Starting Line: How To Build Wealth Right Away

Are you new to all this saving money talk? Are you trying to build wealth as a first-time employee or someone who just got their first real job, one with health insurance and a retirement fund?

Maybe you’re a newly engaged or married couple trying to sort through debt, income and put together a collective budget that is going to make both parties live happily ever after.

No matter what the situation specifically is, we all know what it’s like to start and build from the ground up, whether that’s a relationship or a career, but money certainly is no different and falls into that category.

In the case of the married couple, you want to make sure before any action is executed that you’re both thinking the same and have the same wants, needs, and goals when it comes to money. You can’t zig, while the other is zagging, so being cohesive in how you want your money to grow or be invested in so very important.

The other important element of building wealth and a money rich future together is knowing what each brings to the table as far as debt and assets before marrying one another. While that doesn’t sound all that romantic for the engaged couple, it makes perfect sense so that harmoniously you can live smart, and not struggle with two different ideologies constantly butting heads.

Those individuals new to saving money and building wealth, the ones with a lot to sort through and decipher at that aforementioned first real job, should focus on one thing if nothing else: retirement funds. That might sound a little bit of a stretch given that you’re 20 or 30 something, but the 401K and company match (whether it’s dollar for dollar or a dollar for 50 cents) often is overlooked because of that want or need to have more in your paycheck. But not paying attention to that 401K and company match is like giving money away for free. Your company wants to give you money just for you saving your own money for retirement. That deal is one that any smart, financial person would take ten times out of 10.

And anyone starting out to build a strong, durable financial future, whether that is a family or individual, must always have financial goals that center on a budget, knowing what you make and what you spend. Without this, you simply guess on this information, and that won’t lead to money saved whatsoever but rather ignoring expenses or forgetting about money that you spend that isn’t accounted for in said budget.

Starting to save for the first time sounds daunting but the only thing standing in your way is, well, you, so step aside and start thinking more about long-term planning than short-term staying power.