First, educate yourself. Learning more about financial topics is an investment that can pay big dividends. Listen to Tom's full interview with David Stockman, a long-time Wall Street and Washington insider who served as President Reagan’s director of the Office of Management and Budget, on The WealthAbility® Show, and pay attention to the guideposts he points out. If we haven’t yet hit bottom, it’s essential to understand the signs.
Second, build a wealth strategy that doesn’t rely on Washington. You deserve to be in control of your financial future. With the right wealth and tax strategies, you don’t need to worry about how what the government is doing will impact your dreams. But these strategies don’t build themselves. You need to put in the work.
Third, reduce your liabilities. Remember: Net worth is the name of the game. As interest rates climb, David recommends shifting from a strategy of buying assets with borrowed money and hoping your appreciation outpaces your borrowing costs to a strategy of reducing your liabilities.
Check out the full episode for a deeper dive into this important topic. The more you understand what’s going on in the economy at the macro level, the more you will understand what to do in your investing at the micro level.
Ready for expert guidance? The team at TFW Advisors® is here to help. We can teach you our proven system for making way more money and paying way less tax, and we can connect you with a tax advisor who uses the same system.
To learn more, schedule a call today!