financial planning

Top 10 Ways That Wealthy Families Protect and Grow Their Wealth

Alternative Investments / By /

 

wealth

“Wealth is the ability to fully experience life.”

– Henry David Thoreau

“Wealth” —  can be defined as assets or resources which are in excess of present or future expected expenses. A more simple explanation is that wealth is made up of assets which exceed what will be needed for this generation, and could be passed onto the next one. Even though a family’s assets may not be needed for this generation, proper stewardship is required to make sure those assets will last for future generations.

The main considerations in protecting wealth for future generations are that the assets must be sustainable over several generations, resistant to inflation, and resistant to political and economic turmoil. It is possible to invest in certain assets that can fortify your wealth against some of these external risks. However, there is a much greater risk of future generations not being good stewards of the sustainable wealth. Whether you are the first generation to create generational wealth, or whether you are researching how to sustain the wealth you have inherited, this list will give you some guidance.
 

Read More…

Top 10 Ways That Wealthy Families Protect and Grow Their Wealth Read More »

The 2018 Comprehensive Guide for Year End Financial Planning Strategies

Financial Planning / By /

 


year end financial planning

 

“A goal without a plan is just a wish.” – Antoine de Saint-Exupery

 

12 Smart Actionable Tips For You To Maximize Your Year End Financial Planning Strategies

The end of the year is fast approaching. Now is the time to plan your year end activities so you can make the most of your financial planning and tax strategies.

In a perfect world, you would have a comprehensive financial plan that you review often to ensure you are on track. However, I’m more realistic. I know you are probably not going to do this…

And to be frank, you would not be reading this in December if you had already done your planning for the year.

Having a financial plan is an important step in making sure you have a path to reach your goals. Financial planning is about figuring out where you want to go, putting together a path to get you there, and monitoring your progress along that path to adjust for unexpected events.

While most financial planning should be done continuously throughout the year, many people wait until year end to complete their checklists. This post should help provide you with 12 immediate actions you can take to get up to speed on your financial planning before year end.

Read More…

The 2018 Comprehensive Guide for Year End Financial Planning Strategies Read More »

Your Emergency Fund – Understanding the Importance of Cash

Financial Planning / By /

emergency fund

“Never spend your money before you have it.”  -Thomas Jefferson

 

Have you ever lost your job? Has your car ever required an expensive fix? Have you or a family member ever need funds for a hospital visit?

Now imagine that you didn’t have access to cash to pay for that emergency. What would you do?

The mass issuance of credit cards has allowed people to neglect the need for an emergency fund. This is a mistake. An emergency fund is not only about preparing for the rainy day that you will need the funds. It is also about reducing risk, providing you options, and helping you sleep better at night knowing that your financial emergencies do not have to be debilitating.

According to Go Banking Rates, 71% of Americans have less than $1,000 saved in their savings account. Although some age groups vary by a small margin, 70%+ of them (including seniors) have less than $1,000. If their income is cut off for even a few weeks, how are they going to survive?

Read More…

Your Emergency Fund – Understanding the Importance of Cash Read More »

Scroll to Top