Create Your Own Labor Day Holiday By Building Personal Wealth
Happy Sunday! It’s Labor Day eve – the day when we celebrate workers – the people behind the success of companies and organizations!
Since 1894 when Labor Day became an official holiday, workers’ rights have evolved, mostly for the better, but now there is a move to change all of that – to revert back to an earlier time when workers had fewer rights and protections. Even child labor laws are now being pushed back in states like Arkansas, and others are sure to follow. And, states like Texas are enacting laws that put pressure on small business owners as well.
So, what does all of this mean for you? I think it means that you have to put yourself in a position where we are in control of our money so that we can have more control over your life regardless of the economy, or what steps employers, or the government takes to make like more difficult for workers or business owners.
Here are 5 steps you can take now to start or continue to build your personal wealth so you have more control:
- Be more proactive with saving money. Stop waiting for money to save itself, it never will. Start by consciously deciding how much you want to save and how much you want to spend. A good starting point for saving is 10% of your income, but if you can save more by all means do so. The more you save now, the quicker you will be able to reach your wealth goals.
- Create a spending plan. The key to building wealth is saving and investing consistently over time because it won’t happen overnight. One of the best tools for this is a spending plan and I view the 50/30/20 plan as one of the easiest options because you don’t need to track every penny, but there are tons of other options and apps to help you accomplish the same thing. My point is, don’t try to keep all of this in your head, create a plan and follow it.
- Get rid of credit card debt. The less debt you have, the more money you have to save. This might be a ‘duh’ moment but it is true and we sometimes forget about the fact that just as our savings and investments compound and grow over time so do our debts. So, the pair of jeans that you paid $90 for on sale, but never paid off the credit card could end up costing you up to $150 or more by the time they are paid off. You can save a lot of money if you end up paying off the balance each time.
- Enjoy life today but plan purposefully for tomorrow. In other words, practice self-care and splurging once in a while but know how much is enough. To keep your goal of building wealth front and center, practice paying yourself first. That is, saving first so that tomorrow is taken care of and the rest is for you to enjoy today.
- Balance risk. Taking too much risk is not good, but neither is taking too little. Investment education and experience are two ways to learn, or you can see a financial advisor who can help you determine the level of risk that is appropriate for your goals and time frame. The key is to take just enough risk to achieve your goals but not so much that it puts your investments in jeopardy.
Want more tips and strategies to build wealth specifically for you? Schedule a complimentary call with me and let’s discuss some specifics for you. DM me or visit my website (psworth.com) and complete a request form.