#38 Wealth Accumulation

I have realised now that we are nearing a period of wealth accumulation. Our debts are a third of what they used to be, and we're working to paying them off in the short term.

Now I need to focus on how to build wealth.

A couple of pieces of advice I've read over and over again;

1. Don't delay just start now. 
2. Compounding works miracles.
3. Shares beat cash usually over the medium / long term.

A couple of lessons from my own experience;

1. We are great at adapting to spend the amount of money we have.
2. If savings are easily accessible they will be accessed.

So with that in mind I'm going to begin the journey of accumulating wealth :).

I'm 30 years old and target setting is for another day.

Today is about starting the journey.

Here's a view of my current standing.

£12.5k in a pension I can accecss @ 55 years old.

£350 in individual shares.

Obviously I plan on maintaining my full payments into my pension.

I do not plan to buy further individual shares.

As mentioned in previous post I plan on paying £100 into my companies sharesave scheme. I will track this as 'cash' as I am only buying into options. Once these mature in 3 years time - if still within the company - these can be turned into shares or a profit from shares.

I will continue with the plan to create an emergency fund which is at least one months out-goings. This will be built up in a regular savings account - as I am able to get 5% interest rate that way.

My final way of creating wealth will be through a Global fund. Initially I believe I'll start with a small amount - £50 per month and see what's remaining. I will find the cheapest fund platform and cheapest fund - targeting no more than 2% charges per annum.