Tip 1:  Use credit only when you can pay on time

Part of wealth management is knowing how to use credit wisely so that you can use it to your advantage. Credit includes all types of loans such as unsecured loans, mortgages, and a loan for bad credit.

Paying back your credit on time is absolutely crucial for your success which is why you should only use credit if you know that you can pay it back in full every month. A credit history of applying for credit and paying it back on time will helpyou build a solid financial track record that lenders in the future will look at.

Remember, it’s not bad to use credit card; it’s bad to use it for impulse spending that you can’t afford to pay without paying any interest on it.



Tip 2: Have an achievable goal in mind

Wealth management also involves knowing what your goals are. If your dream is to own a home or if you want to buy a car, you need to think and plan your investments to generate cash needed for the big-ticket items.

It’s nice to have a dream to buy a home or even a nice luxury car; however, it’s foolish to dream without planning how to build wealth to buy a home or a car. Every dollar spent by mortgaging your future and happiness can lead your life  to financial misery.



Tip 3: Start planning for retirement

Retirement should be on your mind even if you are just dipping your fingers into wealth management. Most people who are passionate about retirement are trying to think about the various ways that they can afford to retire.

For example, this could include paying off the mortgage before officially retiring. Planning for retirement should be a mix of how you want your lifestyle to be when you retire; whatever your dreams are, incorporate them into your wealth management moves now so you can reap the benefits later.


If you would like to discuss the options available to you please contact the One Stop Finance Team


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