Head over to https://drinkag1.com/austinwilliams to get $20 off your first order, a FREE welcome kit, one-year supply of Vitamin D3+K2, and five AG1Travel Packs.
00:00 Start Here 00:19 Retirement Investing Plan 02:09 Prioritize Your Health 05:02 Pay Off High Interest Debt 06:54 First $10,000 08:28 Invest Outside Retirement 10:11 Complete Your Emergency Fund 11:20 Make Your Spending Less Than Your Income
If your goal in 2025 is to build wealth in your life, these are 7 goals that you need to focus on accomplishing.
1. Retirement Investing Plan
The main purpose of building wealth is that so once you reach old age, you have enough money to retire comfortably and not be forced to work when you don't have to. That said, it is important to come up with an investment plan for retirement that should look something like this. First, contribute the maximum contribution to your employer sponsored 401k plan. Second, max out your Roth IRA account. Third, max out your 401k plan. And of course don't just put money in, but make sure you invest that money too.
2. Prioritize Your Health
Wealth isn't just about money, but it is about focusing on your health. Without good health it is very hard to focus on building wealth and accomplishing your goals.
3. Pay Off High Interest Debt
Before you start investing, it is important to pay off your high interest debt because the interest your paying on debt is more than you'll make in the market. There are two strategies to paying off debt: debt snowball and debt avalanche. Choose one strategy and focus on paying off your debt. Once you have no debt, building wealth becomes much easier.
4. First $10,000
Another step you should take before investing is focus on saving your first $10,000. You never want to be in the position to be forced to sell your investments at a loss and having $10,000 saved is the amount where you can cover most of life's surprises.
5. Invest Outside Retirement
Once you accomplished the first 4 goals, you can now consider investing outside of retirement. You might consider doing this to have more access to your money. There are multiple types of investments like stocks, bonds, index funds, real estate, crypto currency, metals, peer to peer lending, CDs, dividend stocks, which all have the potential to help you build your wealth. All investments have risks, so it is important to do your research before choosing to invest.
6. Complete Your Emergency Fund
You should not stop saving at $10,000, but you should build an emergency fund of 6-12 months of living expenses that will protect from major life events and never be forced to ell investments at or loss or make decisions due to scarcity.
7. Make Your Spending Less Than Your Income
Finally, an important component to building wealth is to spend less than you earn or live below your means. Create a budget, set goals, and you can make 2025 a wealth building year.
**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
