Building Wealth: Best Moves If You're 25 To 34

People ages 65 and older hold on average $170,494 in wealth; ages 55-64 negative reviews of the elevation group hold $162,065; ages 45-54 hold $101,651; ages 35-44 an average of $39,601 in wealth while adults younger than 35 hold only $3,662. For the most part, this gap is normal, since your ability to save and invest in wealth changes depending on where you are in life. Young adults in their 20s, for example, should focus on building wealth by acquiring the foundational skill sets and education that prepares them for high-paying, wealth-building positions later in life. Don't make the mistake of thinking you should rack up hours at your part-time job to reach a certain number in your bank account.

Protect Your Retirement: Obstacles to Building Wealth

WHAT YOU NEED TO KNOW: Savings goal at age 30: 0.6 x your income Biggest cash drain: Student loans and other debt Biggest challenge: Overcoming fear of investing Biggest opportunity: Lots of time for your money to compound TIPS: 1. Be courageous. Nearly 40% of Gen Y-ers say they'll never feel okay investing in stocks, MFS Investment Management reports. Take note: Since 1926, a portfolio mostly in stocks has never lost money in any 20-year period while averaging gains of more than 10.8% a year, vs. 4% for bonds. Get an age-appropriate mix with the target-date fund in your 401(k) or MONEY 70 picks Vanguard Target Retirement 2050 ( VFIFX ) or T.

Stages of Wealth Building

Rule number 1 - Never lose principal Rule number 2 - Never violate rule number one Rule number 3 - Patient CompoundingRule Number 4 - Pay as little taxes as possible With all of this in mind, if one could position their retirement assets to eliminate market volatility, money management fees, and the tax bite, wouldnt that be a good thing? Of course! Sound too good to be true? It's not. Actually, it's too good to pass up. Utilizing a financial tool known as market indexing coupled with uncapped indexing strategies will do all described above.