3 Pillars to Begin Building Wealth
CJ Miller of Sensible Money describes the three pillars to begin building wealth: Learning money management basics; maximizing your human capital; and taking calculated risks.
Key Takeaways
- Track your spending limits and establish both short-term and long-term financial goals, starting with building a 10-20% emergency fund from your income to monitor if you're overspending.
- When evaluating job offers, consider the total compensation package including health insurance, paid time off, and upward mobility potential—not just the salary bump—as soft dollar benefits save money over your lifetime.
- Focus on maximizing your earning potential when young by finding work you're passionate about; you'll be more motivated to advance and earn more over time than pursuing high-income work you hate.
- Invest saved money in the stock market or real estate rather than keeping it in low-yield savings accounts; historically diversified stock market investing over 30-40 years builds substantially more wealth than speculation.
- Avoid speculative 'get rich quick' schemes like meme stocks or cryptocurrency hype; if wealth-building sounds too easy, it probably is—true calculated risks involve long-term, prudent investing with realistic expectations.
3 Pillars to Begin Building Wealth: In wealth management, there are 3 pillars of financial planning. CJ Miller of Sensible Money describes the three pillars to begin building wealth: Learning money management basics; maximizing your human capital; and taking calculated risks. Watch this free video on finStream to learn the 3 pillars of financial planning and wealth management. To see more free personal finance videos on finStream featuring CJ Miller, please click this link: https://www.finstream.tv/featured/cj-miller/
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