Want to Grow Wealth? Warren Buffet's Unexpected Investment Advice

If you are going to take investment and estate planning advice from anyone, Warren Buffett is likely one you want to consider. At this year’s Berkshire Hathaway annual shareholder meeting, Buffett shared several pieces of financial advice but also provided insights on the importance of personal growth and estate planning when seeking to grow wealth. While many of us may feel overwhelmed by the thought of estate planning or building our wealth, Buffett's advice reminds us of two key but simple steps we can take to create financial and generational wealth.

Should You (or Your Parents) Be in the Stock Market Now?

If you or your parents have a retirement account, (or any investment accounts for that matter) now is the time to get connected to how those accounts are invested. While you may have outsourced all of this to a broker in the past, you can no longer afford to allow your investments to be made without your clear understanding of exactly what you are investing in, how and whether your investments align with your plans for the future.

Retirement Planning Reality Check

The National Institute on Retirement Security states that the funds American workers have set aside for retirement are inadequate to the tune of trillions of dollars. Why? Well as the old adage goes: Failing to plan is as good as planning to fail.

One of the first pitfalls in retirement planning is giving up before you ever start. Many people look at projections of what will be needed to retire and conclude it is simply out of reach, so why even try? In conjunction with this defeatist attitude about saving, they may also think Social Security will provide them with a safety net. But the cold hard reality is, Social Security provides nothing more than a meager income at best. It does, however, provide at least a part of what those projections tell you is going to be required.