5 Steps to be Wealthy by Design

It is true that there are many random events in the financial marketplace.
Little, will you pin the right track. To become wealthy you must calm down and learn.

...the question remains, what are the steps to follow?

The wealth building approach you take cannot be random but designed. It must be carefully considered, meticulously planned, backed by solid commitments and regularly assessed. 

When these steps are followed – and when you and your advisor can maintain flexibility in challenging times – you will have put in place the strategy that will empower you to meet your goals and live your dreams. You will achieve wealth, but not as the result of random events, lucky breaks, or ‘timing the market.’ Instead, you will become wealthy by design.

Step #1: Decide your Goals

Wealth design: Decide your goals

Identify your needs – family obligations, debt, and lifestyle requirements. Connect with your desires – know the difference between a need and a desire. Know where you want to go – relate your life goals to short-, mid-, and long-term financial goals. And of course save some money and evaluate when it is time to review or revise your investment goals.
Also read: How to build wealth from the scratch

Step #2: Investments Plans

Design wealth through investment plans

Learn the fundamentals of investing. Examine your current asset allocation. Explore how to diversify your portfolio. Do not try to time the markets. Come to grips with the level of risk that you can tolerate.
Also read: How to save properly to invest

Step #3: Committing To Your Plan

Commit to your plans as a wealth design step

Enact a plan. Commit to it. Identify the challenges to your commitment.
Also read: Guide to a proper budget

Step #4: Assessing How Well Your Plan Is Working

Identify which indicators to look at to determine how well your plan is working. Reassess if your asset allocation is properly balanced.
Also read: Rules to break to stay wealthy

Step #5: Keeping Your Plan Flexible

Keep up with a changing market. Know when to take action. Know when to expand on your investment.
Also read: Rules to wealth building and money growth

Conclusively,
I cannot stress enough the benefits of a well-conceived and disciplined strategy. Some people have the idea that such a focused design is restricting or that it causes you to miss opportunities that less-structured investors might capture. But it really works in the opposite way when you are following a plan; you aren’t being distracted by the ‘noise’ that so easily sidetracks other investors. That means you can actually pay closer attention to the real opportunities – the ones supported by careful research and sound investment principles.

Disciplined investors stay invested, stay the course, and reap the benefits; undisciplined investors jump in and out of investments in a vain attempt to capture the latest hot stock or value play, and they invariably achieve inferior returns. The research backs this up, time and time again. That’s why I tell my clients: ‘Stay diversified, and stay the course.’

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