Accumulating wealth may seem daunting for many individuals, but it can be achieved with the correct habits1 (Kenny Accent Investing Nov. ’23)
Here are the steps to build wealth:
Monitor finances
- keeping tabs on your finances provides a clear understanding of how you allocate every dollar
- It enables you to gain clarity
- tracking is essential if you aim to build wealth and attain financial freedom
Invest for retirement
- you need to put away money for your future
- having a retirement account with your employer or individually is a smart decision
Invest in yourself
- investing in yourself is a requirement for financial success
- improve your skills, knowledge and education to increase your earnings and open up more opportunities
Keep track of your accounts
- regularly reviewing your account statements is an example of sound money management
Increase the value of money
- inflation decreases the value of money and your purchasing power
- this is why it is necessary to put your money to work in assets that beat the inflation rate. Invest in such assets like stocks
Financially literate
- Ignorance is very costly
- being familiar with basic financial concepts can make a difference in life
Increase your net worth
- Wealth is measured by the assets that you own
- Paying off debt, lowering expenses, and boosting income are all admirable achievements
Sincerely,
Mike Busby (1-Feb-24)
THE COMMENTS CONTAINED HEREIN ARE A GENERAL DISCUSSION OF CERTAIN ISSUES INTENDED AS GENERAL INFORMATION ONLY AND SHOULD NOT BE RELIED UPON AS TAX OR LEGAL ADVICE. PLEASE OBTAIN INDEPENDENT PROFESSIONAL ADVICE, IN THE CONTEXT OF YOUR PARTICULAR CIRCUMSTANCES. THIS ARTICLE WAS WRITTEN, DESIGNED AND PRODUCED BY MIKE BUSBY FOR THE BENEFIT OF MIKE BUSBY WHO IS A FINANACIAL ADVISOR FOR BRANDON LINDSAY INSURANCE AGENCIES, A TRADE NAME REGISTERED WITH INVESTIA FINANCIAL SERVICES INC., AND DOES NOT NECESSARILY REFLECT THE OPINION OF INVESTIA. THE INFORMATION CONTAINED IN THIS ARTICLE COMES FROM SOURCES WE BELIEVE RELIABLE, BUT WE CANNOT GUARANTEE ITS ACCURACY OR RELIABILTY. THE OPINIONS EXPRESSED ARE BASED ON AN ANALYSIS AND INTERPRETATION DATING FROM THE DATE OF PUBLICATION AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. FURTHERMORE, THEY DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO BUY OR SELL ANY SECURITIES. MUTUAL FUNDS OFFERED THROUGH INVESTIA FINANCIAL SERVICES INC.
