it​ is​ best to get rid of​ your debt first before starting a​ wealth building campaign. ​
if ​ your credit card rate is​ 14% you will find it​ difficult to find any investment that gives you a​ return that exceeds that rate. ​
it​ would be better for​ you to pay down your debt first and​ ​ then implement an investment strategy.
4. ​
Pick the​ Right Mortgage. ​
if ​ you plan on holding onto your home for​ a​ short period of​ time, select an adjustable rate mortgage as​ your rate will be lower than a​ fixed rate mortgage. ​
Use the​ amount saved to pay down your mortgage quicker; refinance your home if​ ​ rates begin to climb.
5. ​
Build An Emergency Fund. ​
Nothing wrecks the​ best laid plan more than an emergency, particularly one that costs you money. ​
Set aside up to six months of​ your income to live on in case catastrophe hits. ​
Without an emergency fund you will be tempted to take on debt, cash in your retirement accounts, and​ ​ sell valuable investments. ​
Try recovering quickly from this sort of​ hit to your wealth without an effective back up plan!
6. ​
Protect Your Assets. ​
You can have a​ healthy portfolio and​ ​ see it​ disappear quickly if​ ​ you are not properly insured. ​
Make sure that your health/dental, homeowner, life, and​ ​ disability insurance coverage is​ adequate to meet your needs. ​
All it​ takes is​ one legal judgment against you to wipe out your assets.
Instance riches come to a​ few, but most riches are realized after careful planning and​ ​ effective management of​ your resources. ​
You can properly prepare for​ the​ days ahead by implementing these six proven wealth building strategies today.

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