The path to great wealth
starts with baby steps
You don’t have to strike it rich overnight
Tips on building wealth
- Build an emergency fund: Especially in times of great need, you’ll feel much more secure with 3 to 6 months’ worth of your expenses saved up.
- Separate your accounts: Have at least 3 separate accounts, one for expenses (very accessible), one for emergencies (semi-accessible), and one for goals (somewhat inaccessible). When everything is in one account, you might accidentally spend money meant for your retirement on groceries. This also protects you from overspending when you see a lot of money in your account.
- Stop the ‘bleeding’: That new smartphone is nice, but you don’t need it. The idea is simple here. Cut down on spending if you want to have more cash later.
- Create a budget: Once you’ve stopped the unnecessary ‘bleeding’, set a monthly and an annual budget. Analyze how much income you have versus how much you’re spending; and, figure out how much you need to set aside.
- Don’t get too risky: That penny stock your friend told you about could make you a ton of cash, but it could also leave you with nothing. It’s best to consult a financial advisor first.
- Diversify your portfolio: Don’t put all your eggs in one basket! Nowhere is this old adage truer, than in the investment world.
- Earn money on the side: A side business or a second job is a great way to add to your wealth. If your current income already covers your life expenses, what you make outside of it can be put towards building wealth.
- Never touch your investments: A shiny new car may be for sale, but it’s not worth your financial freedom. For your investments to work, it takes time. So, allow time and consistent investments to work their magic.
- Talk to our experts: Figuring out the best way to build wealth is tricky. We’re here to help. We’ll talk with you and take time to understand your situation. Then, we’ll set you up with a plan to grow your net worth.
You can have it all. You just have to plan it right.
The path to wealth begins with decisions. Even if you’re on a budget, you can make it happen, because it’s all about saving and investing. So, if you want to be ‘sitting in the shade later on in life, plant the tree now.’
To build wealth, you don’t need a fancy invention, a lottery win, or a surprise inheritance from an unknown aunt. You just need hard work and a willingness to save and invest. Interest can do beautiful things when given time; so, let it.
If you want to be wealthy tomorrow, the best thing you can do is invest today.