3 Ways To Build Your Wealth in 2021
Although 2020 provided most Americans with $1,200 in federal stimulus money -- and another $600 to follow -- it was still a roller-coaster year for investors and financial planners alike. Nosediving interest rates and a fluctuating stock market made it harder to predict which investments would yield a good return (or if you should invest at all).
Even so, there are still some tried-and-true methods to building wealth that worked in 2020 -- and might just make 2021 your best year yet.Invest Early and Often
The earlier you invest, the more time your investments have to grow. Even if you’ve already waited a long time to invest, it shouldn’t discourage you from starting now; in a time with low federal interest rates, taking your money out of a savings account and putting it in a top-rated mutual fund will pay off in the long run.Save Enough for Retirement
Take actions now that your future self will thank you for. If your company matches 401(k) contributions, there’s no excuse not to be banking that free money -- and you likely won’t miss that 3% or 5% from your paycheck. If they don’t match, consider opening a Roth IRA and save yourself the taxes later on.Hire a Financial Advisor
Hiring a financial advisor is probably the best way to ensure your finances are taken care of -- especially if you have a diverse financial portfolio. An advisor can help with things like asset allocation, reducing taxes, future healthcare needs and investment decisions.Get matched with an experienced advisor that suits your goals.
GOFinancialAdvice will find the best available advisors that you can talk to and decide if they can help you grow your money.