The Wealth Formula

Money + Time (+/-) Rate of Return - Inflation - Tax = Wealth

Retirement saving and wealth building are a numbers game. As you look at the wealth formula, it shows you a guide to building wealth.

1. Spend less. Save more.

2. Invest your money long enough to allow interest to compound and for wealth to potentially build up.

3. The rate of return is very important. 

4. Your money must earn a rate of return higher than inflation.

5. Look for investment vehicles that have tax advantages.

6. The result is your wealth: your future retirement. 

Many people understand these concepts and work on it. You can do it too.

For more information please consult The Richest Man in Babylon.

Inflation: The Silent Killer

Inflation is the rise in prices of goods and services over time. When prices increase, your purchasing power decreases. Inflation happens when a country prints more money than it earns. The result is everybody will lose some value of their money. Some refer to inflation as a hidden tax.

Inflation is a major factor to consider when you build up your financial future. For instance, if you put your money in an account with a zero rate of return, its value will certainly decline in the long run. Are you prepared for inflation? Do you think that you should save more and spend less?

Buy Only What You Need

Spending money is a way of life for many people. Shopping becomes a habit. It can become an addiction.

Finding bargains and buying on-sale items don't always mean that you're saving. It could be that you're buying things you don't necessarily need.

Know the difference between what you really need and what you want. When a person says they "need" new shoes, is it truly essential or simply a desire? How many people intend to buy a Toyota but drive home with a Lexus?

Financial Tips For The Day

Time is money. The sooner you save, the better for your future.

Procrastination is the enemy of saving. When many people are young, they think they have a lot of time to save. Then they get married, have kids, and buy a house. With a mortgage and new expenses, money becomes tight. They tell themselves they will start saving later.

As they enter mid life, their children go to college, and tuition takes a big bite out of their budget. Soon they will join the majority of people approaching retirement with little to no savings. They know they must save, but now they say it's too late.

Many wonder: What if they had just put aside $100 or $200 a month when they were young? They could have accumulated significant assets today.

Don't wait. Start to save as much as you can, as soon as you can.

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