When you think about the golden years when you are retired and not earning an income any longer, you want to be able to live the best life possible. This means that when you’re young, you are doing everything that you can to build long term wealth. This is the ultimate goal for most Americans. This is especially true for anyone that is running their own small business. You want to build something that will last. Mark Dicus & Company is here to talk about some things that you may be doing to have a negative impact on your long term wealth.
What are the Biggest Financial Mistakes to Avoid?
If you are like most people, you want to live a comfortable life. For most of us, that means that you need to make some financial moves that will help build long term wealth. This can be more difficult that it sounds. However, here are some mistakes that you should avoid if this is your biggest goal.
– Carrying Debt: The first and biggest thing that so many people do to ruin long term wealth is to carry debt. More importantly, they are carrying consumer debt. You need to do whatever you can to get rid of it. There are many different ways to do it, but one of the most effective ones is the debt snowball. You can pay as much as possible on your smallest debt until that is gone and then roll all of what you were paying into your bigger debts until they are all gone.
– Investing Mistakes: You want to make sure you’re making good investments as you try to build long term wealth. Investing your money is one of the best ways to build wealth as long as you are smart while doing it. Make sure that you’re looking at your portfolio often and making adjustments as needed to keep this on course for when you are going to need to use the money. Working with a financial advisor is highly recommended.
– No Tax Strategy: You could be making tax mistakes that have an impact on your long term wealth as well. If you aren’t taking advantage of all of the tax tricks that can lower your tax liability, you are giving the government more money than you need to and are unable to invest and save that money.
– Poor Retirement Planning: Everyone wants to get to a place where they aren’t depending on a paycheck anymore to survive. Planning for your retirement is a big part of this. If you don’t start to make plans while you are young, you are bound to regret it later in life when you have reached the point of retirement.
Investment Consulting, Tax Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you’re looking for someone to help you plan for retirement, have a solid tax strategy, and make your business as successful as possible, you can turn to Mark Dicus & Company to help you do it. Call us today!