Although a sizeable number of people have managed to work their way up to “wealthy” status, a large percentage of these individuals do not have a solid understanding of the different Wealth management strategies available at their disposal. An effective wealth management strategy is essential to any individual wanting to maintain and grow their wealth/earnings effectively. This article will review a few different popular wealth management strategies.
Whether you have been diligently earning your money by investing in the Canadian Stock Market, or even if you simply inherited the money, you must constantly be in pursuit of the best wealth management strategies to ensure that your dollars are being put to best use. How you invest your money now will determine how much, if any, money you will have in the future.
Hiring a wealth management company can be a good choice for individuals who do not want to become too involved in the process. A wealth management company can help an individual to balance his/her books, spend his/her money more wisely, invest his/her money intelligently, and ensure that “the well” does not “run dry” at any point during that person's lifetime.
It is okay if you do not understand how to manage wealth; most people don’t understand how to manage wealth-- it is a skill that is not needed until wealth has actually been accumulated in some quantity. With so many investment options, it is no wonder that many individual's feel lost in such discussions. Investment options such as bonds, Mining Stocks, 529’s, and 401k’s all present different sets of rules, regulations, schedules, and benefits. If you do not understand these different investment options and the stipulations attached to each, hiring a wealth management company may be a good option.
Private wealth management companies that offer services such as these are considered private bankers and money managers. They offer many of the same features that a traditional bank offers, except that you are not obligated to place your money in any particular bank.
If you do choose to keep your money in a bank, you will be able to seek the help of an account manager. This account manager will work directly with you to answer any questions you may have, and will help you manage your account successfully. Account managers can also educate and guide you in investing your money more effectively.
Wealth management software can be a good idea if you want to have more control over your finances while executing your wealth management strategy. This software can assist you in creating a financial plan that will allow you to live comfortably in your current lifestyle, and at the same time allow you to plan for the future depending on your end-game goals.
By: Jennifer Nobles
ABOUT THE AUTHOR
This article was written by Jennifer Nobles. Jen, as she likes to be called, is an advocate for many national & international business ventures. Her investment advice has expanded over several industries in various global markets. Because of her detailed analysis and profound passion for business, she is regarded as one of the top advisors for worldwide investments and enterprise affairs.
Wednesday, December 26, 2018
Monday, November 19, 2018
Where Is Your Wealth?
Whenever someone asks me what to do to build permanent wealth, I answer that question with a question: Where is your wealth? Where is your wealth today and where is your wealth going?
Where is Your Wealth?
I have been speaking at several seminars lately on the topic of building permanent wealth. One of my favorite things about speaking at seminars is talking with the participants one-on-one. In just the past few weeks I've met hundreds of people with diverse backgrounds, various educations and different professions. All of them wanted to know how to build permanent wealth. And much like those of you I heard from last week, they wanted to know exactly what they needed to do.
Whenever someone asks me what to do to build permanent wealth, I answer that question with a question: Where is your wealth? Where is your wealth today and where is your wealth going?
In other words, where are you today in terms of how much you own versus how much you owe? And, where do you want your wealth to be?
Take a few seconds to think about your answer.
- The Answers -
It is very rare that any one answers my question with absolute certainty. Here are the answers I typically receive:
Most popular: "I have no idea"
Close second: "Oh, somewhere around....ummmmm....about...$X and I want it to be X times that"
Funniest: "I keep wondering the same thing! Where is my wealth? I work and work and work, make great money, but I have nothing to show for it! Where is it going?"
At first, it's easy to conclude that these people must just not care about their wealth because they have no idea where they are today or where they want to be with their wealth. But the people I spoke with recently are people attending seminars specifically to learn more about building wealth, so obviously they care. So then why don't they know the answer to this question?
I've concluded that most people don't know the answer because they don't know how to get started on building their wealth. I'm learning that this is a common place for people to be.
The traditional route to getting started has been to meet with a financial planner and find out when you can retire based on a certain amount of savings each month.
