Growing Your Personal Wealth – Save and Invest
By: Steven L. Schou, CFP®, AWMA®, Vice President Business Development & Wealth Advisor
Have you ever given much thought to growing your personal wealth? I mean really thought about it and envisioned what it could be like. Often, we think of it as more of a pipe dream. Wouldn’t it be nice to have a vacation home? To go on amazing five-star vacations? If you think of it as more of a fantasy than reality, you will never be in the mindset that will put you on the right track to growing your personal wealth.
It all comes down to this: spend less, earn more and invest for the long term. And you must plan.
By creating a plan, you will be more apt to stick with your spending and savings goals. You basically create a very exciting vision of your retirement and what you’re passionate about doing. You save and invest more when you do this and grow more personal wealth at a faster pace.
Here are the key wealth creation steps that you should be taking for your personal wealth plan:
- Invest fifteen to twenty percent of your income for long-term accumulation. The earlier you start the better, but it’s never too late to begin.
- Have six months (but no more) of readily available savings available in case of emergency.
- Additional monies not accumulating for a short-term, large purchase should be invested for long-term growth.
Growing your personal wealth and living the life you want to live is an attainable goal. It just takes some planning, making the choices that will get you where you want to be and the fortitude to stick to that plan.
Investment products: Not FDIC insured | No bank guarantee | May lose value | Not a deposit | Not insured by any Federal Government agency