This is not financial nor advisor advice. Please consult a professional advisor.
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My Wealth Builder is about knowing what wealth is (and isn't), accumulating wealth, and keeping enough wealth for a comfortable retirement.
Since retiring in 2007, we typically have withdrawn funds monthly from our taxable accounts to pay for living expenses. Last year, I decid...
Yes and ..... I submit it's a choice. Decide yes, and one will likely become wealthy. Give in to the "reasons", and one may never become wealthy.
Need a Better Strategy - Having a good plan to build wealth is important. Good plans have a higher probability of success than poor plans. As example of a good plan is to pay oneself first. In my opinion, a poor plan is one a former colleague used - increase one's standard of living by maxing out credit cards, and then make the minimum payment forever. The majority of plans and tactics shared are good ones. However, it is important to know that some plans won't work.
Here is my own personal wealth building strategy which I believe is a good one:-).
Had a Disastrous Event - Even the best plans can be derailed by outside influences. Job loss and health issues can be major negative impacts to wealth building. Even a temporary job loss or temporary illness can significantly reduce one's wealth. I know some people have had this happen to them. Getting back on track is generally a difficult and long task.
We have been fortunate so far and have avoided any disastrous events. While I can't prevent a disastrous event, I make contingency plans in case such an event happens. My contingency plans include an emergency fund of a year's income and comprehensive insurance coverage.
Debt To Salary Target = 0
Current Debt Ratio = 0
For more details, see 2016 Update. For more information on Saving and Debt Ratios, see How Much is Needed to Be Wealthy and Debt Ratios.