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20 YearsHelping You Live Richer
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Getting money is fairly easy.
Growing money takes a little more thought and consideration.
And preserving the wealth you create for years to come takes strategy.
It takes effort, oversight and some careful thought tocreate wealththat can be maintained throughout the years.
GOBankingRates asked a few experts about the top seven ways tobuild and preserve wealth over time.
helps to spread risk, Carnduff explained.
Carnduff said this is where having a financial professional you trust and can rely on makes the difference.
Manage Fees
According to Urban, keep fees as reasonable as possible.
In other words, confirm the cost/benefit is worth the relationship, he added.
You want to avoid the trap of lifestyle inflation.
As an example, Carnduff said, Dont increase your spending just because your income goes up.
Instead, have a strategy to route these funds into savings or investments.
Think carefully about this and come up with agood long-term plan, he said.
The power of compound interest is a game-changer.
The earlier you start, the more your money can grow, Cardnuff said.
Carnduff pointed out that consistency is a major factor in building wealth, even if you start small.
[Automate] your savings by setting up regular contributions to your retirement accounts or savings fund.
This way, youll build wealth without having to think about it constantly.
Urban added, Understand the core concepts around what types of accounts to invest in i.e.
traditional IRA/401(k) vs. Roth IRA/401(k), etc.
and what types of investments make sense for you and your short, medium and long-term goals.
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