This phase in which one begins to build wealth, accumulate it, and store it for future use.
The Wealth Building phase focuses on savings and investing money for both current and future needs, wants and desires such as cars, homes, appliances, children’s education or for one’s own retirement. Most people are persuaded to compound interest, use dollar-cost averaging, allow dividends and capital gains to be reinvested, and have a tax deferred retirement plan such as an IRA, 401K, etc. Many of these techniques have advantages that if unchecked will seriously erode one’s wealth.
Problems contained within the wealth creation phase:
- Living Expenses
- Income Taxes
- Lost Opportunity Costs
- Inflation
- Market Fluctuations
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- Capital Needs
- Law Suits
- Fees & Charges
- Loan Interest and more……..
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Wealth In Motion® strategies will assist you in avoiding these common mistakes while providing an efficient and effective strategy to create more wealth.
Objectives for this phase:
- Reduce income taxes
- Reduce market risks
- Avoid lost opportunity costs
- Increase rate of return
- Increase Protection from:
- Eliminate Unnecessary Fees, Costs & Charge
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