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MissouriFamilies.org - Money Matters - Consumer Action

 

Finance Quick Answers

 

 

Do you have any suggestions on how I can build wealth?


Achieving wealth does not happen by accident. You need strategy, patience, and discipline. The simple act of developing a financial plan can put you on the road to greater wealth.
 

A recent study by Economists found that so-called high planners, those who demonstrate a greater willingness to plan, have nearly a 20% higher net worth on average than low planners. Andrew Caplin, an Economist from New York University says," There seems to be a connection between the mental habits of monitoring your saving and spending, and increased wealth."
 

Gloria Steinem once said, " Rich people plan for four generations. Poor people plan for Saturday night." It's tough to set goals and make a budget to reach them, but you can do it. Start today!
 

"You've seen those charts that say if you put away $500 a year starting at age 20, by the time you're 50 you'd have a gazillion dollars," quips political adviser James Carville. "It just makes you ill that you didn't do it. You almost want to grab young people and shake 'em and say, 'Please don't make the same mistake I did," Carville says.
 

Learn to set goals now, and budget to reach them.
 

For more information, see the following articles:
Retirement Planning Basics
Getting Started Saving
Financial Strategies for Later Life
Families and Money Management
 

 

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension

 

 

 

 

 

 

 

 

 

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Last update: Sunday, July 20, 2008

 

 

 


 
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