Joel Bernheim shares expertise on building wealth in his new white paper

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Joel Bernheim is a collection industry professional with over 25 years’ experience working with people to resolve their financial situation.

In his previous articles, Bernheim has covered topics on managing finances to stay out of debt and avoiding collections. In his new white paper, “Growing Your Nest Egg,” Bernheim offers insight into how to make small changes that can maximize your available finances to meet long-term goals.

Bernheim’s full article can be found on his website,, where he covers all topics related to managing household finances. As a collection industry expert, Bernheim seeks to provide perspective for both consumers and collections professionals alike, while bringing transparency to an often-demonized industry.

Using credit wisely

Credit is invaluable and you need to be thoughtful and strategic with this precious commodity. In order to qualify for the lowest loan interest rate, which will in turn save you money over the lifetime of a loan for items such as a car or home loan, you must manage your credit score to the best of your ability based upon your financial circumstances. If you are not there yet, there are a few easy changes that you can implement to make a difference over the longer term.

As an example, high interest credit cards, student loans — anything over 5% — needs to be paid down quickly.  If you’re unable to do this, consider transferring debt to lower interest credit cards or obtaining a consolidation loan.

Saving for later

A major category that is often neglected and requires greater focus is rainy-day savings. This is counter intuitive, but do not deploy 100% of your available liquidity toward paying down debt. You need am emergency fund for unexpected expenses that often come up, such as a medical, car or home repair bill.

People need at least enough money to cover three months of expenses, and some need at least six month’s expenses set aside. But right now, it’s really only the older generations that have achieved this — 36% of Boomers and 42% of the Silent Generation. You need to set funds aside or a single unplanned expense could send you into a financial tailspin.

Travel lightly through life

Really, this is all about cutting spending on things that don’t do anything for us in the long term. We all enjoy an occasional coffee at Starbucks or Dunkin’ Donuts, but a small change in lifestyle such as preparing your coffee at home can really boost savings. Other life-hacks to boost savings are as simple as cancelling unused subscriptions and to a greater extent instituting a 24-hour rule for yourself on discretionary spending.

Building your Nest Egg

Here is the punchline to this narrative. All income remaining after paying your expenses should be used to build your nest egg. The Starbucks or other discretionary expense that you sacrifice today will result in greater financial security for you over time vis a vis intelligent investing. This is where 401(k)s (and other investment tools come in — 401(k)s are great because many employers offer to match a percentage of your contributions.

Make your goal to invest 20% of your income each year and you will begin the journey of compounding your wealth. Even small investments can help you earn towards long-term goals. The younger you are when beginning this journey the better.

Article by James Miller. Miller is a professional writer that covers business, politics, and the arts. When he is not writing he enjoys spending time with his family, reading, and playing chess.

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