August 4, 2014

Key Steps to Building Wealth

No, it’s not about taking more risk, buying the hottest new investment, spending lots of time on investment strategies, or working with an investing guru.  Researchers at Florida State University followed the behaviors of couples who earned similar incomes but built vastly different wealth. “The objective of this study was to identify differences in financial and investing practices of householders nearing retirement who differ markedly in terms of current household wealth but had similar opportunities to build household wealth during their lifetime.” They identified the following successful: “better communication between householders about the household’s finances; active garnering of financial information from employers and financial professionals; and attempts to forecast the wealth required for retirement and frequent monitoring of the household’s current financial status in relation to that goal. It is also likely to benefit from attempts to keep on the “right side” of interest; that is, to save and thus earn interest on those savings and to avoid debt and thus avoid paying interest and late fees on those debts.”
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