How to Build Wealth | 5 Tips From Wealthy Investors

Hosts discuss a two decade study on the character traits of America’s wealthy and explain what lessons can be learned from the millionaire next door.

6:41 “Successful people often spend more time early in life focusing on bettering themselves which leads to higher income the remainder of their lives.”

6:50 “We need to keep investing in ourselves all throughout our career – things are changing so rapidly that we have to stay ahead of the curve.”

13:23 “The first check you write every single month should be to yourself – to your 401(k) or IRA. If you can automate it, all the better.”

16:12 “If you’re thinking about saving money in taxes in retirement, having some of your dollars come out tax-free is key because that’s what is going to keep you out of higher brackets later.”

19:11 “A lot of people don’t realize they can take control over their taxes and especially in retirement.”

22:00 “If you’re not maxing out your 401(k) plans and Roth IRAs, you have to get there.”

24:52 “A lot of you underestimate how much you are actually spending.”

31:11 “The fee-only community is pretty small. The really good fee-only advisors have minimums of millions of dollars.”

32:07 “Right now we have a tax system that starts at a lowest bracket of 10% and goes up to 39.6%. Hillary wants to keep that in place but an extra 4% if you have more than $5 million in income.”

32:30 “Donald Trump wants to change the brackets to be 0%, 12%, 25% and 33%.”

34:35 “Couple more things – for the alternative minimum tax, Donald Trump wants to eliminate it all together, and Hillary wants to expand it a little bit by having a 30% minimum rate for incomes over $1 million.”