wealth gap and income inequality has been a growing concern among U.S.consumers
Los Angeles-Long Beach, CA (PRWEB) June 15, 2014
Debt Consolidation USA explains in an article published last June 11, 2014 how to increase financial wealth faster that just putting money in the bank. The article titled “2 Important Factors To Accumulate Financial Wealth Fast” discussed two ways to achieve this goal without the need to increase income from employment. Though it is very important, achieving financial wealth is a goal that can be reached by focusing on non-income related items.
The article explains how the wealth gap and income inequality has been a growing concern among U.S.consumers for the past few years. The country may be doing good but that wealth is enjoyed by a few consumers. This percentage belongs to the already rich and affluent members of society. The wealth distribution in the country is concentrated mostly on top and trickles down to middle to low income families.
The article shares that the top ten percent of the consumers are enjoying 73% of all the wealth while the remaining 90% are having to make do with the meager 27%. This is a clear picture how wealth is trapped on top and the rest are forced to share so little. Financially speaking, 83% of assets again belong to the top ten percent and the remaining 17% of financial assets are divided among the 90% of consumers.
This is where accumulating financial wealth comes in. The article shares that it possible by keeping in mind two key points.The first one is frugality in financial spending. Frugality is not synonymous to deprivation as most people have come to believe. It does not restrict the spending of a person but rather puts focus on the more important things. This way, the consumer is able to save up a few dollars by weeding out unnecessary expenses.
The article also talks about investing as the second item needed to increase financial wealth. Having a huge amount of savings account in the bank is a great start but is should not end there. If the money is just sitting in a savings account, the consumer is using the bank no more than a child using a piggy bank to save. It is just sitting in the bank mostly for safekeeping and earning off a low rate.
WIth investing, one of the first things to do is to determine the risk appetite of the consumer. This is personality dependent and could dictate how the investment are laid out. It profiles the person if investments should be made conservatively or aggressively. The next step is to make the money work hard using various investment tools. The idea is to spread out investments and not concentrate on one single platform. This ensures the safety of the overall investment portfolio in case one investment would lose money along the way.
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