What’s your definition of wealth? It’s a simple question and yet many people don’t really know how to respond. In a recent Forbes article by Jeff Rose, Todd Tresidder of FinancialMentor.com says, “Great wealth builders focus on both saving money and earning more.”
Tresidder is referencing the gap between your income and expenses. If you’re spending even slightly more than what you’re making, there’s no way you’re going to accumulate wealth. Taking it one step further, the larger that gap, the more wealth you can build.
By no means will this post serve as a ‘get-rich-quick’ guide. It will, however, offer several proven ways to build wealth and hopefully get you back on track toward achieving those financial goals.
Let’s get to it:
Avoid splurging on vehicles
Even in 2018, a car is a necessity for most Americans. Sure, it would be nice to have a brand-new vehicle with every feature imaginable. What people fail to realize, though, is how a car loan can throw a wrench into their financial aspirations.
Did you know that car loans rank as one of the highest-cost debts of many U.S. households? The takeaway with this point is to own a car or truck that runs well and gets you from point A to point B. As opposed to shelling out hundreds of dollars a month on a ridiculous car loan, you can put that money toward investing.
Steer clear of unnecessary purchases
It’s okay to go out for a nice dinner every now and then. There’s no need to cancel that yearly summer vacation either. What you should start doing is avoid buying things you don’t really need.
Do you really need another TV when you already have one in the den and basement? Does it make sense to purchase the newest smartphone even though there’s nothing wrong with your current one?
These are just more expenses that take away from wealth-building opportunities.
Work hard now
Rose goes on to mention the importance of working hard as a young professional. Granted, there will be days when it’s extremely difficult to roll out of bed and perform every task imaginable. Nevertheless, the harder you work now, the more it’s going to pay off (literally) years from now.
Further your education
We come across stories every day of self-taught entrepreneurs and innovators who make it big. But not everyone can follow this path. For most of us, investing in a second degree or specialized designation is the next best thing.
Think about it for a moment. Would having an MBA open up doors for exciting, higher-paying opportunities? There’s never been a better time in corporate America to invest in yourself.
Save a chunk of your take-home pay
We have discussed at length the lack of Americans saving for retirement. You don’t have to fall into that category, though. With a few sacrifices and an overall more thrifty mindset, you should be able to put away about 30 percent of your income.
Again, the more you save, the more you can put toward investments.
The Potential of High Return Investments
Have you ever been curious about risk-averse investments? The Tactical Wealth Fixed Income Fund provides stable, consistent income without having to sweat over the volatility of the stock market. This strategic income fund manages risk using various tools and techniques such as contingency reserves and pooled investments.
Let’s move on to the million dollar question. Is the Fixed Income Fund right for you? We invite you to check out who can benefit from fixed income.
The Tactical Wealth Income Fund isn’t limited to just one age group. Today, our common client profiles include retirees, those preparing for their ‘golden years,’ savvy investors, young professionals, tax-astute investors, as well as investment institutions.
We want to help you build your wealth. Get started with the best fixed income investments in the industry.
