Building Personal Wealth

Building Blocks of Wealth & Health

After you have debt under control and have established an emergency fund, you can start to grow your financial wealth. Information is your best tool for managing and increasing your wealth so be sure to understand each option so you can choose what is best for you.

Set Goals

What do you need money for in six months, 10 years, and 30 years from now? Decide what your short and long term monetary goals are. Develop a plan and work with your budget.

Save and Invest

What’s the difference between saving and investing? With saving you are holding on to your money and keeping it safe. When you invest, there is an element of risk and there are no guarantees. Before you invest, learn about the process. Before you make any investment purchase, find out all you can about the investment product and who is selling it. See the resource list for contact information for FINRA, the SEC, and the Wisconsin Department of Financial Institutions for more information.

Financial Advice

Recommendations from family members or people you trust are helpful in locating an investment advisor. Make sure the broker/advisor is registered with the State Department of Financial Institutions and the investment is also registered. Get all of the information that you can before you give anyone your money.

Home Ownership

Our homes have traditionally been one of our greatest assets. Purchase your home with your eyes wide open. See the Homeownership page for more information.

Small Business Ownership

Owning your own business can be very rewarding and planning is very important for success. Local agencies that can help include the Small Business Administration and Wisconsin Women’s Business Initiative Corporation.

Planning for Retirement

The sooner you start planning and saving for retirement, the better! If your employer has a sponsored 401K saving plan, take advantage of it! Consult www.FINRA.org or www.ssa.gov for retirement calculators. Websites such as www.aarp.org can help too!

Estate Planning

It is important to make plans for who will inherit what you have when you pass on. Consult with an attorney about your choices and the tax advantages of different investment options to your heirs. The Milwaukee Bar Association has a lawyer referral service at (414) 274-6768.

Investment Clubs

An investment club is a group of people who come together to learn to invest and share their experiences. They help each other become more successful in their investing strategies. To learn more about Investment Clubs or to find one in your area, visit www.assetbuilders.org or www.betterinvesting.org.

Protecting Your Wealth

One of the ways to protect your assets is through insurance. Look at the rates with various levels of deductibles and shop around for discounts. Read all policies carefully before you sign. When you have claims, file them promptly.

  • Property, auto and homeowner/renters insurance all play a role in replacing what you own if it is lost.
  • Life and health insurance can protect you and your family from financial hardships and expenses. Before making any decisions, study the needs of your family. Take advantage of any employer sponsored options and also look at options available through the State of Wisconsin.

WANT MORE $ IN YOUR POCKET?

AEI can make it happen.

The Alliance for Economic Inclusion is a collaboration of community organizations, financial institutions and other partners aiming to help individuals and families SAVE money by learning about and using traditional banking services.

Products offered through this initiative will have a low opening balance requirement, low or no minimum balance requirements, reduced maintenance fees, offer re-entry into the banking systems after being on Chex systems and include enrollment in Wisconsin SAVE$.

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