How much wealth you will build in your lifetime is impacted by your decisions today much more than you think.

Whether you’re making small investments or major moves with your money, every action can have a big impact on your long-term financial plan.

It’s crucial that you take the time to step back from what’s on your financial radar today and tomorrow to strategize your long-term plan if you are looking to build lifetime wealth.

And there are many mistakes and wrong turns along the way that are being made by most — but the good news is, they can all be avoided. In fact, there are 3 critical steps you can take to set yourself up for long-term success without all the setbacks.

 

  1. Create a Financial Roadmap

You can’t push all your chips into the middle of the table without knowing you have the right hand. As your net worth continues to grow, so do the questions surrounding your overall financial plan. What kind of retirement do you see? What is most important to you in life? You can’t invest if you don’t know what you want the money to do for you. 

Your first step to lifetime financial planning is to figure out where you want to go and what you want to do with your money. Only then can you understand which investments will propel you to your goals. Next, sit down and create a comprehensive financial plan that will map out how you’re going to grow your finances through strategic investments.

Not sure how to do this? Then #2 is even more critical.

 

  1. Look For Coaches…Not Investors

Let’s face it; most financial planners are in the industry for the fees and structure than to steer others to generational success.

Many so-called experts offer up advice that is far from their clients’ best interests, like pushing high-tax and high-fee investments like stocks and bonds to line their own pockets. You can avoid the pitfalls of working with the wrong financial advisor by choosing a coach over an investor. 

What’s the difference? Coaches touch on every aspect of your financial life. They’ll discuss things like cash flow management, end of life decisions, your goals and dreams, the root causes of what hasn’t gone right in your life, what’s been holding you back, etc. They take a holistic approach to success building and money management rather than just focusing on shiny new investments.

And, if you have the right coach, they won’t just focus on financial success, but success in all areas of your life — because what is a life without happiness?

 

  1. Take The Emotions Out of Financial Planning

You can’t see the forest through the trees; you have to take the emotions out of lifetime financial planning. 

Even the savviest entrepreneurs are vulnerable to making emotional decisions. By finding a reliable financial advisor, you can eliminate the risk of panicking and making knee-jerk reactions. Countless people have fallen prey to financial panic, whether it’s the result of a market downturn or major political change. But you have to take a logical, long-term approach to prevent you from making decisions in a reactive state versus a proactive state.

Another big mistake is to avoid generational planning. It’s hard but it’s important to plan and organize what will happen in the event of a tragedy. Too often people skip this important piece of financial planning because it’s too emotional — but it’s crucial you overcome this hurdle so you can avoid money problems if the worst occurs.

 

The more you know, the better you can plan for the future. Take the time to educate yourself, consider your goals and learn from the experts to make the most of your nest egg. By taking these important steps, you can create a long-term financial plan that will enable you to live the life of your dreams.