What Is the Best Way to Start Building Generational Wealth for a Young Person Just Starting Their Career? 10-Step ...

It's not JUST about accumulating money ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? [Subscribe here]() for more --------------------------------------------------------------- [What Is the Best Way to Start Building Generational Wealth for a Young Person Just Starting Their Career? 10-Step Program]( It's not JUST about accumulating money [𝐉𝐚𝐜𝐤 𝐑𝐨𝐬𝐡𝐢, 𝐌𝐈𝐓 𝐏𝐡𝐃](jackroshi) Oct 15 ∙ Preview jackroshi   [READ IN APP](   If you're young and just starting your career, you have a unique advantage: time. Leveraging this asset effectively can set you on a path to significant wealth accumulation. Here's an introductory yet advanced guide to help you make a lot of money fast, create generational wealth, and pay less taxes. Sign up as a Founding Member and you will never be charged again. All of my current and future stock and ETF portfolios are included! 30-day money back guarantee. Telegram Signals Channel and TradingView Indicators included forever. [Upgrade to paid]( 1. Prioritize Tax-Advantaged Retirement Accounts Maximize Employer-Sponsored 401(k) Contributions Your employer likely offers a 401(k) or equivalent retirement plan. Fully utilizing employer matching contributions is essential. - Immediate 100% Return: Employer matching is essentially free money. If your employer matches up to 5% of your salary, contributing at least that amount yields an instant 100% return on that portion. - Tax Benefits: Contributions reduce your taxable income, lowering your immediate tax liability. Example: If you earn $70,000 annually and your employer matches 5%, contributing $3,500 means you get an additional $3,500 from your employer. Over 30 years, assuming a 7% annual return, this could grow to over $700,000. Invest in Individual Retirement Accounts (IRAs) After maximizing your 401(k) match, consider contributing to an IRA. - Traditional IRA: Offers potential tax deductions now, with taxes deferred until withdrawal. - Roth IRA: Contributions are made with after-tax dollars, but withdrawals are tax-free in retirement. Advanced Strategy: If you expect to be in a higher tax bracket in the future, a Roth IRA can be more advantageous. Your investments grow tax-free, and withdrawals during retirement won't increase your taxable income. 2. Eliminate High-Interest Debt Immediately Pay Off Credit Card Debt Credit card debt is a significant obstacle to wealth accumulation. - High Interest Rates: Average rates can exceed 20%, negating investment gains. - Net Loss: Paying 20% interest while earning 8% on investments results in a net loss. Action Plan: Prioritize paying off all high-interest debt before making substantial investments. This provides a guaranteed return equal to the interest rate you're paying. 3. Establish a Robust Emergency Fund Create a Safety Net An emergency fund prevents financial derailment due to unexpected expenses. - Liquidity: Keep 3-6 months' worth of expenses in a high-yield savings account or money market fund. - Avoid Withdrawal Penalties: This ensures you won't need to tap into retirement accounts and incur taxes and penalties. Advanced Tip: Consider using I Bonds from TreasuryDirect.gov, which offer protection against inflation and are tax-deferred until redemption. 4. Invest Wisely and Diversify... Continue reading this post for free in the Substack app Claim my free post [Or upgrade your subscription. Upgrade to paid](   [Like]( [Comment]( [Restack](   © 2024 Daily Moat, LLC 1111b South Governors Avenue, Dover, DE 19904 US [Unsubscribe]() [Get the app]( writing]()