What financial experts say about the road to accumulated wealth.
According to experts, just about everybody in the world basically has the same financial goals and they are to pay off their debt, save money and retire comfortably. But, besides those very basic goals, building wealth is on everybody’s mind. The how and the wherefore, however, seem to be what your average investor seems to struggle with. And, with the massive amount of advice out there, some good some not so good, it could be difficult to know who to listen to. So, who better to listen to regarding how to accumulate wealth than the experts in the financial field, like Warren Buffet, Suze Orman, Dave Ramsey, and others. Here are a few bits of advice from some of them:
In a nutshell, the great Mr. Buffet said that investing in things you don’t know about is just gambling. He also said to say “no” to quick profits, and to recognize your limitations.
Mr. Kiyosaki’s theory is that changing one’s mindset from victim to champion could be the way to take control of one’s life and financial future in 2015.
Sharon Epperson from CNBC
Her advice revolves around strategic savings for financial success and to build wealth, focusing on Roth IRAs and their tax savings.
Dave’s advice is short and sweet and never changes year after year and simply involves getting out debt any way you can.
Suze Orman- The always levelheaded Ms. Orman warns that credit card rates will be spiking in 2015, and that this is the time for realizing the goal of minimizing credit card debt prior to the rise in interest rates.
She recommends being intentional with your money for building wealth, like creating a budget, paying off debt and saving for the future.
Jeanette Pavini from Coupons.com
Her advice is simply to see every cent that you save as a victory in taking control of your money and thereby building wealth.
So, whether you choose to take some of this advice in your quest for how to accumulate wealth or not, it is something to consider. And, remember that the experts also say that wealth is acquired through multiplication, not through addition. There are two important factors involved in building wealth, according to statistical studies, and they are the average proportion of funds allotted to stocks and other high-return investments, as well as how many years an individual has consistently invested and saved.