Building Wealth: Getting Started

This season, we’re talking about building wealth. The basics are in place: you know how to budget, you’re protected against disaster and now you’re looking to build on a sure foundation for the future. This week and next week I’m going to be covering the practicalities of wealth building, starting this week with the basics for those just getting started, and next week developing things for those further along the wealth-building road.

 

 

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This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Building Wealth: Getting Started

Let me start right from the top by reminding you that there are no secrets to wealth-building success. It really isn’t rocket science, and anyone that promises overnight or otherwise speedy results is a charlatan and must be avoided, or reported. Generally, building wealth done right is a slow process, building over time. There are ways to accelerate your progress, which we’ll talk about more next week, but the basic principle is that of building, brick by brick, layer by layer over time until the edifice is completed.

In this session, you'll discover:

• The important of laying strong foundations
• Why when starting out, you are your own worst enemy
• Why you shouldn't run before you can walk
• The only two tax accounts most people ver need
• The simplest way to make your life, erm, simple
• The first investment funds you should choose
• The benefit of automation
• Why you should track your progress

Resources mentioned in this show

Podcast: Protecting your future

Podcast: Protection Revisited

Podcast: Season Three: Behavioural Finance

Podcast: Direct Platform Investment, with Mark Polson

Platform Guide: From the Lang Cat

Video: Platforms, Wrappers, Funds and Assets

Budget Software: You Need A Budget

Audible audiobooks - Click here

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Question: What challenges have you faced when getting started building wealth? Share in the comments...

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