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Tips on Building Sustainable Wealth Before Retiring

by AOG Wealth Management
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AOG Wealth Management is a Registered Investment Advisor that provides investment management and wealth management services in a boutique setting, offering our clients customized solutions based on their individual goals. Today, we share some important tips for building sustainable wealth before retirement.

Tips on Building Sustainable Wealth Before Retiring

Save and Invest Early

The earlier you begin investing and saving, the better off you will be in the future. This holds true even if you start by investing small amounts. Saving and investing early will make you better equipped to deal with emergencies such as last-minute medical expenses or a sudden career change. Starting early will provide you with valuable financial experience.

Diversify Your Portfolio

There are many different ways to invest and there are many different things to invest in. As a wealth management advisor, we recommend diversifying your portfolio to minimize risk. In addition, we suggest learning about all the different ways to invest if you aim to build sustainable wealth. Diversifying reduces your vulnerability to the ebbs and flows of the market and allows you to learn about which avenues of investing you like the most.

Spend Less Than You Earn

Spending less than you earn gives you the room you need to save and it is an important step in building sustainable wealth. Fortunately, there are many methods to successfully cut costs in day-to-day spending. For example, cancel magazine subscriptions you don’t need, cut cable, shop at more affordable places and so on.

Save as Much as You Can

Some sources recommend saving a minimum of 20% of your monthly income if you want to build sustainable wealth. However, you need to keep saving even if you cannot meet this goal for now. There are many ways to help you maintain the level of discipline necessary to keep saving. For example, you can enroll in a 401k savings plan that deducts a certain amount from your paycheck or join an automatic savings program offered by a bank.

Our wealth management advisor performs a rigorous due diligence process and provides highly responsive and personal client service. We consider ourselves financial stewards and we focus on managing your wealth with accuracy, integrity and accountability. We help clients in Washington, DC, and Ashburn, VA. Call us at (866) 993-0203 to learn more about our services.

 

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

The above summary has been obtained from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. Past performance is no guarantee of future results.

Category: Wealth Management