After years of struggling to make it in your chosen career, you have finally attained a level of success where you can begin to think about putting your money to work for you.
With so many options available, it can be tough to know where to begin. If you find yourself in this position, this post will help you get started down the road towards financial independence.
1) Hire a financial planning firm
We get it … you’re a busy person, and you don’t have time to become an accomplished expert in all things finance.
If you don’t consider yourself to be particularly adept when it comes to investing, then it makes sense to outsource this area of your life by contracting the services of an experienced financial planning firm.
By contacting organizations such as http://www.frischfinancial.com/, you will have access to experts that study markets day in and day out, so you don’t have to.
As a result, you can focus on what you do best, all while leaving the task of growing your money to those that know exactly what they are doing.
2) Pay down any debts you have
One of the best ways to begin building wealth is to pay down any debts that you owe to credit card companies, car dealerships, banks, and other creditors.
Many credit cards charge in excess of 15% annual interest to those holding balances, so making a move to reduce/eliminate them can yield greater immediate returns than many investments, as many of those have an ROI that is considerably less than 15%.
With the Fed expected to raise interest rates multiple times over the next few years, now is the time to clear any debts that are still outstanding.
3) Pay yourself first … automatically
Once you have addressed any debts that you might have had, turn your attention towards investing in funds that make sense to you.
If you plan on doing your own investing, choose sectors where you have an information advantage. If you lack in-depth knowledge on any specific sector, enlist the services of a financial planning firm as mentioned above.
No matter which route you choose, make use of automated services that many banks and financial institutions offer and have a pre-defined portion of your paycheck or bank account auto-debited to your investment account each month.
This way, you won’t have to rely on maintaining the type of self-discipline that few people possess.
