Timing Is Always Right To Refresh Your Finances: Five Ways To Build Wealth – Black Enterprise

With the end of the first half of 2022 coming, now is perhaps fitting to enlarge your personal finances.

It possibly has been a while since you looked at how to erase debt, stockpile money and examine how to invest more thoughtfully the rest of this year. Yet, it is never too early or late to refresh your finances to ensure you’re moving ahead wisely to generate and build wealth for 2023 and beyond.

The hitch is there are multiple forces to maneuver while trying to control your money in today’s uneven business landscape. For instance, U.S. employers have reportedly provided roughly 6.5 million jobs in the last year and unemployment has dipped to only 3.6%. The nation’s economy ended 2021 bullishly, as GDP grew purportedly grew to 6.9% in the fourth quarter.

However, there still is turbulence. Consider that all major stock benchmarks in this year’s first quarter had their largest quarterly declines in two years, falling 4.6% for the Standard and Poor’s 500 and up to 9% for the Nasdaq Composite, per Forbes Advisor.

For the first time since 2018, the Federal Reserve in March raised interest rates and is expected to do so six more times this year. The Fed’s action was a move to help combat inflation at a 40-year high. And economists at Goldman Sachs have cautioned the odds of the U.S. economy falling into a recession in the next year have grown greatly due to the Ukraine-Russian war, per Fox Business News.

The good news is boosting savings and building assets is always useful. But you may do well to apply such tools as diligence, research, commitment, and help from a financial planner to reach your goals.

BLACK ENTERPRISE connected with top Black influencers in personal finance and wealth-building to gain feedback to help close the nation’s racial wealth gap. They include new and experienced leaders offering smart-money advice who can be assisting in elevating your finances to higher levels.

Compounding investments offer multiple benefits 

Investing/Retirement Planning: “The most important thing people need to do for retirement is start by paying yourself first,” said Shelly-Ann Eweka, senior director of financial planning strategy at TIAA, the retirement giant. Set up automatic investment plans for your 401k, IRA/Roth IRA and then build your lifestyle around your remaining available income. She said those who do the opposite — who look to save or invest at the end of the month with “what’s left over” — …….

Source: https://www.blackenterprise.com/timing-is-always-right-to-refresh-your-finances-five-ways-to-build-your-wealth/