How do I start to build wealth?

To create the kind of wealth that allows you to achieve your financial goals, you must be willing to stick to a strategy and accept guidance. To build wealth that helps you save for retirement and develop a strategy for the unexpected, follow these first steps:

Wealth at any age

Find a financial representative to help with your financial goals

More Ways to Build Wealth

As your savings begins to grow, consider ways to make that savings work smarter for you. The two primary tactics for getting the most out of your savings include investing wisely and building wealth through insurance.

In the strategies we’ve discussed, we consistently advise to talk to a financial professional – and for good reason: a financial professional is an invaluable resource for your financial goals. He or she can help you create a strategy, stick to it, and devise strategies for making your savings work smarter through investments and insurance.

Disclaimer

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The statement assumes $381 per month at 25 years old versus $5,778 per month at 55 years old to accumulate $1M by age 65. This represents monthly savings necessary using a 7% hypothetical rate of return (compounded). This is for illustrative purposes only and not indicative of any investment. © Morningstar. All Rights Reserved.

All investments contain risk and may lose value. Diversification does not guarantee profit or protect against market loss.

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), a registered broker-dealer and investment adviser.

PAS is a wholly owned subsidiary of Guardian and a member FINRASIPC.

Investing in 529 plans involves risk, including loss of principal. Before you invest in a 529 plan, request the plan’s official statement and read it carefully. The official statement contains more complete information, including investment objectives, charges, expenses, and the risks of investing in a 529 plan, which you should carefully consider before investing. You should also consider whether your home state or your beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s 529 plan. Section 529 plans are not guaranteed by any state or federal agency. By investing in a 529 plan outside of the state in which you pay taxes, you may lose the tax benefits offered by that state's plan. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary.

Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

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