3 simple things you can do if you’re serious about building wealth

first_img “This Stock Could Be Like Buying Amazon in 1997” Kevin Godbold | Monday, 17th February, 2020 Our 6 ‘Best Buys Now’ Shares I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. See all posts by Kevin Godbold Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Enter Your Email Address 3 simple things you can do if you’re serious about building wealthcenter_img Kevin Godbold owns shares in British American Tobacco. The Motley Fool UK owns shares of and has recommended GlaxoSmithKline and Unilever. The Motley Fool UK has recommended Diageo. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Image source: Getty Images Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. If you’re working hard in a career and determined to build a pot of money to finance an easier lifestyle later, here are three things you can do right now.1. Move cash savings to accounts with better interest ratesBanks and building societies love it when you’re busy! I reckon they know you’ll struggle to find the time to monitor your cash savings. And they often seem to take advantage of the inertia of their customers by moving interest rates down.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…You probably picked your cash-savings or ISA accounts in the first place because they were hitting the top-lists for interest rates. But look at then two or three years later and you could be in for a nasty shock. Instead of top rates, you could find that you are now earning some of the lowest interest rates around.It seems to me that rather than being rewarded for our loyalty, these days the banks and building societies like to penalise us for it. So don’t be loyal. I’d recommend reviewing all your cash savings at least once a year and transferring your funds to the providers offering the best rates at the time.Price comparison websites such as moneysupermarket.com can help you search for the best rates quickly.2 Get your pensions sortedIf you’re not paying into a pension scheme, I reckon it’s a good idea to start doing so. The money you pay into a pension will be free of income tax and if you can participate in a Workplace Pension Scheme, your employer will pay extra money in for you.Those two advantages can really help to boost the funds you accumulate. But even if you can’t get into a workplace scheme, you can still get the tax advantages if you open a Personal Pension or a Self-Invested Personal Pension (SIPP). And with SIPPs you have full control over the investments you put in your pension. I’d fill mine with share-backed investments, such as funds and trackers, and perhaps some dividend-paying company shares like those of Unilever, GlaxoSmithKline, British American Tobacco and Diageo.It’s also worth considering consolidating your pensions if your career has left you with a trail of different schemes. Bits of money here and there can be unwieldy and hard to keep an eye on. I did that a few years ago and transferred everything into one SIPP account. It’s simpler to manage, and now I have full control of my retirement funds, which I’ve diverted to the shares of my own choosing.3 Allocate regular money to share investmentsWithin your pension scheme, even managed funds will often be allocated to shares and share-backed investments. Over time, the returns can be higher than those achieved from cash savings, bonds and property-backed investments.I’d choose managed share funds, passive index tracker funds, and some high-quality individual shares for my SIPP. But it’s also worth considering putting extra money into a Stocks and Shares ISA to take advantage of the tax concessions on offer. All your gains will be free of tax and the returns from shares and share-backed investments could beat cash savings in the long run.last_img read more