OPINION: I have worked with multiple self-made millionaires from varied backgrounds. Here are a few things they have in common, writes Faron Daugs, founder and chief executive of Harrison Wallace Financial Group.
Over the course of my career, I’ve had the opportunity to work with multiple self-made millionaires. Though they come from varied backgrounds, these investors have a few key habits in common—ones that you can replicate to build wealth to retire comfortably and hit your long-term financial goals.
Let’s take a closer look at some of the strategies deployed by my millionaire clients that can help anyone improve their financial wellness in 2022.Whether it’s in stocks, bonds or exchange-traded funds , my wealthiest clients are diligent and organized about investing. Be calculated about your investments: how much risk are you willing to take on, and in what time frame do you need access to your money? My younger clients can take on a little more risk in exchange for significant yields. My older clients often feel more reluctant to take on risk, as they need access to their retirement funds sooner.
To find as many opportunities for tax savings as possible, it’s helpful to consult a financial and tax professional who’s up-to-date on laws and policies.To plan like a millionaire, make sure even your short-term money is working for you. This means maintaining six to nine months of expenses in savings that are both liquid and safe—not at risk to significant market movements.
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