“It’s wonderful to build your wealth, but how do you make sure you keep it?”

Huddle in, Xers. Logically, this isn’t a question aimed at us. Well, at least not the second half.

Only the oldest Gen Xers – in their mid to late 40s – have had time to build much wealth yet. Even then, it’s hardly likely to be enough to justify going into defensive mode (as those to the right might).

Your 30s and your 40s are known as the “wealth accumulation” years, so Xers should be playing offence. That is, use your relative youth to take a few calculated risks, to try to grow an asset base worth defending in the future.

Xers should now be sowing the seeds for wealth. Buying a home and paying down the mortgage, making your first few investments in shares and property. Perhaps with a little investment debt thrown in.

With super, you should also be taking a few slightly higher risks, by having more invested in shares and property.

But we’re staring into headwinds – big mortgages and young kids – so finding the money to invest can feel like you’re Rocky Balboa going up against Apollo Creed. Every week!

Given our low base, but growing incomes, how do we defend what we’ve got? Make sure our biggest assets are protected. And your biggest asset is your ability to work.

A 40-year-old earning $80,000 will earn $2 million in today’s dollars between now and age 65. Insuring your income (and your life and your health) is the most important action you can take to insure you can “keep” and grow the wealth you’ve just started accumulating.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.