4 obstacles to building wealth
Financial expert Nicole Lapin deep dives into 4 obstacles to building wealth including procrastination, too much spending, not having financial goals, and not having a retirement savings plan.
Transcript
[MUSIC PLAYING] I'm Nicole Lapin, your financial expert, with some tips on how to make the most of your money.
Are you ready to get in the best financial shape of your life? Well, let's discuss some common obstacles to building wealth
and how you can avoid them. Obstacle one, procrastination. Too many people put off saving until tomorrow.
And that tomorrow sometimes never comes. So don't let that happen to you. The sooner you can take charge of your situation,
the greater chance that you'll be able to build real wealth over your lifetime. Obstacle two, spending beyond your means.
Whether you're living paycheck to paycheck or swimming in credit card debt, you'll never build wealth if you're spending beyond your means.
Take stock of your spending, and try to create a sustainable spending plan. Obstacle three, the absence of clear goals.
A desire to build wealth while admirable is not a clear goal. Create an emergency fund with $1,000 in it, now
that is a clear goal. Establish a retirement savings plan, a clear goal. Stop paying for things on credit, a clear goal.
The more clear and actionable your goal, the more likely it is that you will achieve it. How fit are your finances?
Take the free money fit assessment at sharecare.com for a personalized score and an action plan for a healthy financial future.
healthy habits
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