3 Habits to Adopt From the Wealthy
By: Solid Serenity Legal Solutions
When it comes to adopting habits and practices to better ourselves and our situations, it never hurts to look to what successful people are doing. Though their tactics may not always be the best tactics for each of us to implement, they can give us some ideas on what we should do to achieve our goals.
Here are 3 habits to adopt from the wealthy.
(1) Commit to Saving Money
Many of the wealthiest people commit 25% of their incomes to savings. Most of these individuals started saving this high percentage even at their lowest income levels.
Most financial experts advise saving between 10 to 15% of your income annually. As your cash flow and income increase, slowly ratchet that amount up until you reach 25% of your annual income.
When you have a large amount in savings, you have the freedom to invest, not to worry about emergencies, and to buy things you need with cash instead of credit.
Committing to saving is the single best move you can make for yourself and your financial future.
(2) Manage Risk and Protect Assets
As you accumulate assets, it takes more planning to protect what you have. The truly wealthy understand and appreciate that minimizing risks comes with a price tag.
Overspending, frivolous lawsuits, and disability can all derail your financial plans. To adequately protect your assets, you need to invest in the proper types of insurance, prepare the proper estate plans, and invest in the right products to meet your goals.
To get those protections in place, you need to have the right advisors on your team. Having the right advisors will require a financial investment. But, when the day comes that you need them, it will be well worth the price you have paid.
Find out why everyone needs an estate plan.
(3) Rely on Experts, NOT DIY
Everyone seems to think they can do everything themselves with a Google search nowadays. Wealthy individuals know better.
The Dream Team for building wealth includes the right attorney, financial advisor, tax expert, and insurance professional. Though the wealth of knowledge that these individuals bring to the table is value enough, they also provide intangible benefits to their clients.
Your Dream Team can also help you
- Separate your emotions from financial and life decisions
- Choose the right path when there are countless options
- Stay on top of changes in the financial laws and procedures
If you want to reach your financial goals, you need the right plans and the right team. Reach out today to add us to your Dream Team!