Rich Habits Podcast
96: Building Generational Wealth in Your 40s & 50s
Dec 23, 2024
Discover how to build generational wealth in your 40s and 50s with actionable strategies. Uncover the importance of eliminating high-interest debt and making informed investments. Learn about asset protection through LLCs and the structure of 529 plans. The discussion also covers balancing emergency funds with investments. Emphasizing a structured approach to wealth management, the hosts debunk myths about missed opportunities and focus on enhancing financial well-being before retirement.
43:48
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Quick takeaways
- Increasing household income through budget audits and career advancement strategies is essential for building wealth in your 40s and 50s.
- Effective estate planning, including 529 plans and utilizing revocable trusts, is crucial for ensuring generational wealth and protecting assets.
Deep dives
Increasing Household Income
To address the feeling of being behind in retirement savings, a key focus is on increasing household income. This begins with a thorough budget audit to determine how much is being earned and spent each month. Aiming to allocate 15 to 25% of monthly income towards investments requires identifying areas to cut costs or ways to boost earnings. Strategies such as obtaining career-specific certifications, job hopping for higher salaries, and developing clear career advancement plans are suggested to effectively increase income and contribute more towards building wealth.
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