Start Wealth Building Today
It’s often easier said than done when it comes to building wealth. However, if you take the initiative to make smart financial decisions, even small steps forward can have a big impact over time. This National Financial Literacy Month, CNBC Make It is focused on how to build wealth by developing good money habits, saving wisely and investing intelligently.URL :theinvestorscentre.com
Whether your goal is to buy your first home, enjoy a comfortable retirement or create a business of your own, every financial decision you make either moves you closer to or further away from your goals. In fact, many Americans don’t even realize the full potential of their income and savings, leaving them far behind. To truly build wealth, you need to know how to manage debt, save more, invest and minimize taxes.
Start Wealth Building Today with These Steps
Start by making sure you’re saving enough to cover living expenses and emergency funds, and then consider starting a savings plan with a diversified mix of assets. This includes cash equivalents such as high-yield savings and checking accounts, money market funds and Certificates of Deposit (CDs). Investing also provides an opportunity to grow your wealth over the long term by taking advantage of compound interest. Begin with low-cost exchange-traded funds and index funds to reduce fees and maximize returns.
Debt is a dangerous quicksand and paying down or eliminating your debt should be top of mind in any wealth-building strategy. Investing your income is another way to grow wealth over time and diversify your portfolio, but be sure to stay informed about the markets so you can adjust your strategy as needed.…