Practical Steps to Building Wealth
In this video, Lee Baker, Lazetta Rainey Braxton and Dr. Preston Cherry join Bob Powell offering actionable advice to grow wealth, set financial boundaries, achieve financial fluency and offer practical steps to Building Wealth.
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Regardless of career path, the experts recommend these key strategies:
1. Work Toward Financial Fluency
Learn financial basics through reputable sources.
Work with a financial planner.
Use budgeting apps to track income and expenses.
2. Focus on Wealth Growth
Invest early and consistently.
Prioritize homeownership when feasible.
Diversify assets beyond savings accounts.
3. Avoid Financial Scams and Bad Advice
Social media is flooded with misleading financial advice. Lee Baker warns against get-rich-quick schemes:
“There’s a lot of nonsense on TikTok. Just because someone sounds good doesn’t mean they’re right.”