Steps to create wealth over the next 20 years

If you are saving and not investing, you will miss out the wealth creation opportunity.

January 27, 2023 • Estimated Reading Time: 3 minutes

Creating wealth, in the long run, requires goals, plan, and execution. Here are some steps you can take to build your wealth over the long term:

  1. Set clear financial goals: Your goals need to be crystal clear, defined, and written down. It could be repayment of loans, buying a home, children’s education, or children’s marriage. The goal should also be of retiring with a good corpus. Once you have written it down, you can stay focused, and work out the plan.

  2. Create a budget: The most important rule is to have income consistently more than the expense. The second most important rule is savings should be more than expenses. The third most important rule is never to forget rules 1 and 2.

  3. Invest in your education: Invest in yourself for skill development. It could be to move up in your career or start a new career, acquiring new skills and knowledge will help you stay on top and open up new opportunities.

  4. Start investing early: If you are merely saving and not investing, then you are not letting your money do the work for you. You need let money compound so that wealth is created. This happens when you invest your money in stocks, mutual funds, real estate etc. Any asset that has the potential to give you return in double digits will become wealth generating asset for you. I, Tejas Lakhani, am heading the wealth segment at Fincare Services. We make goal-based planning for individuals so that they can achieve their goals without worry.

  5. Be mindful of your risk tolerance: Not everyone is comfortable with the same level of risk when it comes to investing. Some people prefer to play it safe with conservative investments, while others are willing to take on more risk in pursuit of higher returns. It’s important to be honest with yourself about your risk tolerance and to invest accordingly.

  6. Create multiple streams of income: Learn to devote some time towards creating a second or third stream of income. It could be a side hustle, such as painting, coaching etc but that helps you tide over the rough times.

  7. Be patient: Building wealth takes time and discipline. Don’t get discouraged if you don’t see immediate results. Stay focused on your goals, and keep working towards them over time.

By following these steps, you can set yourself up for success and create wealth over the next 20 years. Remember to be patient, and disciplined, and to seek out professional advice when needed.

I am available for discussing your specific request between 4 pm to 6pm this week. If anyone wants their portfolio to be reviewed, or want to know which stocks to buy, you can schedule a call (for free) this week https://calendly.com/tejas-fincare/30min