Monday, January 15, 2007

My Wealth Building Strategies

"Without goals, and plans to reach them, you are like a ship that has set sail with no destination." -- Fitzhugh Dodson

Over the past four months I have been sharing different approaches I use to build my wealth. Stepping back, I’d like to summarize how these approaches fit into the overall wealth building plans.

Most important, one has to have an overarching life goal, which I shared in a previous post. My life goal is:

It would be great if we (spouse and children included) are highly productive and contributing members of society and have fulfilling lives.

To support this goal, I have developed three strategies for building wealth.

Maintain a Frugal Lifestyle and Save

Most of the posts in My Wealth Builder have been focused on frugal living and savings. Regular readers of My Wealth Builder have read the numerous exhortations of save and don’t spend. Here are my favorite posts for this strategy element:

The Only Saving Strategy You'll Ever Need - Always pay yourself first!!!

Buy Only What You Need

Preserve My Wealth

As savings increase, one gets a new set of worries – i.e. how to make sure one doesn’t lose one's wealth. My goal is to also grow your savings and don’t let inflation eat it away. Here are my favorite posts on this strategy element:

Really, Reallies - Discusses investment options I have for my savings.

Successful Investing 101 – Getting Started

Successful Investing 101 – Managing Risk

Grow My Income (Faster Than Expenses Grow)

If one's income doesn’t grow, it is impossible to save one's way to glory. Inflation and necessary higher expenses (e.g. children) will require a higher income over time. However, just depending on cost of living raises isn’t sufficient. One must continue to grow one’s capability and contributions. This will lead to more responsibility, which usually leads to more compensation. Here are my strategies for growing income.

Make College Part of a Wealth Building Plan

Know If Your Job May Become Extinct

Continual Growth and Reinvention

For more on wealth building Strategies and Plans , check back every Monday for a new segment.

Photo Credit: HP Sample Photo

This is not financial advice. Please consult a professional advisor.

Copyright © 2007 Achievement Catalyst, LLC

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