Financial freedom: 5 ways to grow wealth and leave a legacy
Take the steps toward a financially confident future
Step 1: Clarify
Before you do anything else, you need to clarify what you want and settle on your long-term goals. Do you want to retire early? Travel the world? Pay for someone’s education? Support a meaningful cause?
Once you identify your goals, align your financial decisions with them. This helps you stay focused and adaptable to any obstacles along the way.
Tip! Write down your top three long-term financial goals and revisit them regularly to make sure you’re on track.
Step 2: Strategize
Building wealth is not accidental. It’s a long-term process that involves consistent effort, smart decisions and a good investment strategy.
A well-diversified portfolio tailored to your goals, timelines and risk tolerance can grow your assets over time (even through market fluctuations). Consider tax-efficient investing tools like IRAs and 401(k)s in your portfolio, which will work to your benefit.
Tip! There is no “perfect time” to start investing. Time in the market beats trying to time the market.
Step 3: Plan
Life can be unpredictable: job changes, health issues, family needs, economic downturns…all can impact your financial situation. So, you need to be prepared for anything, and the way you do that is through planning.
Build an emergency fund, maintain the right insurance coverage and have a solid estate plan. These protect what you’ve built and ensure your loved ones are supported if something happens to you.
Tip: Set aside three to six months’ worth of expenses in a separate, easily accessible account for emergencies.
Step 4: Give
Whether it’s done during your lifetime or through your estate after you pass, supporting causes and organizations is one of the most rewarding parts of building wealth.
Having donor-advised funds and charitable trusts or including beneficiaries in your will are smart ways to give strategically. Giving can reflect the values you hold dear and be a powerful part of your legacy.
Tip! Talk with your advisor about tax-smart ways to include charitable giving in your financial plan.
Step 5: Build
Your legacy is more than your assets – it’s your life story, values and impact. Without a proper plan, everything could be left to chance or hampered by unnecessary taxes, confusion or legal delays.
Estate planning tools like wills, trusts and powers of attorney (POAs) can ensure your wishes are honored. You can also share your intentions and hopes with your family now so they’re aware. This helps foster transparency and gives peace of mind for everyone involved.
Tip! Build an estate plan or review yours regularly, especially after major life events like marriage, divorce, a new child or retirement.
Take the first step toward financial freedom
Our wealth management team can help you turn today’s decisions into tomorrow’s legacy. We have experience you can trust and will work to create a plan that’s unique to you. To start the conversation, fill out this form and one of our local wealth advisors will contact you.
This information is prepared for informational and educational purposes. Always consult a qualified tax advisor for personalized guidance. Investments and other non-deposit products are not deposits, not FDIC insured, not guaranteed by the bank, and may lose value.