Slow & Steady Wins the Race:
Grow Your Wealth Now to See Potential Results in the Future
Building your wealth isn’t something that will happen overnight.
With time, dedication, and creating healthy habits, you’ll be able to potentially increase your nest egg and build your savings accounts to where you want them to be.
With these tips, you can start pursuing your wealth through steady measures.
Start Saving at 25
An easy way to start saving for your retirement is to create the habit from when you get your first job out of college. Even if you don’t work at a company that sets up retirement accounts for their employees or makes retirement contributions, the 50-30-20 rule can help you avoid falling into a crippling cycle of splurging before paying your future self. With 50% on needs, 30% on wants, and socking away 20% to savings, you can ensure you are paying your future self.
Build Positive Financial Habits
The sooner you can be financially disciplined and maintain positive spending habits, the better off you will be. Making savings a part of your life could be as simple as creating and following a budget, tracking your expenses, and paying off debt. These habits will serve you as you pursue your wealth and throughout retirement.
When you have the funds to do so, start investing. But before you begin investing, learn everything you can about it. Learn what kinds of investments you want to make (stocks, bonds, real estate, etc.) by being knowledgeable about them. Find investments that work for you and continue investing in them to help pursue your wealth. In dollar-cost averaging, a consistent dollar amount is invested consistently at regular intervals, regardless of what's going on in the market, allowing your net worth to grow steadily.
Avoid Lifestyle Inflation
As you build your career and earn more money, be aware of lifestyle inflation. It can be tempting to let your lifestyle costs increase as your income increases, but this doesn’t have to be the case. By not continually spending more with each raise and differentiating needs versus wants, you can keep your expenses low and save more.
Pursuing your wealth can be a slow process. Be ready for a journey where you proudly earn every penny and pursue your wealth over time. If you’re not sure how to get started or want more information on finance and investments, contact the Treece office and we can help you in your journey to grow your wealth.
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Ready to get ahead with a solid savings strategy? Let's talk! Schedule a complimentary consultation.
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