${site.data.firmName}${SEMFirmNameAlt}
Local
310-324-9403
Toll-Free
866-402-1805
<#if page.ID == "About"> In This Section
<#else> View Our Practice Areas

A Simple Strategy For Wealth Building

Seriously, if you just do this one thing right for an entire lifetime you will end up wealthy. It is literally that simple.

Wealth building can essentially be summed up with one sentence: "Spend less than you earn and invest the difference wisely."

Of course, there's more to it than that. Nevertheless, if you adhere to those eight words as a guiding principle, you will find yourself in good shape down the road. If it worked for Ben Franklin and J.P. Getty, it can work for you.

A recent article in the Huffington Post describes a three-legged stool as a way to conceptualize your strategy. According to the article, titled "Everything You Need To Build Wealth.. In One Sentence," one of the most important and most difficult of the three ideas is to live a more frugal lifestyle by cutting luxuries and discretionary purchases. For example, think about your car (or cars). Does your monthly car payment look nearly the same as your mortgage? Ask yourself if you really need two expensive models.

Ok, now ask yourself again and this time be honest. Might you survive on just one and perhaps trade the other for something more economical and easier on the budget? Do you buy a new car every two or three years? What if you kept that car for five years and enjoyed some time without a monthly car payment. People do it and they don't appear to be harmed in any way. In fact, having only a $200/month car payment or no payment at all means more money to invest and save for the future. Try it!

While you will want to read the original article, here are the other two legs to whet your appetite to learn more:

Leg 2 - "Increase your income by improving job skills or changing jobs -- or consider working overtime or starting a new business."

Leg 3 - "Invest wisely by learning what is necessary."

Don't focus on just one or two legs of the three-legged stool. In fact, each is just as important as the others. Follow the advice in the original article with the expert assistance of your financial advisor and you will be building your financial success on a secure foundation.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Find Out The Difference That Experience And Expertise Makes

Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

Questions? Contact Us.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Call Now For A Free Consultation: 866-402-1805
  • ${site.data.firmName}${SEMFirmNameAlt}
  • Main Office: Torrance

    Torrance Office
    990 West 190th Street
    Suite 500
    Torrance, CA 90502

    Toll Free: 866-402-1805
    Map & Directions

    Orange Office
    333 City Boulevard Street
    17th Floor
    Orange, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Newport Beach Office
    5000 Birch Street
    Suite 8000
    Newport Beach, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Pasadena Office
    790 East Colorado Boulevard
    9th Floor
    Pasadena, CA 91101

    Toll Free: 866-402-1805
    Map & Directions

    Woodland Hills Office
    5850 Canoga Avenue
    4th Floor
    Woodland Hills, CA 91367

    Toll Free: 866-402-1805
    Map & Directions

    Office map