Whether you want a worry-free retirement or a custom-built home, your financial goals are worthy investments. But they won’t come without careful planning.
There are some tried and true ways to save money and build wealth at any age—whether you use those funds for immediate purchases, long-term goals such as retirement, or estate planning for after you’re gone.
Short-term goals focus on achieving more immediate results, such as funding next summer’s trip or buying a new car. In contrast, long-term goals might require several years or more of preparation.
Drafting a monthly budget becomes more manageable. Document up to three months’ worth of expenses and then break the list down into fixed costs, variable costs, necessary costs and discretionary costs.
Drafting a monthly budget becomes more manageable. Document up to three months’ worth of expenses and then break the list down into fixed costs, variable costs, necessary costs and discretionary costs.
To dedicate more money toward building wealth and saving for your goals, you’ll likely need to pay off some debt first. You can use your discretionary income as a tool for minimizing your debt load.