Expat Financial Advice CZ

6 steps to Guaranteed wealth

#1 Dream.
Design your future. If you could create the perfect world, what would it look like?

If you can imagine it, you can cost it. When it’s costed, your dream has become a target.

#2 Spend less than you earn
You will NEVER be wealthy if you ALWAYS spend all your money.

If you did this one thing you would become wealthy, as your savings would increase every pay day. It’s not magic, it’s maths.

#3 Invest a stressless amount of that portion of your money you don’t spend, at the highest growth rate you’re comfortable with.
The higher the potential growth the higher the potential risk. The higher the growth rate, the faster you will accumulate wealth.

A growth rate around 6% pa is not only achievable, it also represents a medium risk profile.

If the amount allocated to your target isn’t stressful, you stand a better chance of maintaining the investment and achieving your target.

#4 Automate the investment at the beginning of the month
Don’t leave your target to chance. Protect your target by allocating funds to it before anyone else has a claim against those funds. Do this by organising an automatic payment from your bank or credit/debit card on the first day of the month.

Pay yourself first. You earned it. It would be unfair if you weren’t the first to reap the benefits of your labour.

Your target now has a plan. The plan has to be executed, and it’s progress monitored. A ship’s progress is affected by wind and tide, but providing the destination is kept in sight, and course changes are made to keep on track, the destination is assured.

#5 Protect your wealth
Your wealth needs to be protected from all parties who may make a claim against it.

A low/no tax environment is a priority. The payment of unnecessary tax is a drag on your wealth plan.

Creditors and belligerent relatives may claim a portion of your wealth. The establishment of a trust and the use of offshore solutions will negate this.

#6 Be patient
This is not a get rich quick plan. They don’t exist. This is a get rich eventually plan, and a get rich eventually plan is better than a get rich never one. The accumulation of wealth takes time, patience and determination.

It is a simple plan, but it’s beauty is its simplicity. If a plan is simple, then it is achievable by anyone.

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