In order to build wealth you need a good financial plan. Most people start by talking with a Financial Advisor or a Stock Broker. The most unfortunate thing that happens is that they ask for advice right away without even considering what it is that they want. A financial professional can guide you to what to do with your money to make the best of it, but only you can decide on how those funds will come about. Will it come from wages, self-employment income, inheritance, other investments?
Many people will just say that they want to make money. That’s a little like saying I want to be rich. Yeah, well that is nice but the next step is what you are willing to do to get there. If you don’t have any idea of how much you can save or what action you can take to meet your goals, you will likely be disappointment. Why? Because you are counting on someone telling you what to do and right away you will say that you don’t want to do that.
So before you even discuss personal finance with a professional and I hope it is a fee-only professional, you and your partner should have an idea of actions steps that you would be willing to take to build wealth. A good wealth coach can help you come to some conclusions about that. Options may be reducing debt, moving to a smaller home or less expensive one, saving more, sacrificing education plans for more retirement money, reduce spending on vacations, etc.
All of the above may sound difficult but let’s consider the alternative. You do nothing. That is a choice in itself. By doing nothing you are insuring that you will lose. It takes action to get ahead of taxes and inflation in order to build wealth. Are you ready to take action?
Don’t let a Financial Professional tell you what action to take. They are there to guide you and a Wealth Coach can mentor you into the minefield of personal finance but only you can decide to take the actions to build wealth that will help them do a good job for you.