7 Key Areas Along the Road to Lasting Wealth

7 Key Areas Along the Road to Lasting Wealth
Everybody wants to be wealthy, but few people really commit
themselves to doing what it takes to achieve their dream.
The road to wealth is a simple one, but takes
determination, capital and commitment - if you're willing
to take the steps to get there, you can make your dreams of
wealth a reality:

Savings. A commitment to building up your savings is the
foundation of any financial plan. The conventional wisdom
says to pay yourself first - even if it's just 5 percent of
your income, take it off the top before you do anything
else. There are always other things to use your money for,
and if you don't make savings your top priority, you're
unlikely to save at all.

Investing in the stock market. You don't need to be a
millionaire to invest in stocks. Take a little time to
learn about trading stocks, set up a simple trading plan,
and spread out your risk - put some of your money higher
risk stock, some in more stable, lower risk stocks.
Building a portfolio should be a cornerstone of financial
planning.

Investing in property. Putting some of your money into real
estate will provide consistent cash flow, particularly if
you own income property like an apartment building or
rental homes. You don't have to make huge investments in
property, just carefully chosen ones.

Investing in business. Whether it's your own business or
someone else's, putting money into a business is good for
the economy and good for your portfolio.

Tax Minimization. This is where a good accountant comes in
- they can help you figure out ways to lower your tax
burden by setting limited liability partnerships or helping
you incorporate, private annuities, deferments and other
strategies. The less you pay in taxes, the more you have to
invest.

Asset protection. Some of this overlaps with tax
minimization, with limited partnerships, insurance policies
and other strategies helping you avoid paying too many
taxes while keeping your money safe. As you acquire more
and more money, you'll want good advice from an accountant
or investment counselor - you may even want to invest in
off-shore interests for the tax breaks.

Retirement funding. Make sure that you're prepared for the
future by having a solid strategy for your retirement
funds. You can invest in a single fun and just let it grow
for the next 30 years, or break your investments up into a
collection of different funds. Either way, you may make the
decisions about how to invest yourself or seek advice from
a professional, who can help you choose stable funds for
long-term growth.

Creating wealth is more an art than a science, and there's
no one way to achieve your goals. It takes creativity, hard
work, a certain amount of luck and a commitment to your
financial plan. The biggest mistake people make as they
earn more money is to spend more, too - manage your money
with savings and investments, and acquire annuities that
will assure you have a comfortable life in your golden
years.

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