Have a Game Plan – Benjamin Franklin said it best, “If you fail to plan, you are planning to fail”. The biggest secret to building wealth is to sit down early and create a plan. Answering questions like, when do I want to retire, where do I want to live, what type of lifestyle do I want, how do I want to spend my time, what type of retirement saving vehicles are available, how much money will I need to save each month for my goals, etc. These are all questions that need to be answered to create a successful wealth strategy.
Play Offense and Defense – Having confidence in your plan is essential, especially if you want to sleep at night but playing it too safe can hurt you too. Consider this, you will likely spend 20 years or more in retirement so a portion of your portfolio should remain invested to keep up with inflation. These include investments like high quality, dividend paying stocks.
Fumbles Do Happen – Saving for the future often includes investing in the stock market. The stock market always has and always will go up and down. Embrace the power of the markets by using dollar cost averaging to invest. This means investing money each month or periodically. When stock prices are high you will buy fewer shares and when the market is low, you buy stocks ‘on sale’. I don’t know about you, but I love a good sale! In time, history has proven that the market always comes back and those shares bought on sale will show a good profit. (No guarantees of course)
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Information in this material is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
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