Can you get rich in your prime? True. GOBankingRates spoke with financial experts on how people in their 40s might grow wealth.
The first step to building wealth in your 40s is to establish a strong foundation.
Marcus P. Miller, CFP and financial advisor at Mainstay Capital, said this foundation needs good money habits, like putting a decent percentage of your income into investment accounts.
Jason Blumstein, CEO and founder of Julius Wealth Advisors, recommends taking the time to take an inventory of your financial big picture.
“Understand your assets, liabilities, net worth, income, expenses and cash flow,” Blumstein said. “If you know where you are at, you know where you need to go.”
Cecil Staton, CFP, CSLP, president and wealth advisor at Arch Financial Planning, predicts a person or family's propensity to grow wealth based on their gross income savings rate.
Kyle Hurley, CPA and private wealth advisor at Munroe Morrow Wealth Management, said building wealth requires emergency savings and a financial cushion built up in the bank.
“If diligent savings and disciplined investing are executed, the only remaining variable is time. Typically, someone in their 40s has plenty of time for investments to compound and grow,” Staton said.