Building wealth is not just for the elite, it isn’t reserved for those that have attended the most prestigious school or spend hours attending seminars and workshops. The formula is very simple spend less then you make and invest in the rest wisely.
There are three fundamentals to build wealth:
There are many ways to achieve this. Firstly, it’s important to consider your relationship with money, do you love and respect money, or do you have no idea where your money is going. Have a clear picture of what your costs are and what you are open to sacrifice to grow your wealth. Spend only on what you truly value, this will help streamline the remainder of your spending.
Habits can make or break your ability to reach your goals, be very clear on the habits that are holding you back. A daily ritual however small can compound over time. It’s what you do every day and the consistency towards that goal that builds the greatest gains.
Here are some potential starting points to clean up you’re spending and get your money back into your pocket.
The best way to build wealth is maximizing savings whilst controlling your spending. This is the most efficient way to free up money to invest. Continue to do this until the income exceeds your expenses.
Lastly there are two established streams to invest, real estate and paper assets. Both streams offer options that are great for lower risk individuals. Real estate is a great tangible investment however can be time heavy whereas low-cost index funds require less time and can be built by matching your risk profile.
It’s important to speak to someone with expertise and knowledge to give you a higher chance of building wealth over time. Financial advisors have access to the right channels and can help you streamline your financial situation to reach your goals more efficiently. Mortgage brokers can help negotiate the best rate, increase likelihood of loan approval and you can cut down weeks of research without needing to pay any extra.
Not sure where to start? Landen offers everything under one roof to help you go further with building your wealth. From financial planning, mortgage brokering and in-house SMSF, tax and accounting strategists. Landen will not only set-up your plan, but work with you to execute and manage your wealth over the long term.
Disclaimer: It is not intended as financial or investment advice and should not be construed or relied on as such. Before making any commitment of a financial nature you should seek advice from a qualified and registered financial or investment adviser.