A Publication of WTVP

According to Vince Lombardi, legendary head coach of the Green Bay Packers, “The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather, a lack of will.” What does this have to do with financial planning? Everything, particularly given the challenging times we live in today. Building and maintaining wealth is usually the result of hard work, dedication, and most of all, planning.

Here are four things you should do today to help achieve financial success:

  1. Time is an ally, so begin now. Your best chance of accumulating wealth comes from developing an investment plan that starts early and involves regular investments. The longer you wait to start, the more you need to invest each year to reach your goal.
  2. Get your debt under control. Finding money to borrow is relatively easy. However, paying the loan back is not as easy. Whether it is a mortgage or a credit card, having a low and constant interest rate for the life of the loan will help you avoid potential problems that could eat up even more of your income. It will also help you budget savings for other pressing priorities like retirement.
  3. Have an estate plan. Everyone, regardless of age or wealth, should have an estate plan. Estate planning can provide a means of transition and continuity when passing your assets on after your death. Estate planning also deals with current issues, such as living wills, health care directives and durable powers of attorney.
  4. Diversify, diversify, diversify. Different types of investment assets and investment styles rarely move in unison. When one investment class is up, another is frequently down. The ultra-wealthy know from experience that fortunes can be made in highly concentrated investments, but they also know the litany of fortunes that have been lost that way.

With strong will and a well-thought-out action plan, you can achieve financial success. iBi