A Wealth Building Plan is a written long-term plan to guide you to meet your retirement goals and maintain income in retirement. A plan provides peace of mind to your family, defines goals, monitors progress and drives adjustments. Plans make you less likely to overreact to market volatility and increase one's confidence and effectiveness in managing income, spending, saving, debt and investing.
The investment process is complicated and requires strict discipline without emotion. Without professional guidance, you will likely produce mediocre returns, and not meet your retirement goals. You should always seek professional advice unless you receive the proper training, invest in the proper tools, and are willing to put the time into managing your portfolio. Most people find investing complicated, difficult to find good advice and are worried about losing money.
Your wealth is determined by how well you execute the items below:
- Career Income
- Spending Control
- Debt Service
- Wealth Building Plan Execution
- Total Stock Market Performance
- Plan and Investment Reviews on a Regular Basis
Review your plan for savings, spending, investing, asset allocation, investments, advisor fees and progress toward your retirement goals on a regular basis.