Your retirement isn’t something you plan for a few years before you intend to leave your full-time career. While there’s a lot of planning involved in the short-term, your financial decisions in your “younger” years have an impact on how your retirement and stream of income will pan out. Whether you’ve just recently entered your career or have been working for the last twenty years, implementing these strategies now will prove to pay off in the long run. If you’re actively thinking about your future retirement plans, here are a few wealth accumulation strategies that will help lead you on a smooth path. 

Lower Debt, Increase Income 

The debt to income ratio is always one of the most important financial indicators when it comes to wealth management. It’s merely your monthly debt expenses compared to your monthly gross earnings. For wealth accumulation purposes, lowering debt is essential; and as you continue to work throughout your career, working toward increasing your income will make your efforts go much further. It’s important to remember that wealth isn’t just determined by lavish items or property, and always considering your debt to income ratio will come in handy as you focus on accumulating your wealth. 

Regular Investment Activity 

Investing is a key factor in wealth accumulation. While you may have a steady full-time job or even more than one stream of income, where you put a portion of the income matters. An article by Kathleen Elkins for CNBC shares the insights of a few self-made millionaires on their top strategies for building wealth. The article highlights Grant Cardone of Millennial Money and how making smart investments and “depositing money every day into investment accounts” helped him reach his financial goals. 

Multiple Retirement Contributions 

The Balance contributor Wes Moss said in a recent article, “the majority of wealthy retirees began making the maximum contribution to their 401(k)s in their 20s or 30s.” It’s important to remember that while a 401(k) is a great start to making retirement contributions (especially if your company has a matching plan), it doesn’t have to end there. Retirement accounts can come in different forms, from 401(k) accounts via an employer to traditional and ROTH IRAs. You can also direct retirement funds to taxable brokerage accounts as well; these accounts are a great option when you need to withdraw money without having to dip into your 401(k) or IRa account. 

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