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The 6 Steps to Creating Wealth

When designing a solid financial foundation. You want to begin by going over the five steps to creating wealth:

  • Step number one is properly budgeting and understanding cash flow.
  • Step number two is having proper protection in place.
  • Step number three is having sufficient emergency reserves in place.
  • Step number four is eliminating debt.
  • Step number five, short-mid-long-term savings & investing.
  • And finally, step number six is estate and legacy planning.

It’s interesting because people think that a financial planner or advisor works with the planning or investing side. Yet if you notice, a lot of what goes into the plan, comes before saving and long-term investing is even addressed. The main objective is to make sure the foundation is solid first, then as you put everything in place, it’s important to finish the plan with estate and legacy planning.