I have talked about building wealth a lot over the years, and there is one similarity I have noticed with those who are in the early stages of planning for their future.
Most think they need to be an expert at all things (financial) and need to have all the “correct” answers now. They don’t.
In my opinion they need to start by laying a solid foundation with the basics, that way in the future they will have a few simple principles to help guide their decision making.
Here are 3 pieces of advice I give about the basics to help people move forward.
1st Piece of advice. Build a Financial Team
Like I said, one of the biggest misconceptions about money is that you need to be an expert on day one. Here’s the truth, Wealth is rarely built alone.
Now, your team won’t need a full roster on day one. But you do need to know who belongs on your team and why they matter. Think of your financial life like running a business. Every good business has experts that are one phone call away, or they are on payroll like a board of directors. Those experts make sure decisions are sound, risks are managed, and opportunities aren’t missed. You deserve and need that same support.
The best example I can use is when our clients or their children are looking to buy their first home. I love being able to refer them to a mortgage specialist that will give them an amazing experience working through the process. Think of all the questions you had when you bought your first home.
In my experience here are the core members of a strong team:
A financial planner or advisor.
This is your strategist. They help you build a plan, stay disciplined, avoid emotional mistakes, and align your money with your long-term goals. Good advisors simplify complexity and keep you accountable. Now this team member can come from many different places and offer very different services. The most important part is that you trust them and that your needs are represented. (this is a whole blog in itself)
A personal banker or lender.
A personal banker or lender helps you manage one of the most powerful tools in your financial toolbox: credit. Whether you’re getting your first credit card or purchasing a home, having the right education and support can save you thousands over your lifetime. More importantly they can help you avoid making mistakes that can lead to the opposite.
An Accountant (CPA)
A great accountant doesn’t just file taxes, they help you navigate them now and in the future. In the beginning you may not need to pay an accountant to help you file your taxes, but it’s important to have someone answer your questions when they arise. Taxes can be your biggest expense over a lifetime, so it is important to run big decisions through this teammate.
An Insurance Professional (when needed)
Insurance is about protection. Whether you are protecting a liability, property, future earnings or estate tax, an insurance team mate ensures you’re not overpaying or under-protected.
A Lawyer (when needed)
You might not need one on retainer, but you will need legal clarity for major milestones: wills, estate plans, real estate, contracts, business filings, or disputes. A lawyer turns uncertainty into protection.
You don’t need to assemble this team overnight. Start with the help you need today and build outward as life gets more complex. The important part is knowing that support is part of the journey.
Here are a few more that can help in a major way when you need it: realtor, personal insurance professional, benefits specialists for business owners, bookkeepers.
2nd Piece of Advice. Understand the basics of Personal Finance
Before chasing investing trends, side hustles, or “passive income hacks,” keep building your foundation. Here are 3 basics to master, and once you understand these, everything else becomes easier.
1. Earning
Your income is the foundation. Increasing your earning power through skills, career choices, or entrepreneurial efforts gives you more flexibility and opportunity. It’s the engine that powers everything else, so you at least need to understand your own income. The income of an entrepreneur is very different than that of an employee. If you know all the details of your revenue or your paycheck you are already on your way.
2. Credit.
Credit is more than a score. It’s a very important tool. It’s your financial reputation and it impacts almost every major decision you make over a lifetime.
Credit determines your access to opportunity. In my earlier example of buying your first home your credit determines how much you can borrow and how much that borrowing costs you. Good credit opens doors. Poor credit closes them.
You can start building credit as soon as you turn 18, but make sure you are using this tool wisely as it can create opportunity or hardship later.
3. Spending, Saving and Investing
Sounds a lot like budgeting doesn’t it… Call it what you want, but you need to know where your money is being spent… or not. That way you can make change. In my opinion the most important part is that you are paying attention.
Anyway… How you spend your money reflects your values. Smart spending doesn’t mean depriving yourself, it means being intentional. It’s about aligning your money with your life.
Saving means stability and peace of mind. A buffer or emergency fund protects you from stress and financial shocks. Saving gives you the option to invest and the ability to think long term.
Investing is your growth engine and builds wealth over time. Whether it’s in the stock market, real estate, or a business, investing makes your money work harder. Start as soon as you can, stay in your comfort zone of risk and focus on the long term.
These basics work together. And when you understand them, you stop making random financial decisions and start making strategic ones.
The 3rd and most important piece of advice. Plan With Meaning
This is the most important piece of advice I have and here is what it means.
Money isn’t just math—it’s emotional. It’s tied to stress, identity, security, confidence, family and happiness. When you plan without meaning, you look at all the parts of your financial life in silos and end up with a mix of strategies that don’t speak to each other.
Alternatively, when you have a strong foundation, and you run all your financial decisions through this filter, everything changes.
Meaning gives direction.
Meaning gives motivation.
Meaning gives clarity.
It turns questions like:
- “Should I save?”
- “Should I invest?”
- “Should I take a chance on that job?”
Into:
“Does this move me toward the life I want?”
Everyone’s “why” is different, whether it be financial freedom, security, lifestyle, or family, your decisions become something you can believe in.
This is another area that deserves its own blog.
That’s coming next.
Final Takeaway
Building a strong financial life isn’t about being perfect—it’s about being intentional. Start with these three fundamentals:
- Build a financial team you can trust.
You don’t have to do this alone.
- Learn the basics of personal finance.
They’re understanding is imperative.
- Plan your money with meaning.
Purpose turns financial decisions into clear, confident choices.
No matter your age or starting point, it’s never too late or too early prepare for a meaningful financial future.
