Use these Strategies to More Effectively Grow Your Wealth Over Time

If you want to achieve financial independence and live the life of your dreams, you’ll need to adopt wealth-building habits that help you accomplish your goals. Like any habits, wealth-building habits must be regularly practiced until they become second nature in order to be effective. To do that, you must exercise patience and commitment.

The first step is to figure out what wealth means to you. Get clear on what your goals are and then start employing the habits below to bring them to fruition.

If there’s one thing most of us have in common, it’s the experience of saving money incrementally for something that seems out of reach. Whether you’re a teenager saving up for a car, a college student saving up for a degree, or an adult saving up for a down payment on your dream home, you’re probably intimately familiar with what it feels like to have to put money aside to achieve a financial goal. You probably also know how challenging it can be to stay disciplined and motivated to reach the savings threshold you desire.

In order to successfully save enough to finance your long-term dreams, it can help to set specific financial goals. What is it, exactly, that you want to achieve? How long will it take you? What are the particular steps you need to take in order to be successful? Questions like these can help ensure that you’re on the right track – and that you stay on it.  

When it comes to goal setting, the new year always provides the perfect opportunity to take stock of where you are, what you want, and how to go about getting it. In light of the new year, here are a few tips and guidelines to help you set and achieve your financial goals – no matter how big or small. 

If you’re among the 73% of Americans for whom money is a source of stress in their lives, you may be considering a financial resolution or two for the New Year. You might also be unsure where to start or feel overwhelmed by the idea of tackling something that feels immense. Luckily, you can take small steps to create big change in your financial well-being as we move into the new year. Below, I’ll share 10 keys to greater financial health that you can use as a guide as you set your financial resolutions for the year ahead.

If you’re like most retirees, you may be planning to claim your Social Security benefits around the age of 62. Or, perhaps, you plan to hold off a bit longer until you’ve finally hit full retirement age, which is typically between the ages of 66 and 67. However, have you considered waiting even longer – until age 70 – to begin collecting Social Security?

The truth is, there are quite a few benefits that could come from being patient. Here are three main reasons why it may pay in the long run to delay taking your Social Security benefits until age 70.

If you’re among the many people who wish they had begun taking financial planning seriously a bit earlier in life, you’re definitely not alone. It’s a common refrain we hear from clients and, while you can’t go back in time, you can encourage your adult children to avoid the mistakes you made.

Now, if your children are in their 20s, or are older but not earning much yet, there’s probably not much need for a financial advisor. However, life changes and careers evolve, and there will come a time when professional financial advice is both appropriate and needed. Below, we’ll discuss four triggering scenarios in your adult children’s lives that may make it the right time to seek out the services of a financial advisor in order to create a proper plan for the years ahead.

Any time the season changes it brings with it a great opportunity to re-assess your current reality and revisit your plans for the future and long-term goals. For most people, envisioning a dream retirement is fairly easy – it’s not hard to picture yourself somewhere tropical with your toes in the sand, or hiding away in a cabin somewhere with your nose stuck in a book. Or perhaps your dream retirement is full of images of you baking with your grandchildren, surrounded by family. Whatever your dream retirement may look like, visualizing your future life isn’t the same as preparing your finances to make that dream a reality.

As we settle into fall, now is a great time to reconnect with your financial goals, get intentional with your investment strategy, and freshen up your money habits. If you’re looking to tighten up your finances, try using these seven steps below to get yourself back on track.

Financial planning provides a plethora of benefits; however, it also comes with many challenges considering it’s impossible to completely prepare for an unpredictable future. Despite the impossibility of being able to fully prepare for what the future holds, a smart financial plan can still provide you with the flexibility and strong financial foundation you need to respond to whatever the future brings.

Recently, there has been a lot of discussion about the tax plan put forth by Democrats and the corresponding changes it may bring. While there is still a lot that is unknown, some of the upcoming tax changes are certain and can begin being planned for. Below is a summary of some of the items that will change in the 2021 tax season.

Most of us don’t plan for divorce. Yet it’s still heavily prevalent and, when it happens, nearly every aspect of life changes – seemingly overnight. Divorce can be mentally, emotionally, and financially draining. It is also fraught with decisions that must be addressed so that, when the dust settles, you find yourself standing on solid financial ground.

Divorce nearly always impacts your money, as it completely undermines most of the financial planning and wealth-building that a couple accomplished during the marriage. Untangling two people’s money is a messy and emotionally challenging process. That’s why you’ll want to prepare your finances long before spousal or child support is awarded, or your post-divorce budget is in place.

Since each relationship is unique, so is each divorce, and this means specific planning advice can only come from experts who are familiar with your situation. Despite that, there are some overarching tips that can guide you on the right path, no matter what you’re dealing with.

Now more than ever, we’re living in a world where it is important to have a firm grasp on money management and personal finance. When it comes to investing, there is truly no substitute for education and experience. And, when it comes to meeting savings and retirement goals, there is no substitute for smart investing. This is why it is so important to educate your children and grandchildren about personal finance while they’re young.

The daily hustle and bustle of life can make it hard to find the time to sit down and begin having conversations with your children about finance. However, by teaching basic principles like saving, interest, and risk and reward in your daily activities with kids, you can instill in them the financial literacy they’ll need to succeed financially as adults.

It’s not an overstatement to say that all retirees want to enjoy a comfortable and financially secure retirement. In order to save enough money to be able to make this a reality, most people begin saving at a young age and do so consistently throughout their working lives. However, practicing consistent healthy money habits is a challenge for many people.

If you’ve struggled with saving for retirement and fear you might be behind, there are things you can do to get yourself back on track. It will require you to get proactive and intentional with your savings and your financial habits moving forward. Though it may seem daunting, it’s not impossible. These five financial habits can help you catch up to your retirement savings goals and get you on the right track for a comfortable and financially secure retirement.

Our natural inclination is to view retirement as a happy and stress-free phase of life – and it absolutely can be. However, when you’re transitioning into retirement it can feel disorienting and nerve-wracking. Making the shift from the working and saving phase of your life to the life of a retiree tends to be a rollercoaster of emotions, and this life pivot can be taxing for even those who are the most prepared.

No matter your phase in life, the financial decisions that you make now are likely to impact your future. Navigating complex matters such as tax planning, establishing an estate plan, figuring out the right investment strategy, purchasing life insurance, planning for long-term care, or preparing for retirement can be incredibly overwhelming.

For certain financial matters, having a financial advisor at your side can help ensure that you’re making the right choice for your personal situation. The following scenarios are ones in which the help of an expert could significantly improve your financial and personal future.