Wealth Building Checklist
The essential steps to building lasting wealth
🛡️ Foundation (Do First)
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Emergency Fund
3-6 months of expenses in a high-yield savings account
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Eliminate High-Interest Debt
Pay off credit cards and personal loans (>7% interest)
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Adequate Insurance
Health, auto, home/renters, and term life if dependents
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Basic Will/Beneficiaries
Document your wishes and update account beneficiaries
📈 Growth (Build Wealth)
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401(k)/Employer Match
At minimum, contribute enough to get full employer match
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Roth IRA
Max out annual contribution ($7,000 in 2024)
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HSA (if eligible)
Triple tax advantage—max this before brokerage
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Automated Investing
Set up automatic transfers to investment accounts
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Diversified Portfolio
Low-cost index funds across stocks, bonds, international
🔥 Acceleration (Level Up)
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Increase Income
Negotiate raise, side hustle, or career move
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Real Estate Consideration
Primary residence or investment property analysis
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Tax Optimization
Work with a CPA to minimize tax burden legally
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Alternative Investments
Consider crypto, angel investing (small allocation)
👑 Legacy (Generational)
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Estate Planning
Trust, power of attorney, healthcare directive
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529 / Education Funding
If children, start education savings early
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Family Financial Education
Teach the next generation about money
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Documented Investment Policy
Write down your rules so they outlast you