You asked for financial guidance, financial advisors and founders of Emeritus Wealth Group, Michael Soroko and Zach Zenda are providing it.
Building wealth is a hot topic amongst Americans these days. From get-rich-quick schemes to the explosive investing craze, everyone wants to know how to grow their money while living a productive life.
If this is you, here are 8 ways you can start to build wealth before 2021 comes to a close:
The best thing you can do for yourself is to gather reputable resources and learn how to save, budget, and invest. Becoming financially literate is essential for maintaining good financial habits and sticking to your long-term goals.
Have an accountability partner
Accountability is hard to practice by yourself. That’s why having an accountability partner by your side will benefit you. Whether it is a financial advisor, your spouse, or your wealth manager, these people can keep you on track when the last thing you want to think about is money. Your accountability partner’s sole job is to remind you of your long-term financial goals. In the end, you’ll thank them.
Create an emergency savings fund
You should always put a portion of your paycheck toward an emergency savings fund. This fund is a separate bank account where you should set aside money for large or unexpected expenses.
While you want to have a buffer for emergencies, don’t go overboard. There’s more money sitting in cash and money markets than ever before. To put it simply, money in motion is the key to long-term wealth-building; allowing cash to sit in the bank does not make you rich. So put aside money for your emergency fund and other important bills, and then invest the rest.
Eliminate high-interest debt
Be sure to prioritize paying off (and paying on time) that bad debt.
Create monthly and annual savings goals
Here’s a tip: save 40% of your gross income! Yes, you heard that right. 40% is the ultimate goal! If you make $5,000/month, $2,000 should go toward some sort of investment/saving strategy for your future. If 40% is out of reach, then start with a smaller amount and build up to that milestone over time.
Don’t follow the herd
You’ve seen the investing craze already this year. Gamestop, AMC, and Robinhood were all the talk of the town. But don’t be fooled by headlines. Warren Buffet’s top rule of investing is, “don’t lose money!” Get rich quick schemes don’t work. Don’t get caught up in short-term noise. If you want to be a successful investor, take the long-term strategy. As the saying goes: good things come to those who wait.
Create goal-oriented plans
Goal-oriented planning delivers results. You want to just have a goal of getting to $500,000. Establish your ‘why.’ Why do you want to get there? What is it for? Review that goal monthly or quarterly. Checking in with yourself and your advisor about your goals will keep you on track.
Diversify your portfolio
Diversification is the key to strategic financial planning. Invest in your 401k, Roth IRA and/or brokerage accounts, crypto-currency, real estate, and alternatives. Diversifying your assets reduces the volatility of your portfolio overtime. Don’t miss out!
Wealth building is a marathon, not a sprint. Building wealth requires responsibility. Being financially responsible requires discipline. Discipline requires patience. Brick by brick, you’ll have the wealth of your dreams if you stay disciplined for the long-term.
Get financially fit with Emeritus Wealth Group
Michael Soroko and Zach Zenda are two of the founders of Emeritus Wealth, a financial advising and planning firm in New Jersey.
Their passion stemmed from seeing that many lacked the knowledge as to how to build wealth. This led them to start their own firm. They founded Emeritus Wealth Group in 2019, and vowed to do things differently by meeting their clients’ needs and goals. Their passion and dedication starts with creating unique plans based on each individual client they meet.
Emeritus Wealth Group offers financial planning, retirement planning, and business planning services.
If you’re looking for financial advising and wealth management to protect your assets and build wealth, contact Emeritus Wealth Group.
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