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Experts say you’re free to use money from your savings to helpgrow your wealth.
co-founder and CEO ofReliant Insurance Groupand Helping Hand Financial, equally agreed.
Consider investing your money in the stock market.
He suggested starting withbroad market index fundsbefore picking individual stocks.
Real estate can act as a hedge against inflation and offer asteady cash flowthrough rental income.
Klesinger similarly recommended buying and holding assets that appreciate like real estate.
Property values historically rise over time with inflation.
Over 30 years, property values often double or triple.
This could mean enrolling in specialized courses, obtaining professional certifications or even pursuing advanced degrees.
This approach allows you to leverage your skills and interests to generatepotentially significant returns.
Whether a small side hustle or a full-scale startup, the entrepreneurial path can lead to substantial wealth creation.
Paying off high-interest debt like credit cards provides an immediate gain.
Once paid off, take that payment amount and automatically transfer it to savings each month.
This forces you to pay yourself first and builds wealth through compound interest.
Consider Municipal Bonds
For investable funds, Rawal recommends municipal bonds.
He added that a muni fund can generate tax-efficient income in the long run.
Munis are ideal for higher tax brackets seeking maximum after-tax returns.
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