The Top Financial Strategies of the Wealthy
"One of the reasons that millionaires are economically successful is that they think differently," according to Thomas J. Stanley, author of the well-known book The Millionaire Next Door. And, in our experience, it’s true - their advantage in life is not a rare financial privilege, but rather basic values, discipline, and a couple of key principles and strategies that we want to share with you today.
1. Delay Gratification
Many financially successful individuals will create a “waiting period” before they make a major purchase.
2. Don’t Live Beyond Your Means
One way to think about wealth is that it’s not what you make, it’s what you spend. If you’re living beneath your means and saving and investing a significant portion of your income, that will grow over time. A good number to start with is 20%.
3. Pay Yourself First
Twenty percent is a great starting point, but your goals may dictate more or less. Many people use the 50/30/20 rule – 50% to necessities, 30% flexible spending, and 20% toward your financial goals.
4. Set Goals
Financially successful people tend to view all their financial decisions through the lens of their long-term goals.
5. Debt is A Tool
If used correctly, debt can help you build wealth. We all know that high interest credit cards that we don’t pay off each month are considered bad debt. But, purchasing a rental property, and then using the monthly rent payments to pay off the loan can be a great way to build wealth.
6. Discipline
Make these strategies a habit. When you do these things, make sure you have the discipline to do them regularly, and to stick with your strategy.
The good news is that it’s never too late to start. If you want to know what other strategies we’ve learned over 25 years of working with Northeast Ohio families and businesses, we do offer a no-obligation first consultation. You can schedule your appointment today by calling us at 216.521.1711, emailing us at Quarterback@Lineweaver.net, or by clicking here.
Securities offered through Triad Advisors, LLC, member FINRA/SIPC. Advisory services offered by Lineweaver Wealth Advisors, LLC. Lineweaver Wealth Advisors, LLC, is not affiliated with Triad Advisors, LLC. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.
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