Wealth creation is about investing in your long-term financial future. It’s about starting now, to build the foundations of financial freedom so that your future self can reap the rewards, and it’s about the long game. Let’s be honest, if there was a short-term ‘get rich quick’ plan, everyone would be doing it.
Here are Wealth Connextion’s 3 Simple Steps to start your Wealth Building Journey:
Make a Plan
Cliché’s exist for a reason, and the saying “failure to plan, is planning to fail” definitely rings true when thinking about your wealth creation. Planning for your financial future will be different for each person, and there is no ‘one size fits all’ solution.
When making a plan, consider what your goals are and take the time to map them out so you can work toward accomplishing them. Take into consideration what your current financial obligations are, and how you want to invest with your income cash flow. Legendary investor Warren Buffet says “Do not save what is left after spending, but spend what is left after saving”.
Manage your Debt
If you are feeling the swell of inflation and seeing an increase in your debt, you are not alone. In 2022 the average household debt grew by 7.3% according to the Australian Bureau of Statistics. However, as Forbes mentions, “not all debt is created equal”, and some debt is considered more favourable than others. For example, debt in the form of a mortgage, is seen as debt that is investing in your financial future, whereas credit card debt that has been racked up for daily spending, is seen as bad debt that will negatively impact your future wealth creation potential.
Get Diverse
Diversifying your financial portfolio is a term that is frequently mentioned in financial advice circles, but understanding what it means, and how it can benefit you can be overwhelming and confusing. Consulting a licensed financial advisor to help you navigate the investment world is a great way to start your wealth building journey, as they will help you come up with a personalised plan that is tailored toward helping you achieve your specific financial goals.
Still feeling a little unsure about where to how to start building wealth for your financial future?
Take the first step and contact Wealth Connextion, our team of professional financial advisors and support staff will work with you to tailor practical solutions that meet your financial planning needs. Contact us at 07 3891 5666 or email us at admin@wealthconnexion.com.au
