Money Management can be hard when you’re not getting the right financial information. It seems everyone is after your hard-earned money. So how do you make informed decisions when investing, managing employee benefits, and planning for retirement? As an individual, can you personally compete against Wall Street and win?
I’m here to help. I love to write and teach but moving on into the year 2022 I’ve decided to step it up a notch. Rather than teaching the wealthy how to get wealthier, which is what I’ve done for decades, I want to teach my wealth-building strategies to anyone who has the desire to improve their financial situation.
Given that desire, I challenge you to step it up, financially speaking. Become your own best money manager in all areas and achieve financial results you may have only dreamed of. I’ll supply you with the unbiased conflict-free information you need regarding your choices.
Past financial transgressions have no bearing on your success or failure. Going forward, you’ve got a clean slate. Start that brighter financial future now by reading further.
Are you carrying high-interest debt? If you are, I suggest putting your wealth building aside for now and making eliminating that debt your sole focus, financially speaking. Eliminate it in months, not years. Once you’re out of debt, you’ll be able to commit even more money toward your financial goals and resume that wealth building with a vengeance.
The faster you get out of debt, the more money you’ll save. Keep repeating that mantra in the months ahead as you transition through this difficult but finite phase and into life after debt. You had a lot of folks help get you into debt, but you’re the only one who can get you out. Harness your anger and summon your courage. Your debt elimination period starts now.
If you’re given a substantial lead over your opponents at the start of a foot race, you’d be more apt to win the race, right? That’s the way I look at tax-advantaged accounts. Everything else being equal, you’re practically guaranteed a higher after-tax rate of return before the “race” even starts.
There are many tax-advantaged accounts available, some of which you might not be aware of because qualifications, contribution amounts, and income restrictions can be confusing, and most change every year. Find the ones for which you’re eligible using the up-to-date information, then try and max them out if you can.
Your most important money, the money that’s going to bring about all those positive changes, is your savings percentage. Transfer that small part of your paycheck immediately upon receipt to where it will do the most good: The customized investment plan you designed for each of your financial goals.
Use the same techniques professional investors use when creating those investment plans and use only the lowest cost highest performing self-managed accounts whenever possible. Keeping your investing costs super-low is fundamental to your investing success.
Combine substantial tax savings with a great customized investment plan and super-low fees, and you’ve got one of the most powerful wealth-building strategies on the planet. That’s how you compete with Wall Street!
Nothing wrong with opening and investing in a regular taxable brokerage account too. Just be sure to max out tax-advantaged opportunities first.
Saving and Spending Money
You must be able to save money. Even the best customized investment plan does you no good unless you can save money to feed it.
Always look for ways to increase your savings. I’ll show you how to start saving more money right away, with your next paycheck. Even a slight increase in your savings can make incredible positive differences to you and your family’s lives.
Even if you’re not in debt, spending problems more than likely get you into trouble now and then. Learn how to streamline and prioritize boring but important financial tasks so you can spend your time on more exciting things.
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