Build Your Wealth with our Wealth Accumulation Plan
Financial security means different things to different people. What does it mean to you?
- Enough money to pursue your dreams?
- Paying for your children's college education?
- Paying for a wedding, family trips or a vacation home?
- Early retirement? Or even a retirement with the same lifestyle or better than you currently have?
- Being able to leave a legacy to your heirs or favourite charity?
Whatever financial security means to you, it begins with a plan for accumulating wealth. The longer you wait, the harder it will be to find the money you'll need to set aside to meet your goals.
Start with the two fundamental principles for a successful accumulation program
Save at least 10% of your earnings, consistently and throughout your earning years.
- Examine your spending. Write down everything you spend for one month. Where can you cut back?
- Reduce your debt. You can save hundreds, even thousands of £’s/Euros/Dollars in interest every year by consolidating debt and paying off high-interest debt as soon as you can.
- Pay yourself first. Save or invest at least 10% of your earnings each month.
Develop a sound investment strategy and stick to it over the long term.
- Determine your long-term investment goals. Where do you want to be 10, 20, or even 30 years from now?
- Determine your time horizon. How much time does your money have to grow before you will need it? Don't forget to factor in the impact of inflation.
- Assess your risk tolerance. Are you willing to ride out fluctuations in the value of your investments in order to achieve higher long-term returns? Or do you need to see regular and steady growth, with perhaps less fluctuation in return?
- Diversify your money among different kinds of investments, a process known as asset allocation.
- Invest regularly through a process known as investment cost averaging. The idea is to invest a constant amount at regular intervals. By doing so, you even out the cost of your investments over time.
Get in touch with an adviser today