9 Practical Financial Rituals for Growing Your Wealth

For most people, holding down a job and earning a paycheck is their main strategy for achieving financial security. This alone will not get you where you want to go. Isn’t it time for you to create the lifestyle you want and deserve? What actions are you taking to help you grow your wealth? Do you have a system in place to move you closer to your goals? The answers may not be clear. However, in order to live the lifestyle, you’ve dreamed about, you will need to have a plan to turn your income into wealth. The type of wealth that keeps building if you find yourself out of a job or physically unable to work. The type of wealth is what turns dreams into reality.

Wouldn’t it be great if you were able to stop beating yourself up over those past experiences that have held you back from achieving your financial goals or kept you from doing more of what you love to do each day? Guilt and regret are powerful emotions which can hamper your ability to make the powerful decisions needed in order to create the life you’ve dreamed of.

How can you make this happen? Well, I’m glad you asked…

The first step is to decide NOW (not tomorrow, next week, or next year) your financial security is a priority.  The next step is changing your mindset from seeing yourself only working for your money and shifting to the understanding it’s important now your money will need to work for you. How? This will be done by investing in the stock market. 

It may have crossed your mind and you now wonder if you’d be taking a chance with your hard earned money by investing in the stock market. Keep in mind that although stocks are riskier than keeping money in a savings account or Certificate of Deposit (CD’s) with a fixed yield, they have historically had higher returns that beat inflation helping you grow your wealth. That’s great news for you because it opens the door of opportunity for you to generate an additional source of income. Again, your money will be working for you.

It’s also important to note that I’m not suggesting you should jump all in. The idea is to start slow and small. I want you to be successful with your finances but I also want you to understand this shift in thinking requires you to take steps that may take you out of your comfort zone. This is why it’s important to make small adjustments because as you grow with your knowledge and experience you will find those decisions will ultimately pay off with feelings of ease and satisfaction.

One of the best strategies I’ve seen through my years of experience is to begin your financial plan with long and short term goal oriented action steps that are fun, simple, and practical for you. Simply put, these goals fit you and your life. You are not at a loss with this type of approach because as your skills improve, your comfort level and confidence will develop and continue to grow as well. Making adjustments as needed will also help your success. Start using a few of these tips now, and see how they will support you to grow your wealth. Please feel free to share your experiences.

9 Practical Financial Rituals for Growing Your Wealth

1. Diversify your investments into a broad mix of stocks and bonds. Don’t put all 100 percent of your money in stocks. Use mutual funds which lets you own a mix of stocks or bonds in a portfolio to manage your risk. Investing in mutual funds that diversify with a group of stocks or bonds is much safer than putting all your money into one or two stocks or bonds.
2. Review your investment asset allocation periodically. Start saving and investing as early as you can. Create a plan you will follow. Small sums of money add up over time.
3. As you grow older it’s a good idea to move your assets into less-risky investments. A quick rule of thumb is to have an allocation to bonds that is equal to your age. When the market climate is positive, you could increase your allocation to have a little more equity, however, have an exit strategy for when the trend changes.
4. Track your investments costs. High trading costs eat into your gains over time.
5. Keep control of your emotions when investing. The stock market can go up and down very quickly.  Know your time horizon for investing whether it’s for 1 year or less, 5, 10, or 20 years or more.
6. Don’t have more money invested than you are comfortable with. Its ok to reduce your invested position in small increments. If you are worried and not sleeping at night, you are too invested. Manage your risk. Avoid taking large losses on your investments. Remember small losses are the best losses you can have.
7. Don’t be afraid to talk about our finances. Don’t hide from the conversation. If you are feeling a bit unsure, look for some help from a coach, investment adviser, or a financial planner who could help you create changes to support you on your journey to wealth.
8. Take advantage to contribute into a retirement savings plan if offered by your employer. Start with a few percent of your income and then increase the contribution to 10%.
9. If you need to withdraw money to live on because you are not working, see if you can limit yourself to withdrawing 4 percent or less a year. In this way, you will preserve your capital for later years in life so you don’t run out of money. 

Financial security is important. Take responsibility for your money by developing practical financial rituals that will create a lifestyle you want and deserve. Your plan doesn’t have to be hard or disruptive to your everyday life. Start your plan now and fulfill your hopes, dreams, and goals growing your wealth.

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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