7 Simple Wealth-Building Tips

What would it feel like if you woke up each day feeling great instead of starting and ending each day concerned about your finances? When it comes to finances, making decisions can be challenging. When you become proactive about your finances, life becomes filled with more peace and happiness.

Shifting your money habits takes effort. However, when you create clear goals and figure out how you are managing your money, you soon discover what is important and what motivates you when it comes to your finances.

You can start by creating a simple wealth plan so you begin to feel good about your money and confident in your decisions.

One strategy is investing in the stock market. It’s an excellent way for you to learn consistent habits while creating a solid financial foundation as you accumulate wealth. Over time, you will find that simple changes in your approach, including a written plan, can make a significant difference in meeting your goals.

Growing wealth by investing in the stock market takes discipline and a winning mindset. Develop an exit strategy that will minimize your losses. Some investments are profitable, and some are not. A long-term approach is to follow guidelines since there are days when there are wide swings in stock prices. Consistent growth starts when you make your money work for you.

By being prepared, you can better handle the market if it moves faster than expected and your investment goes against you. To learn more tips on investing, sign up for my free charting class, which includes building your wealth by managing your risk. Learn more here.

Building wealth starts by managing your risk. The first step is a clear investment plan. Start by developing good trading habits. Then, create a disciplined process to trade with the trend and not fight against the trend, increasing your probability of being consistently profitable.

When you have a strategy and protect your capital, you ultimately increase your trading success over the long term. Here are seven wealth-building tips that you can use to develop a solid foundation.

7 Wealth-Building Tips

1. Invest in your future. Start investing as early as you can. Your investments will grow and compound significantly over time. A twenty-dollar bill saved today will continue to grow. Invest 3-5% of your income in an investment account.
2. Save time by streamlining your finances. Consolidate your different bank and retirement accounts to reduce paperwork and eliminate account fees, such as the 401k plan you had from a previous job. Contact your accountant or investment advisor to determine if you can roll the plan into an IRA account without tax consequences.
3. Follow an investment style that makes you feel comfortable and confident. Don’t invest too much in any single investment because if it goes against you, it will significantly impact your portfolio.
4. Review your portfolio to know what is or isn’t performing well. You can watch your investments to see how they perform online or on your phone. A favorite free resource of mine is Yahoo Finance https://finance.yahoo.com/. Another resource, if you have an iPhone, is the  “Stocks” app.
5. Don’t invest the money you need for day-to-day living expenses, and don’t borrow to invest (also called buying on the margin), because this causes unnecessary stress and leads to poor decision-making.
6. Review your credit card statements, bank statements, and checkbook. Cancel services you are not using and those you don’t want anymore. Invest the money you free up.
7. Track your monthly expenses. Become aware of your monthly spending. Highlight priorities. Notice where you can save.

Decide you will make small changes in managing your money with a few adjustments and a clearly stated wealth objective. Simple changes make a significant impact. Start by using a few wealth-building strategies, and notice how you feel better. Making the changes now instead of later will make a difference.

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Bonnie S. Gortler

Bonnie Gortler, Consultant, Coach, and Author specializing in Wealth and Well-Being, is a successful stock market expert who has been instrumental in managing multi-million-dollar client portfolios within a top-rated investment firm during her over 35-year corporate career. As the author of “Journey to Wealth,” Bonnie has made it her mission to share the importance of risk management and how to enjoy real financial well-being by applying the technical and mental sides of investing. Bonnie has an M.B.A. and is a certified life coach. It is through her love of coaching, consulting, blogging, and social media that she creates change in the lives of many and inspires people from around the world. Bonnie is fully committed to your personal growth and development as she shares her winning spirit and powerful techniques with you. Visit BonnieGortler.com to gain tips and insights about investing, personal development, and inspiration through her articles on Wealth and Well-Being.
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