When it comes to cultivating your finances and turning them into sustained wealth, the best thing you can do is start early so you have time to capitalize on your investment. For some, that means starting to move their money strategically when they’re young, and for others, that lesson may only sink in once too much time has passed.
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If you’re worried that it may be too late to build wealth the easy way, don’t panic. You may not have the days, weeks, months, and years to rely on, but here’s what you can do instead.
Automation is the secret weapon to eliminating emotion and limiting decision fatigue when saving for retirement, according to Ashley Weeks, wealth strategist and vice president at TD Bank.
“For late starters, this can be as simple as choosing to defer a larger portion of each paycheck into a workplace retirement plan,” Weeks explained. “Automated investing ignores short-term market fluctuations and ensures that money is invested before it can be spent.”
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Christine Lam, investment advisor representative at Financial Investment Team, said if you are 50 or older, you have access to a powerful savings tool called a catch-up contribution. “This provision allows older workers to contribute more than the standard annual limit to their retirement accounts, helping to make up for years when saving may not have been a top priority,” Lam said.
“In 2025, individuals can contribute an additional $1,000 to traditional or Roth IRAs, and an additional $7,500 to employer-sponsored plans, such as 401(k), 403(b), and most 457 plans,” Lam said. “That means someone participating in a 401(k) could save up to $31,000 in a year ($23,500 standard limit plus $7,500 catch-up).”
Keeping up with the neighbors is a thing of the past, even for those who have acquired wealth. For those still looking to get it, Anthony DeBenedictis, managing partner at Avanza Capital, said cutting spending and accounting for every penny is the smart way to grow your wealth, no matter where you are in the process.
“This year we are seeing even some of our company’s wealthiest shareholders reconsider their luxury purchases,” DeBenedictis said, highlighting items such as high-end watches, designer handbags and exotic cars. “They’re certainly not losing popularity, and it’s definitely not because people can’t afford it. But it’s because they’re making smarter, more strategic decisions. There’s a lot more caution, along with a lot more opportunity in terms of capital placement. Economic and market conditions are playing a huge role in stock market volatility. Slower growth shifts in Federal Reserve policy are encouraging caution.”