7 Wealth Tips to Success with Your Money

What would it feel like if you woke up each day feeling great instead of starting and ending each day concerned with your finances? When it comes to our finances, sometimes it’s challenging to make decisions. Sometimes responsibilities are overwhelming and seem too large to manage. When you become proactive about your finances, life becomes filled with more peace and happiness. 

Getting started can be difficult, especially when you have established habits and routines surrounding money. 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.

This information will help you lay the foundation for writing a wealth plan that fits your lifestyle. Don’t agonize if your plan isn’t perfect. You can tweak it anytime as you grow and your needs change. The objective is to make it simple, so you begin to feel good about your money and confident in your decisions to create financial success.

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 your wealth by investing in the stock market takes discipline and a winning mindset. Develop an exit strategy that will minimize your losses. Small losses are the best losses. Unfortunately, not every investment is profitable. A long-term approach is to understand that it’s best to have guidelines that you are comfortable with since there are days when there are wide swings in stock prices. Whether it’s $10,000, $50,000, $100,000, or one million, know that consistent growth of your money starts when you make your money work for you.

By being prepared beforehand, you are better able to 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 how to build 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 & not fight against the trend, increasing your probability of being consistently profitable.

When you have a strategy beforehand and protect your capital, you ultimately increase your trading success over the long term. In turn, you will feel good and confident in your decisions. Below I have six wealth-building tips that you can use that will help you develop a solid foundation.

7 Wealth Tips to Success with Your Money

1. Invest in your future. Start as early as you can to invest. Your investments will grow and compound significantly over time.  A twenty-dollar bill saved today will continue to grow for your future.  Invest 3-5% of your income in an investment account.  I’m here for you if you need some guidance.
2. Streamline your finances, saving you time. 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 keep an eye on your investments to see how they perform on the internet 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 application “Stocks.”
5. Don’t invest money used for day-to-day living expenses or buying on margin, borrowing to invest more than you can buy with your available cash, causing unnecessary stress and leading to poor decision-making.
6. Review your credit card statements and checkbook for the last year to find services you’re paying for. Cancel what you are not using and may not want anymore.
7. Track your monthly expenses for six months to one year. Start having a sense of awareness of how much you are spending each month. Then, create a worksheet on the computer or in a notebook to notice money spent on items with no significance or were not high priorities.

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

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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