Wealth Building Power Strategy - The Walk Up

When you get a raise of 1 %, increase withholding 0 %.

When you get a raise of 2 %, increase withholding 1 %.

When you get a raise of 3 %, increase withholding 1 %.

When you get a raise of 4 %, increase withholding 2 %.

When you get a raise of 5 %, increase withholding 2 %.

When you get a raise of 6 %, increase withholding 3 %.

When you get a raise of 7 %, increase withholding 3 %.

When you get a raise of 8 %, increase withholding 4 %.

When you get a raise of 9 %, increase withholding 4 %.

When you get a raise of 10 %, increase withholding 5 % and so on.

What does this do for you?

You still get more take home pay every time you get a raise.

The money you invest is never in your hands, so you never have to exercise will power to make yourself invest it.

You painlessly walk your 401(k) withholding up to the maximum allowed.

Then, you open an IRA and follow the same “walk up” approach every time you get a raise until your yearly contributions to your IRA are at the maximum level allowed. Edward Jones, Charles Schwab, and other brokerage operators can help you set this up when the time comes.

Then, you set up other retirement accounts after allowed contributions to the IRA are maxed out. You may be permitted to contribute up to a certain amount in other accounts. The contributions each year will probably not be exempt from taxes in that particular year, but the growth of these accounts over the years should be tax free. The law and the contribution limits change on this from time to time. Edward Jones, Schwab, and others can advise you on this. After maxing the 401(k) and IRA contributions, you employ the same painless “walk up” method with every raise until you max out contributions to these other retirement accounts as well.

After maxing out all of your retirement contributions in a few years, you then, with every raise, “walk up” deposits to after-tax accounts, “buy” and “do” accounts, such as mutual funds, so you become a cash-on-the-barrel guy or gal instead of a credit-card-on-the-counter guy or gal.

You, in a sense, do have to exercise discipline whenever you get a raise to make yourself increase contributions in the “walk up” manner shown above, but you also do not have to exercise discipline moment by moment, week by week, month by month, in order to force yourself to make deposits into investment accounts. As long as you are faithful to the “walk up” when you get a raise, the wealth building deposits are automatic the rest of the time.

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