Our financial goals may feel a little different from our friends, families or colleagues, but there are of course some underlying parallels. For the most part, we all want to be debt free, live a financially comfortable life, and be able to cushion the impact of things that life may occasionally throw our way. But then, there are some of us aspire to relish in the flamboyant living of the 1920’s through wealth creation.
Not to toot our own horn, but the possibility to achieve wealth regardless of your aspirations, is wrapped in many of VM Wealth Management’s offerings as well as in our ‘10 for 10 Plan Towards Wealth’.
- First point to note – expand your income gap: There are several ways to generate income which means you don’t always have to rely on a nine to five, or what is termed as an ‘earned income’. Some options to consider could very well be ‘passive income’ from things like investments, which is really a nice segue to our next point…
- Increasing your investment options: VM Wealth has no doubt been providing unparalleled support on financial education to guide key decisions in our securities industry and investment markets. We’ve always been strong proponents of wealth without limit, and that’s why your investments options can include things like trading in Jamaican and US dollars stocks, whether through individual investments or our Equity based Unit Trust. We’ve also sweetened the deal with other varied offers such as the option to invest in Bonds from global companies.
- The BIG ‘B’: You should be big on budgeting if you’re serious about your wealth goals. Creating a budget and sticking to it is a critical part of helping you understand where every single dollar goes.
- It’s time to learn debt management: Creating a solid and consistent plan to clear what you own is a good starting point. Besides, if the nine to five isn’t enough to clear all those debts, we remind you of our first point, to focus on diversifying your income stream.
- Limit what you’re spending: It’s time to be disciplined when it comes to your spending habits. There are wants and then there are needs. Consider if what you’re about to spend your money on is a want or a need. Our VM Wealth team curates a podcast which drop some solid tips on how you can wisely spend your money.
- Live below your means: This is a touchy point, but the hard truth also need to be vocalized. This principle is a key element on your journey towards wealth creation. It’s one way of gaining true financial freedom while eliminating some of those financial stresses.
- Okay, we are beyond the mid-point on the journey to wealth, and our next stop – automate some savings: This is one way you can regularly add money to your savings account without touching a dollar while moving towards your wealth building goal. It may be time to consider automatically pulling some money from your account each pay day and adding it to your savings account.
- Get in contact with a wealth advisor: These industry experts are there to help guide your financial decisions. A wealth advisor or financial services specialist at VM can help you understand how you can best make your money work for you. Here’s our bonus, VM allows you to seek assistance from financial advisors wherever in the world you may be through our online appointment registration form.
- Almost at the finish line, now it’s time to protect what you own: Protecting your assets is an important part of the journey, after all you’ve been disciplined and consistent with your wealth creation goals. Reach out to our team today and learn about some asset protection measures and legal strategies.
- It may be time to build a new network: The company you keep heavily reflects on your thought patterns, ideas and behaviors. It may very well be time to start networking with like-minded people who are financially responsible or on their way to building wealth.
There’s really no secret to wealth, but there are some strategic moves you can take and some principles you can adopt to maximize the chances of getting there. We’re prepared to give you the proper guidance and the key information about wealth building as we move towards transforming what your tomorrow could possibly look like…let’s start now!