Broker Check

Wealth Building 101: Good News for Wealth Builders!

May 04, 2018


Abundant good news exists for people desiring to build wealth. This good news is predicated on a number of things, chief among them, self-control.

If we are willing to act logically and not simply on impulse, if we are willing to take responsibility for our finances, if we are willing to create or adopt a time tested plan and stick with it, the opportunity to grow our wealth is substantial.

If, on the other hand, we choose to kick the can down the road, fool ourselves into thinking that we will get to our financial planning tomorrow or next month or after the summer, we are unlikely to prosper.

Wealth building takes planning and action.

Here is a list of steps you might want to focus on, in order to begin building your wealth:

1 – List all your monthly expenses, without exception.

2 – Review your monthly expenses.

3 – From your list, cut out any expenses that, in your opinion, represent wasted money. What do I mean? Perhaps you have a subscription to a magazine that you barely ever read or you can get the same information online, at no cost. Maybe you are paying a monthly fee for a health club you have not gone to in seven months. You get the idea. Cut this waste out. Maybe you make frequent trips to an ATM machine and take out money which you cannot account for. Stop it!

4 – Decide on an amount of money that you will save out of every paycheck and actually begin saving it.

5 – Set up a new bank account and put the money you are now saving into this new wealth building account.

6 – Develop a plan about how to deploy the money you are saving into worthwhile investments. You might consider working with a qualified investment advisor, whom you respect and trust, to help you develop this plan.

7 – Follow the plan you have devised. Money will not save itself. Money will not invest itself. You must take action.

8 – Understand that today, your money is under siege 24 hours a day from slick marketers and advertisers attempting to get you to buy things that you have no real need for, and worse yet, things that once purchased do absolutely nothing to increase your happiness. Stay alert! Resist the siren song of useless purchases.

9 – Focus on your goals. Working toward your goals takes time and can be frustrating, yet if you stay the course, you can make your dreams come true.

10 – Act Now!

Consider speaking with a financial professional whom trust to help you get started on these steps now.

Scott R. McGimpsey May 4th, 2018

This material was prepared by Scott McGimpsey and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources, however, we make no representation as to its completeness or accuracy. Neither Summit Brokerage Services Inc. nor Scott McGimpsey is engaged in rendering legal, accounting, or other professionally services. If such assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any federal, state, or municipal tax penalty. Moreover, a diversified portfolio does not assure a profit or assure protection against loss in a declining market. UNIFIED PLANNING GROUP is an independent firm with securities offered through Summit Brokerage Services Inc., Member FINRA, SIPC