Wealth Building Checklist

The essential steps to building lasting wealth

🛡️ Foundation (Do First)

• Emergency Fund 3-6 months of expenses in a high-yield savings account
• Eliminate High-Interest Debt Pay off credit cards and personal loans (>7% interest)
• Adequate Insurance Health, auto, home/renters, and term life if dependents
• Basic Will/Beneficiaries Document your wishes and update account beneficiaries

📈 Growth (Build Wealth)

• 401(k)/Employer Match At minimum, contribute enough to get full employer match
• Roth IRA Max out annual contribution ($7,000 in 2024)
• HSA (if eligible) Triple tax advantage—max this before brokerage
• Automated Investing Set up automatic transfers to investment accounts
• Diversified Portfolio Low-cost index funds across stocks, bonds, international

🔥 Acceleration (Level Up)

• Increase Income Negotiate raise, side hustle, or career move
• Real Estate Consideration Primary residence or investment property analysis
• Tax Optimization Work with a CPA to minimize tax burden legally
• Alternative Investments Consider crypto, angel investing (small allocation)

👑 Legacy (Generational)

• Estate Planning Trust, power of attorney, healthcare directive
• 529 / Education Funding If children, start education savings early
• Family Financial Education Teach the next generation about money
• Documented Investment Policy Write down your rules so they outlast you