I started publishing Wealth Building Powers blog when I was suddenly sidelined from my professional career for health reasons. I worked in a field that strives to protect the lives and health of employees and the neighbors in the surrounding communities. I enjoyed my field and miss it as I made a difference by sending employees home safely at the end of their shifts and the end of their work journeys.

I want to make a difference with this blog. I was blessed with some of the best mentors a man could ask for. I have been a formal and informal student of finance, business and investments for decades. I learned many lessons from successes and more from my costly errors. I want to share those lesson and help my readers increase their financial competency/literacy, so they can achieve their financial targets and dreams.

I titled my blog Wealth Building Powers. A few of you commented I do not want to be wealthy, just comfortable. If I EVER help you make too much money and feel guilty- GIVE ME A CALL!

MY DEFINITION OF WEALTH – STREAMS OF MULTIPLE INCOME THAT SUSTAINABLY EXCEEDS YOUR NEEDS AND WANTS

I often see surveys asking how much income or net worth you need to be wealthy. And the ranges are VERY wide. I believe wealth goes beyond income and net worth. My Mom, a retired NC School Teacher (and for those who do not know, it is a disgrace what NC pays their school teachers) was a WEALTHY woman. For Mom, expenses did not exceed income and she ALWAYS saved some money. In retirement, Mom received her pension, SS check and my father’s pension (who passed before retiring as a NC School Principal) rental and farming income and IRA distributions. Mom contributed 25% of her income to her church and other charities, paid all her expenses and ALWAYS saved some money from each and every income stream! She took care of her needs and WANTS and used her money to bring joy to many others. Mom was a wealthy woman but more importantly, a GREAT MOM, who I miss every single day!

We discussed many of the wealth building powers, strategies below in 2018 and will continue to build competency on these and more in 2019. One new topic in 2019, is insurance (medical, life, long term care, disability, HSA, etc).

Just one last thing. It would be great if you took 300 seconds and gave me some feedback on changes you would like to see to make this blog of more value. Please use the Leave A Reply section.

BUILDING WEALTH STRATEGIES – MAKING YOUR MONEY WORK HARDER THAN YOU!

1. Celebrate Quick Wins!
2. Create your budget where Income > Expenses.
3. Pay yourself first! Include as part of your expenses, your savings.
4. Create an emergency fund- Target growing to six months expense dollars
5. Know your Credit Score and take steps to improve, based on your report data.
6. Get started and contribute enough money to your 401(k) (or similar retirement plan) to get the employer match — and take the steps to reach maximum contribution amount. ($18,500 in 2018, unless you are 55 years or older, than $24,500).
7. Pay down your debt (and avoid high-interest debt, like credit card debt).
8. To increase wealth, start a Roth or traditional IRA.
9. Invest in a taxable brokerage account. Consider the S&P 500 ETF (low cost and out performs majority of the managed and expensive mutual funds).
10. Build Multiple Streams of Income {Rental Properties; House Flips; Side Hustle; Dividends; Start your own business……}.
11. Retire Wealthy, Healthy and Early!

HAPPY HOLIDAYS EVERYONE!

If anything I can do to help or support you please reach out. If you have good news, please share it.

See you in 2019!

DISCLAIMER

Thank you to all my readers for reading this week’s blog and other blog articles. I APPRECIATE YOU ALL!

I am a proud nerd (my beautiful wife and daughter told me so) investment and finance blogger, with a Rutgers, MBA and Harvard, Advanced Management. I am a successful investor in equities and real estate and happy to share my personal finance and investment lessons learned with you. I am NOT however, a licensed financial advisor. Please do not construe my suggestions on this blog, as recommendations for your personal situation. For individual finance advice please seek your own licensed CPA or financial advisors.