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Six Key Strategies to Increase Your Wealth

Discover essential strategies to enhance your financial health with insights from Dr. Laura Connerly, Ph.D. This guide covers critical milestones such as balancing your income and expenses, calculating your debt load, checking your credit report, and understanding your credit score. Additionally, learn the importance of saving for emergencies and planning for a secure retirement. Implement these actionable steps to build wealth and ensure financial stability for the future.

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Six Key Strategies to Increase Your Wealth

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  1. Six Ways to Increase Wealth Laura Connerly, Ph.D. Assistant Professor

  2. Wealth Recommendations • Balance income & expenses • Calculate debt load • Check credit report • Know your credit score • Save for emergencies • Plan for retirement

  3. Balance Income & Expenses • Income Statement • Expense Statement • Spending Plan • Fixed • Variable • Periodic www.uaex.edu

  4. Your Spending Plan $?$?$? Total Income - Total Expenses

  5. Calculate Debt Load • List monthly payments: • Car 325 • Student loan 100 • Credit cards 75 • TOTAL 525 • Divide by monthly net income: 525÷2500=.21 OR a 21% debt load • Credit Management factsheets: • Managing Credit • Financial Fitness Series: Trim Your Credit Line • Credit Reports and Credit Scores www.powerpay.org

  6. Check Your Credit Report • Equifax • Experian • TransUnion Credit Bureaus Online at: www.annualcreditreport.com

  7. Know your credit score • Credit scores must be purchased • Each credit bureau varies • Two major types: • Fair Issac Corporation – FICO Score • VantageScore

  8. Save for Emergencies • Take Small Steps • Work toward 10% • Start and increase • Build Emergency Fund • Critical safety net • Start with $1,000 • 3 to 6 months of income

  9. Plan for Retirement Most people don’t save enough. Prepare for financial stability in later life: • Maximize matched contributions to employer provided plan • Maximize allowed contributions to IRA • Minimize debt to retire debt free • Save and invest www.extension.org

  10. Six Ways to Increase Wealth Laura Connerly, Ph.D. Assistant Professor

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