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  • Writer's pictureTom Clarke

How to build and keep significant wealth

Building significant wealth is a goal for many, but achieving it requires careful planning, disciplined execution, and patience. Here’s a step-by-step guide to help you on your journey to financial prosperity.


Step 1: Set Clear Financial Goals – without goals you are financially sleepwalking!


Step 2: Create a Budget and Stick to It – Budgeting allows you to define your essential expenditure and use your discretionary responsibly.


Step 3: Build an Emergency Fund – Save around 3 to 6 months of living expenses to deal with any unforeseen circumstances.


Step 4: Invest Wisely – Invest within a level of risk you are comfortable with, diversify your investments, invest regularly and reinvest dividends.


Step 5: Maximise Retirement Contributions – Contribute enough to benefit from employer matching, tax relief and investments that compound will build retirement wealth.


Step 6: Increase Your Income Stream – Pursue higher education, skills and qualifications to advance in your career and increase your earnings. The more you learn the more you earn.


Step 7: Review and Adjust Your Plan Regularly – Your plan will change and so will you. Rebalance your investments regularly, assess your budget, income, expenses and goals. Your life does not stay still, neither should your financial plan!


Step 8: Protect Your Wealth – Shielding your hard-earned money from unforeseen circumstances is important, why build a castle if you leave the drawbridge open? Look at insurance, wills, lasting Powers of attorney and estate planning.


Step 9: Speak to a Financial Planner – Actions make the biggest difference, knowing you need to do something is not the same as acting. Thinking about exercise won’t make you fit. A Financial Planner can recommend actions and make you accountable, keeping you disciplined so that you succeed!


There is no ‘one size fits all’ with financial advice and you should speak to a Financial Planner to assess and make recommendations based on your individual circumstances.

 

Get started on your journey to a robust, well-thought-out Financial Plan today. Get in touch to arrange your free 30 minute conversation to discover how we can help you identify and achieve your goals.

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