March 30th, 2023 9:56 AM by Jackie A. Graves
The best time to start building wealth is right now. No matter where you are in your personal financial journey, there are steps you can take to build a more stable and sustainable future for you and your family. Here is a closer look at steps you can take to begin building wealth.
Building and managing your wealth is a lifelong process that can have major implications for you and your children or other beneficiaries. In fact, CNBC reports $68 trillion will be passed down from the Baby Boomer generation between 2019 and 2044. Having a plan in place can ensure that your wealth is distributed to the people who mean the most to you.
ChangeMyRate.com compares multiple lenders and loan options — all in one place. Take the first step by getting pre-approved here for FREE! No SSN Required
Your approach to building wealth should be personalized to your specific situation, but you can base your plan around three main pillars: accumulate, preserve and protect.
Create a Plan to Accumulate Wealth
The first step to building wealth is earning enough money to save and invest in your future while covering your basic expenses. Steps you can take to accumulate wealth include:
Create a Plan to Preserve Wealth
Once you have begun to accumulate wealth, the next step is preserving it. This includes making plans to protect and grow your money over an extended period of time. Steps you can take to preserve wealth include:
If you think you could benefit from refinancing your mortgage, then start by answering a few quick questions to see what you could qualify for. No SSN Required
Create a Plan to Protect Wealth
Last but not least, you should have a plan in place to eventually transfer the wealth you have built to family and loved ones. Steps you can take to protect wealth include:
Building inter-generational wealth is a long-term effort — consistency and commitment are key. Do not get discouraged if you are not seeing results as quickly as you would like.
If you need help at any point in your wealth building journey, there are professional financial planners and counselors who can help keep you on track.
To view the original article, click here