5 Simple Money Habits You Can Start Today To Build Wealth are money habits that we need to implement in order to reach financial freedom. Money isn’t the most important thing but it’s as close as air, if you tell me, which the WELLthy know all too well. In fact, most WELLthy people have a set of habits compiled in 5 Simple Money Habits You Can Start Today To Build Wealth that they perform every day to stay focused, energized and motivated on their wealth building journey.
5 Simple Money Habits You Can Start Today To Build Wealth are based on my WHY to leave a legacy of whole well-being passing it on from one generation to another. It’s important to start with the basics knowing where you are and then build up one winning step at a time. Here are the 5 Simple Money Habits You Can Start Today To Build Wealth:
- Know where you are by creating a Net Worth statement. A net worth statement is a financial tool that shows your financial position at a given point in time. It is like a “financial snapshot” that shows the dollar value of what you own (assets) and what you owe (liabilities or debts). This formula for calculating net worth is Assets – Liabilities = Net Worth.
- Make a budget plan. Unlike the erroneous belief that a budget is restrictive, a realistic budget with your family lifestyle in mind is empowering because you are taking the lead to tell your hard earned money where to go.
- Build up and save for your emergency fund. Start with $1000, then build up to one month’s living expenses, then two month and so on, up to one year of monthly living expenses.
- Pay off credit cards debt, starting with the smallest debt and snow ball your way to pay off all your credit card debt. Use that same method to attack all consumer debt such as auto and student loans.
- Diversify investments starting with retirement and children’s educational funds. It’s important to re-evaluate your investments as debt is paid off and emergency saving is built up. Talk to a qualified financial advisor who can help you spread your wealth and keep you in track.
5 Simple Money Habits You Can Start Today To Build Wealth is to start with the basics taking in consideration what makes you and your family truly WELLthy by spending intentionally, saving regularly and giving generously to lead you to the financial freedom you deserve. Building wealth starts with the mindset not to live just for today or for yourself but for generations to come leaving a legacy that influences beyond your bank account.
Hi! Thank you for this advice! So you have a recommended financial advisor? And at what point of income/savings should a person decide to utilize a financial advisor?
Hi Holly,
Thank you so much for reading the post! I do not have a recommended financial but this article helped my husband and I to choose one.
https://www.moneyunder30.com/how-to-choose-the-best-financial-advisor
The best fit are through friends and it’s important to interview as many as possible before making a decision. We decided to hire a financial advisor to help us with our financial goals and for accountability purposes. During the interview process, ask if there is a minimum income/savings that you should before they work with you. Hope that helps and all the best!