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Wealth Accumulation

Wealth accumulation may be a far off concept for a credit addict.  But if you stick with New Financial You, you will find yourself in the enviable position of accumulating wealth.  As such, we will provide you with the support you need to navigate these foreign waters.

Some nuggets of information that you may not know but which will help you accumulate wealth include:

  • Spending less than what you earn for your lifespan.  As soon as addictive spending ceases, you are now armed with the ability to slowly accumulate money in your bank account which will lead to a large sum of money once compound interest is taken into account.
  • Invest your money in funds that you understand with clarity-not the next hot stock (that can be artificially high due to a number of factors which are not disclosed to you).  Your money will grow because of compound interest.
  • While an inheritance may appear to be your road to easy-street, be aware that time has accrued, thereby decreasing your inheritance and that the payment of taxes must be taken into account.  It will not provide you with the financial independence you may assume an inheritance provides.
  • Determine your long-term investment goals. Think about where you want to be 10, 20, or even 30 years from now.
  • Gauge your risk tolerance.  Can you handle fluctuations in the stock market in exchange for higher returns? Or are you more comfortable with your investments in funds and stocks that exhibit regular and steady growth?
  • Diversify your money among different investment vehicles-- asset allocation.