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Congratulations youve reached anet worthof a quarter-million dollars.
What do you do now?
As you build your wealth, your needs and challenges change.
You and your money tactics need to change with them.
Here are sixmoney moves to get even richer after you hit that net worth milestoneof $250,000.
These include budgeting, saving as much as possible, avoiding unsecured debt and getting comfortable with investing.
Youve passed that stage.
Now you gotta get more strategic.
Start by setting a target.
Whats the finish line?What net worthwould let you quit your day job?
But at this stage, youre likely ready for professional help.
Money that sits in achecking or savings accountfinds a way of getting spent.
Move the funds to be invested and sequestered as soon as possible!
The higher your savings rate, the faster you build wealth and reach financial independence.
Most households measure emergency funds in terms of the number of months of living expenses they can cover.
Households withstable, secure incomesand steady living expenses can get away with two or three months worth of expenses.
Those with unstable income or expenses should budget more, such as six to 12 months worth of expenses.
When in doubt, ask a financial planner how much you should set aside in cash.
It can give an instant budget boost while also preventing lifestyle creep.
As you plan how to invest your savings, always look attax-advantaged investment opportunitiesfirst, Krasner Maizes said.
The less you pay in taxes, the more you could put toward building wealth.
But adults with a $250,000 net worth need one more than the average person.
Consider starting with a simple will from an online platform like LegalZoom or LawDepot.
You should feel proud of reaching a $250,000 net worth.
Its a milestone worth celebrating.
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