2006 Wealth-Building Resolutions

Out with the old, in with the new. It's time to consider 2006 and what you're going to do differently. Here are my suggested resolutions for investors who want to be on the road to growing and preserving wealth.

• Find a coach who is truly on your side. Would you do brain surgery on yourself? Have a professional wealth management advisor working for you to plan the road to wealth.
  
• Start NOW. To accumulate the capital you need to fund your dreams, make regular diversified investment allocations that fit your long-term goals. Ignore the market noise, prognosticators and soothsayers and quit hoping the government, your rich aunt or the lottery will “bank roll” your retirement.
  
• Invest for total returns. Invest for long-term yield, not short-term security. The great long-term investment risk isn’t losing your money. It’s outliving your money.
  
• Let it be. The more often you change your portfolio, the lower your lifetime investment returns will be.
  
• Update your will and ensure you have adequate insurance - Life, health and disability insurance is the highway of life’s financial seatbelts. Don't leave your family a legacy of poverty by “driving” without them.

There they are. Five very important things to consider and work on in 2006. Wealth building is a process that doesn’t have to take over your whole life, but one in which investor behavior is key. Don't be a slave to the market, but do be a slave to a disciplined plan of wealth building.