Save Money

Saving money is the foundation of building long-term wealth. Many of us are not able to reach our savings goals and often our expenses exceed the budget. To start saving efficiently, write down basic accounting of how much money you make vs how much money you spend. Allocate your income for specific purposes like living expenses, savings, elimination of debt, and ‘fun’ money(you will feel motivated to make more money). After you start achieving your savings goals, take a step towards building your emergency fund to cover your expenses in case of an illness or injury or any other emergency.

Invest Your Money Wisely

Building long-term wealth requires plenty of time, diversification, and an appropriate asset allocation. Put aside at least 10% of your monthly income in long-term investments like stocks, mutual funds, ETFs, bonds, insurance, etc. Before you dive in, you need to determine your investment horizon, the financial goals you want to achieve such as buying a house or a car, education of children, marriage, retirement, etc., and your risk appetite. Investing can be intimidating and confusing at the beginning but don't worry we have got you covered.