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Some people are born rich.
For them, the challenge of wealth becomes keeping it.
Build an Emergency Fund
Life happens and its often expensive when it does.
Anemergency fundcan stop the bleeding and keep your journey on track.
How much should your emergency fund hold?
Start with $1,000 and then work toward saving three to six months worth of expenses.
Create a Budget
Yes, budgets are tedious and boring.
Theyre also essential you cant build wealth if you spend more than you make.
Success means doing the budget thing right, though.
First,track your spending.
Use an app, a spreadsheet or pen and paper whatever works for you.
Most people are shocked at how much they spend on non-essentials.
Then, set realistic goals for cutting back and saving.
Finally, review your budget often to stay on track.
Next stop: Wealthytown.
Buy a Home
Buying a home is an important milestone in building lasting wealth.
Two, real estate typically appreciates, raising your net worth.
Thats why its important tostart planning for retirement early.
If your employer offers a 401(k) program, participate.
Or, you could open an IRA or Roth IRA.
Retirement accounts allow you to ensure a comfortable post-work life but can also provide tax advantages during your career.
They also give you the benefit of time and compounding to supersize your investment growth.
So, careful estate planning is an important step to ensure your legacy is passed on as you intend.
Youll want to carefully consider instruments like wills, trusts, powers of attorney, and health directives.
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