The Facts About How To Build Generational Wealth: 5 Wealth-building Strategies Uncovered

Published Jun 02, 22
5 min read

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With a goal like retirement, the stock market is your friend. That’s not to say it can’t be scary. It can be positively petrifying when the market tanks. And it will tank — it always does. But it always goes back up, too. If you’re investing in a diversified portfolio — and of course you are! — then you’re investing in thousands of companies in the U.S.

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So the next time the market falls, try this mantra on for size instead: “This is the best sale ever, and I don’t even have to get up off the couch or click away from [enter name of whatever show you’re currently binge-watching]. Thanks to those periodic transfers I’m making from my paycheck to my retirement accounts, I’m currently buying new mutual fund shares at a fraction of what they cost during the market’s high point.

You’re a bona fide investor. A planner of retirement. A saver of derring-do! Now go out and tell some friends how it’s done (or send them a link to this guide)..

But a well-maintained portfolio should weather such storms over the long haul, especially if you remain patient while also taking advantage of the opportunities that the market offers. You should not change your game plan because stocks have started to wobble — and that advice applies both to exiting the market in fear and to rushing to buy every dip.

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For example, a fully invested, aggressive investor with more than a decade to invest might allocate 85% to stocks and 15% to bonds. A conservative investor or one with a short time to invest might target 70% in bonds and 30% in stocks, with a preference for dividend-paying stocks. A table of investment returns over the 20 calendar years through 2021 compiled by investing consultant Callan shows that U.S.

small caps and real estate stocks each came in first four times; and emerging-markets stocks led in five of the 20 years. That shows that a diversified portfolio should contain multiple asset classes, and within those, several investing styles, sectors and industries. If you follow that script, when one part of your portfolio is struggling, other investments will likely pick up the slack.

An analysis by Moody’s Analytics found that the average American household is spending an additional $276 a month on goods and services because of higher prices. With that in mind, it’s important to take advantage of all the savings incentives available to you. Perhaps the most generous incentive comes in the form of a matching contribution from your employer.

For 2022, single filers with adjusted gross income of $34,000 or less may be eligible. Married taxpayers who file a joint return must have an AGI of $68,000 or less. Here's how to determine whether you’re eligible. As your income rises, you should be able to stash more in retirement plans.

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Tax refunds are on the rise, and while it’s nice to get a check from the IRS every year, there are more-effective uses for your money that will help you build wealth. If you received a big refund, give yourself a raise by adjusting your withholding. The IRS offers a tool you can use to figure out how much to adjust your withholding and submit a new Form W-4 to your employer.



Or, if your return shows that you paid taxes on a large capital gains distribution from mutual funds in your taxable account, you may want to shift to more tax-efficient investments. The majority of taxpayers claim the standard deduction, but even non-itemizers are eligible for a long list of credits and deductions.

But if you’re a parent of a child or college-bound student, there are lots of tax breaks available to you, too, even if you don’t itemize. Do you have a child starting college this year? Save those tuition receipts, because there’s a good chance you’ll be eligible for the American Opportunity credit.

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For more tax breaks for non-itemizers, see 13 Tax Breaks for the Middle Class. Polish and Protect Your CreditGood credit is key to getting the lowest possible interest rate on loans. A strong credit profile can also help you rent a home, lower your auto insurance premiums and even land a job.

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Finally, avoid opening several new credit card accounts at once. Each card application creates a hard inquiry on your credit report, and the presence of several card inquiries in a short time signals to lenders that you may be a risky prospect as a borrower, lowering your score. The credit bureaus compile information about how you’ve managed credit in your credit reports.

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