Forget what you've been told by your parents. Talking about money is not taboo.
is the best way to build wealth and equity as a young professional. But it's not a necessity."There are so many ways to build wealth nowadays," Ransom-Cooper says.
"I hear it all the time with my clients. I'll ask them: 'Why do you want to buy a house?' They'll say: 'I don't know, my parents just told me I should have a house.'" Rather than purchasing a home just to check a box on a parent's 'how to be wealthy' checklist, Ransom-Cooper encourages young professionals to"know what is their personal strategy, and what makes the most sense for them."
Investing early and growing your retirement savings, for example, are valuable ways to build wealth outside of the real estate market.It is a myth that it's always best practice to keep your savings wherever your checking account is. In fact, it is not ideal to"keep all of your money in one main bank," Ransom-Cooper says,"especially since brick-and-mortar banks typically have very low interest rates when it comes to savings.
"You're losing an opportunity to capitalize on some higher interest rates via online banks or just higher-yield savings accounts, in general," she adds., which might offer various annual compound interest rates or minimum deposit values.Sign up for our new newsletter!, which distills the billionaire's No. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.
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