At Black Harbor Wealth Management, we’ve been in the investment services game for a long time. Long enough to notice things. Long enough to spot patterns, especially with our most successful clients.
You may be a neophyte when it comes to investing. Not to worry, because your experience will come in time. However, by following these 5 tips, you’ll have more money, more often, and greater opportunities for growth.
- Got a credit card? If so, it’s imperative to pay off the balance monthly. By paying it off, borrowing generally won’t cost anything. But if you constantly are running a balance, expect to pay between 10%-20% APR monthly. It may not seem like much, but it’s money you don’t need to spend.
- If your business offers a 401k, it most likely also offers a matching program. Be sure to contribute enough in every paycheck to take advantage, otherwise, you’re losing free money. Earnings in these accounts are tax deferred, which will be important for your retirement plan.
- On average, the rich save around 20% of their income. It’s easier said than done, but the important part is to get into the habit of saving something every month. You’ll have a nest egg for emergencies and investments.
- Speaking of investments, be sure to set goals for yourself, and regularly track their progress. Don’t just think of a goal, write it down and refer to it. This creates a form of accountability that will be easier for you to meet.
- Financial plans are not just for the rich. Anyone can have short, medium, and long-term goals. Need help? Contact us for a free consultation.