Hello and welcome to wealthhere.com. Here at Wealth Here our aim is to provide you with as much wealth building advice as we possible can in order to give the best possible start to your wealth building journey.
The idea of having a plan for building personal wealth too often has the idea of having risks associated with it. This is unfortunate, since one needs to have plans for retirement, vacations, buying a home, or many other life events. The simple reality is that we live in a world that money is the commodity most needed to realize your dreams.
Everything needs a starting point, and the simplest way to begin personal wealth building is by saving a percentage of your take home income religiously. Americans have one of the lowest rates of saving money in the world. It takes discipline to do this, but after several months you will see the benefits. In the UK employees are getting a great chance to use workplace pensions to save for retirement through a scheme called Pensions Auto Enrolment.
Some people have trouble making ends meet, but they too can begin personal wealth building. One way is to use the Loose Change Method. Instead of carrying around your loose change, create a money jar and put it in there. It doesn’t have to be a lot, but the hard rule is to never touch it once it is in the jar. After a while, it will become a habit and you will be surprised how much loose change adds up. Again, this will not make you Bill Gates in a year, but the idea is to start somewhere.
Perhaps the most important thing about personal wealth building is attitude. It is a long term, perhaps life long, strategy that will take time and patience. In your life there will be personal and financial ups and downs. However, developing a plan that works and you can live with regardless of the amount you stash away is key to long term success. You will also have to be willing to learn along the way, as your view of using a financial advisor may change over time. In the end, you need to take control of your finances and create a savings and investment portfolio that is suited towards your specific goals, whether it is buying a new home or retirement.
Whether you need to understand the core principles behind wealth building, or want to know what pitfalls to watch out for, we’ve got it all in our numerous articles.
Make sure to read on through them to gain the maximum amount of knowledge that you can before continuing on your journey to financial freedom.
If you would like any further help or advice please don’t hesitate to get in touch.