How working with an advisor can help you retire richer than 90% of Americans

For many Americans, the dream of retiring with $1 to $3 million in savings represents true wealth and financial freedom. However, over 90% of the population falls short of hitting this milestone, according to a National Institute on Retirement Security study.

By sharp contrast, the combined wealth of America's billionaires has grown by nearly 90% over the past four years to $5.529 trillion, according to the Institute for Policy Studies.

Some traits ultra-wealthy people share include disciplined spending, clear goal-setting, long-term planning, and seeking financial advice from trusted professionals. Following this strategic approach creates a strong foundation for the future. Here are three steps you can take to help grow your wealth over time and retire richer.

1. Don’t let your emotions get the better of you

Emotions play a significant role in investing, often driving decisions that can lead to costly mistakes. A study by Nobel Prize-winning psychologist Daniel Kahneman showed that we make almost 90% of our financial decisions based on emotion and only 10% on logic. That kind of gut-instinct thinking can prevent you from reaching your wealth goals.

This is where a trained and trusted financial advisor can be invaluable. An advisor provides an objective, disciplined approach to investing, helping you stay focused on your long-term goals rather than reacting to short-term market fluctuations. They provide unbiased advice for investing, retirement planning and tax strategy, offering a steady hand during periods of market volatility.

Finding personalized financial advice and a trusted advisor should be simple, convenient and flexible. A platform like Money Pickle can help match you with trusted advisors who can help you navigate retirement planning, investment strategies, estate planning, tax strategies, social security, insurance and wealth management.

Money Pickle was built to make speaking with a vetted financial advisor more accessible and convenient than ever. It was founded on the belief that locating a financial advisor matched to your unique situation should be seamless, efficient, and come at no cost. With Money Pickle, speaking with a matched advisor about your most important investing and retirement questions has never been easier.

2. Use the three-bucket strategy to diversify and grow your wealth

The three-bucket strategy is one of the principles used by the richest Americans to grow generational wealth and stay ahead of the remaining 90% of the population.

The idea is simple: You keep your money in three different buckets based on when you think you’ll need it.

Short-term bucket: This is money you think you’ll need to access in the next one to four years. The money in this low-risk bucket is usually in things you can quickly turn into cash, like savings accounts, fixed deposits, and liquid funds. This bucket needs to stay liquid and low-risk.

Medium-term bucket: If you think you’ll need the money in the next five to seven years, consider holding it in income-producing, relatively “safe” assets like high-quality bonds and certain dividend-paying stocks. This can help you keep pace with inflation.

Long-term bucket: The third and final bucket in this strategy is for long-term investments that aim to earn the highest returns adjusted for inflation. This is the money you want to grow over the long haul, and it's structured to provide a steady retirement income. Stocks, blue chip funds, real estate, and multi-asset funds will fall into this class.

The success of this three-bucket strategy requires careful allocation and periodic adjustments with the help of a skilled advisor. Money Pickle can match you with a fiduciary financial advisor who can assist you in building your portfolio allocation and ensure the three buckets are invested, monitored and rebalanced regularly if you choose to hire them after your initial free consultation.

Everyone deserves to work with a financial professional they can trust. All advisors in the Money Pickle network are certified financial fiduciaries, meaning they are legally bound to act in the best interests of their clients. They all must have a clean industry history with the Financial Industry Regulatory Authority (FINRA), hold a Series 65 or Series 66 Registration, and have at least five years of experience. Many advisors in the Money Pickle network are also certified financial planners (CFPs).

3. Millionaires use financial advisors—so should you

A Northwestern Mutual study showed that an overwhelming 70% of wealthy individuals work with a financial advisor. That’s almost double the rate of the general population, with only 37% seeking professional financial advice.

Wealthy individuals are keenly aware of the need to prepare for both good times and challenging periods. To get ahead on your retirement savings, you may want to consider following suit.

To learn more about how you can connect with a trusted financial advisor who will put your needs first, visit their website.

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