Today we’re going to talk about not just saving money, but building wealth. It’s easy to get caught up in daily life and neglect strategizing for the future, but if we don’t start actively building wealth now, we will be in trouble later in life. Here are five tips that will give you a solid foundation to build on.
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- Automate retirement savings – We are 82% more likely to save for retirement if it’s automated. 10-20% of your pay needs to go into your retirement.
- Take advantage of company matching – If you can’t afford to put in your 401K the 10-20%, at least put in whatever your company matches. Don’t pass up free money from your job!
- Think outside your 9 to 5 -You don’t want to rely on your current job for 100% of your revenue. Get some side hustles going. Diversify.
- Pay yourself first – Take care of your primary needs before paying for extras.
- Invest in YOU! – We spend money on all kinds of stuff, but rarely splurge on something that will improve ourselves. Don’t scrimp when it comes to a personal development book, online course, or coaching. Most of important of all, don’t feel guilty for time and money spent on yourself.
Reminder: We are changing the name of the podcast to the Dad Edge Podcast. There will be no change in the content, podcast subscriptions, or the website. You’ll just see the new show name and logo for 2018. Let us know what you think of it!
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