Buffini & Company Blog

Navigating the 3 Greatest Roadblocks to Wealth

Woman working at her computer

Brian Buffini’s Mid-Year Bold Predictions 2024 registration is now open. Has there ever been a more complex time in the real estate industry? Brian will give you the inside scoop on what’s taking place behind the numbers at 10 a.m. PT on July 22. Register now.

When you’re not in control of your money, your money controls you. By protecting yourself against the three threats to wealth, you can significantly improve your financial wellbeing. The three biggest issues that can negatively impact your wealth are lifestyle spending, inflation and taxation. Here are some tips on how to navigate these threats, so you can enhance your financial future:

Control Your Lifestyle Spending.

Lifestyle spending is where you have the most control and can make the greatest change. It’s important to know exactly where your money is going. Setting a budget is key. But don’t make the mistake of thinking your income equals your budget. Your budget should be built around your expenses. To gain better control of how you spend your money, carefully monitor and track all of your expenses. You can easily track this using a budgeting spreadsheet or even a budgeting app. After you’ve tracked everything, figure out a budget and be disciplined about it. Afterall, having a spending plan is pointless if you don’t stick to it. By budgeting your expenses and forecasting your income, you’ll make great strides in boosting your financial health.

Offset Inflation.

Simply defined, inflation is the general increase in prices combined with a decline in purchasing value of the dollar. Inflation impacts us all, and while you may not be able to control it, you can prevent it from destroying your wealth. Offset inflation by investing in good businesses with low capital needs. Fixed assets, like real estate, are an excellent investment. Look for companies that can raise prices during periods of higher inflation. Last but not least – invest in yourself! Strive to constantly learn and grow and be the best at what you do.

Navigate Taxation.

Taxes are unavoidable, but there are ways to minimize what you owe. Navigate taxation by finding tax policies that work in your favor. Funding your retirement is a great tax-saving strategy, whether it’s a 401(k), SEP IRA, or Roth IRA. You can also use a Health Savings Account (HSA) to reduce taxes. With an HSA, you’re able to write off your contributions for the year, reducing your taxable income. Explore and become more aware of the various tax credits that you can take advantage of. Additionally, having a will or trust minimizes your tax exposure.

When trying to boost your net worth, knowing what the biggest financial roadblocks are and how to navigate them is key. To learn even more about navigating the three threats to wealth and how you can take control your financial future, watch this Facebook Live with Brian Buffini.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

July 15, 2024

4 Proven Ways to Build Your Business Network | Buffini Podcasts

Building a business network is one of the smartest things you can do for [...]

June 20, 2024

10 Weeks with Wooden – Pyramid of Success | Buffini Podcasts

John Wooden is regarded as the greatest NCAA basketball coach [...]

June 17, 2024

Burned Out or Fired Up – You Choose | Buffini Podcasts

Living in today’s often stressful world, it’s no surprise that burnout [...]

June 12, 2024

Seize the Day and Live the Good Life | Buffini Podcasts

In today’s hectic and fast-paced world, many people get so fixated on [...]

June 5, 2024

Your Personal Growth Journey with Dave McGhee | Buffini Podcasts

No matter what difficulties or challenges you encounter [...]

May 3, 2024

Beating Procrastination

Procrastination is something that’s often misunderstood. The [...]