How do I start building wealth?

Sounds like life is getting better! More money, more security, more opportunities! For starters, the most important thing is to take care of your health.

One of the most essential building blocks to wealth is a IUL (Indexed Universal Life). In a way, an IUL is the framework of a puzzle. All other puzzle pieces will fall into place, as long as you have the crucial framework.

An IUL is crucial to invest in while young and healthy, as it will allow you to protect your family, gain a yearly retirement payout, as well as a death benefit. With an IUL, you will not only be set to feel freedom while building your wealth, but your family will be secure for years to come. What more could you want?

How do I start saving money?

Welcome, you have come to the right place! One of the most important things you can do is save 10% of every paycheck, and place that money into a Roth IRA. A Roth IRA allows you to save/grow your money without taxation, as well as allowing tax-free withdrawals once in retirement. Investing in a Roth IRA as early as possible is one of the crucial building blocks to developing wealth and feeling freedom.

It’s also important that you compare your insurance plan to that of competitors to make sure you are getting the best rate. Once you are set in the plan that is right for you, the savings/growth will take off before your eyes!

Finally, one of the most difficult parts of building wealth, cut out any unnecessary spending. Whether this is making coffee at home, or passing on that pair of shoes, cutting out unnecessary spending is one of the easiest ways to jumpstart your saving career.

What are the 3 worst financial mistakes for a young professional?

1) Not having a monthly budget and over spending on rent, food, shopping, concerts and other "dead money" purchases.

Trust us, we love live music, live sports and Broadway too; but be financially responsible and make it a special occasion and not a part of your essential lifestyle if you are still in debt, saving your emergency fund and trying to build wealth.

2) Buying or leasing your 1st nice new car, boat or other expensive luxury items before you buy your 1st property.

You will likely be debt burdened and have more expensive insurance to cover your new luxury item. We want you to Feel Freedom and Build Wealth, not feel trapped and burn money.

Dr. Bond once said, "Either get a reliable car that's about 4 years old and drive it until you own a rental property, or if your job requires image, buy a luxury car for the 2nd 100,000 miles so it has been depreciated."

3) Big vacations and partying with your new 0% mileage credit card.

That 0% doesn't apply to the balance, just the interest for a limited time, these can be a major financial trap.

What are the 3 best investments for a young professional?

1) Capture the full match from your 401(k) if offered by your employer. It's an automatic return on your money!
2) Sign up for an Indexed Universal Life (IUL) insurance policy to lock in your young age and health status.
3) Start your Individual Retirement Account (IRA) and automatically contribute 10% of each paycheck.

What is an EMERGENCY FUND? Why do I need one?

The Emergency Fund is a separate account that has 3-12 months of essential living expenses in cash. The amount depends on your risk tolerance and your lifestyle, this money should be saved in a savings account that earns some interest. It is useful if you are suddenly laid off (think COVID), experience an injury, or other bad luck situations. This money will come in handy in the future when you are ready to buy property or to take advantage of a downturn in the stock market (think COVID).

What is the best rule for saving money?

The Golden Rule for saving is 10% of every paycheck, if you can contribute more than do it!