Magellan Financial Advisors

Asset & Wealth Management in Allentown, Pa

The life you imagine is built on the decisions you make today.

 610-437-5650

  •  Home
  • Services
    • Investment Planning
      • Wells Fargo Advisors’ Envision® Process
      • Investment Planning Process
      • Life Insurance Services
      • Estate Planning Strategies
      • Impact Investing
    • Investment Management
      • Tactical Asset Allocation
      • Tactical Equity Portfolio
    • College Savings Plans
      • College Savings Basics: How & When To Save
    • Business Financial Services
    • Retirement Planning Services
      • Retirement Is For Living
      • Social Security & Medicare Benefits
  • Impact Investing
  • Team
  • Become A Client
  • Work At Magellan
  • Blog
  • 401k
  • Contact

Tips To Grow Your Wealth: How the Rich Become Rich

Aug 20 2020

There are very few people who are born into wealth. Even less have a unique skill that allows them to make extraordinary money during their career (like hitting a baseball or being a phenomenal singer). For most people, however, building wealth is about doing the things that need to be done over the years. Below are 7 tips to help you grow (and maintain) your wealth to become rich.

 

1. Salary Isn’t The Whole Story – Saving Is

You’ve probably heard everyday since you were a kid about the importance of savings. Well, guess what. It’s true. A penny saved is a penny earned, and the same goes for thousands or millions of dollars. Saving religiously is the key to increasing your wealth. It’s best to save as early and as often as possible. Robert Kiyosaki’s book “Rich dad, poor dad” is all about this concept.

2. Live Within Your Means

We’ve all seen the person who has an average paying job spending lavishly. Barring the possibility of this person receiving a large inheritance, or winning the lottery, he or she will most likely have or is acquiring a big pile of debt. As they say in Texas, this individual has a “big hat and no cattle.” Spend your money reasonably within your means. Eventually you want to ride your horse into the sunset of financial prosperity, not into the darkness of debt.

3. Investing Is About Time, Not Timing

We’re sure when you were younger, the saying, “Patience is a virtue,” was tossed around a lot. Similar to the importance of saving, this childhood lesson has validity, especially in regards to investing. When it comes to investing, you need to invest for the long term. Do not be a trader or a speculator. Be patient, but also strategic, and allow your investments to grow.

4. Invest Regularly With An Investment Routine

A continuation of the previous tip, put money aside every month to invest. Utilize your company’s 401k plan, a ROTH IRA, or a simple investment account. Establishing an investment schedule will allow you to accurately monitor your financial success, as well as consistently grow your wealth.

5. Obsess Over Risk

Diversify your holdings and use tactical asset allocation. This will allow you to adjust your investments strategically based upon performance, market trends, and other factors. The goal is to improve your risk-adjusted returns.

6. Write Down Your Goals

If you do not establish your goals and a plan, how will you know where you’re going? On top of that, how will you measure success? Create a clear sense of direction and define success with your investment planner. The rich do not become rich and maintain their wealth by accident or randomly. They have a plan, and so should you.

7. Have Great Advisors Who You Are Willing To Pay

A good attorney, accountant and financial advisor are worth much more than what you pay for their services. Choosing those who handle your wealth and investments is an investment in itself. Make a safe and secure one by selecting an experienced and knowledgeable team. It will certainly be worth it in the long run and will keep you prepared.

Ready to start your path to wealth and financial success? Contact Magellan Financial today!
Asset Allocation and diversification are investment methods used to help manage risk. They do not guarantee investment returns or eliminate risk of loss including in a declining market.
Summary
How To Grow Your Wealth and Become Rich
Article Name
How To Grow Your Wealth and Become Rich
Description
Learn 7 important tips and strategies to help you start the path towards wealth and financial prosperity today!
Author
Jonathan Soden
Publisher Name
Magellan Financial Inc.
Publisher Logo
Magellan Financial Inc.

Categorized: Family & Finances
Tagged: 401k plan, financial advisor, financial services, growing wealth, how to become rich, investment advice, investment planner, investment strategies, Tactical Asset Allocation, wealth management

Recent Posts

  • 5 Financial Moves for the Post COVID-19 World
  • Monthly Stock Market Review – November 2020
  • 5 Characteristics to Look for in an Investment Planner
  • Monthly Stock Market Review – October 2020

Categories

Archives

Blog Subscription


Contact Magellan Financial Advisors

MAGELLAN FINANCIAL, INC.

1605 N Cedar Crest Blvd #111
Allentown, PA 18104 USA

 610-437-5650

Toll Free:  1-888-437-5650
Fax:  610-437-5654
Email:  Rob.Cahill@WFAFiNet.com
Click Here for Directions

Financial Services

  •  Investment Planning
  •   Investment Management
  •   Business Owners
  •   Retirement Planning Services
  •   401(K) Retirement Plans
  •   Socially Responsible Investing

Client Resources

  •   Educational Resources
  •   Family & Finances
  •   Business Financial Services
  •   Stock Market Review
  •   Retirement Planning
  • Life Insurance
Investments in Securities and Insurance Products:
Not Insured by FDIC or any Federal Government Agency
May Lose Value
Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affliates of Wells Fargo & Company. WellsTrade brokerage accounts are offered through WFCS.

This information is intended for use only by residents of AZ, CA, CO, CT, DC, DE, FL, IL, IN, KY, MA, MD, NC, NJ, NM, NY, OH, PA SC, UT, VA, VT, WA, WI. Securities related services by Magellan Financial, Inc., may not be provided to individuals residing in any state not listed above. Insurance-related services may be provided by Robert I. Cahill, CFP, Managing Partner, only to individuals residing in: AZ, CO, FL, MA, NJ, NY, PA, SC, VA.

A Note About Social Media
Opinions, comments and actions taken on Social Media are those of the third party and do not necessarily reflect the views of the creator of this profile or of the firm. Social Media is intended for U.S. residents only and subject to the following terms: wellsfargoadvisors.com/social.

Privacy Policy | Legal | Security | Sitemap ©2021 Magellan Financial, Inc. | All Rights Reserved Designed And Developed By DaBrian Marketing Group, LLC.
MENU
  •  Home
  • Services
    • Investment Planning
      • Wells Fargo Advisors’ Envision® Process
      • Investment Planning Process
      • Life Insurance Services
      • Estate Planning Strategies
      • Impact Investing
    • Investment Management
      • Tactical Asset Allocation
      • Tactical Equity Portfolio
    • College Savings Plans
      • College Savings Basics: How & When To Save
    • Business Financial Services
    • Retirement Planning Services
      • Retirement Is For Living
      • Social Security & Medicare Benefits
  • Impact Investing
  • Team
  • Become A Client
  • Work At Magellan
  • Blog
  • 401k
  • Contact