My approach to wealth strategies is the same approach I use when I create tax strategies. In fact, the two are intertwined. A successful tax strategy will produce tax savings and then leverage those tax savings by integrating them into a wealth strategy. This is a great way to supercharge a wealth strategy! But my approach with both always begins with (1) Where do you want to be? and (2) Where are you today? If this sounds similar to traditional financial planning, it's not.
Simple But Not Easy
This concept of starting with where you want to be and where you are today is a simple concept to understand. But, it's not always easy to do.
It's very similar to a fitness program. When I started my fitness program, I needed to establish where I was when I started and where I wanted to be. This was a simple concept for me to understand. But, when I went to execute it, I found it wasn't so easy. I knew what my weight was and where I wanted it to be, but what else was there? At the time I started, I didn't know what else there was, but since then, I've learned many other ways to measure these two points in time - body fat, key body measurements, specific goals, like completing a triathlon in a certain amount of time by a certain age. Now I can create a list that goes on and on but that wasn't' the case when I first started.
When determining where you are with your wealth, there are financial calculations that need to be done, soul searching to be done to determine what you really want and, of course, the time to actually sit down and do it! All of these are not necessarily easy to do. But the good news is that they are not impossible to do, it just requires time (and it doesn't have to be a huge amount of time), effort and focus.
So, Where Is Your Wealth?
By: Tom Wheelwright
ABOUT THE AUTHOR
Tom Wheelwright is not only the founder and CEO of Provision, but he is the creative force behind Provision Wealth Strategists. In addition to his management responsibilities, Tom likes to coach clients on wealth, business, and tax strategies. Along with his frequent seminars on these strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. For more information, visit http://www.provisionwealth.com
Where is Your Wealth?
I have been speaking at several seminars lately on the topic of building permanent wealth. One of my favorite things about speaking at seminars is talking with the participants one-on-one. In just the past few weeks I've met hundreds of people with diverse backgrounds, various educations and different professions. All of them wanted to know how to build permanent wealth. And much like those of you I heard from last week, they wanted to know exactly what they needed to do.
Whenever someone asks me what to do to build permanent wealth, I answer that question with a question: Where is your wealth? Where is your wealth today and where is your wealth going?
In other words, where are you today in terms of how much you own versus how much you owe? And, where do you want your wealth to be?
Take a few seconds to think about your answer.
- The Answers -
It is very rare that any one answers my question with absolute certainty. Here are the answers I typically receive:
Most popular: "I have no idea"
Close second: "Oh, somewhere around....ummmmm....about...$X and I want it to be X times that"
Funniest: "I keep wondering the same thing! Where is my wealth? I work and work and work, make great money, but I have nothing to show for it! Where is it going?"
At first, it's easy to conclude that these people must just not care about their wealth because they have no idea where they are today or where they want to be with their wealth. But the people I spoke with recently are people attending seminars specifically to learn more about building wealth, so obviously they care. So then why don't they know the answer to this question?
I've concluded that most people don't know the answer because they don't know how to get started on building their wealth. I'm learning that this is a common place for people to be.
The traditional route to getting started has been to meet with a financial planner and find out when you can retire based on a certain amount of savings each month.
My approach to wealth strategies is the same approach I use when I create tax strategies. In fact, the two are intertwined. A successful tax strategy will produce tax savings and then leverage those tax savings by integrating them into a wealth strategy. This is a great way to supercharge a wealth strategy! But my approach with both always begins with (1) Where do you want to be? and (2) Where are you today? If this sounds similar to traditional financial planning, it's not.
Simple But Not Easy
This concept of starting with where you want to be and where you are today is a simple concept to understand. But, it's not always easy to do.
It's very similar to a fitness program. When I started my fitness program, I needed to establish where I was when I started and where I wanted to be. This was a simple concept for me to understand. But, when I went to execute it, I found it wasn't so easy. I knew what my weight was and where I wanted it to be, but what else was there? At the time I started, I didn't know what else there was, but since then, I've learned many other ways to measure these two points in time - body fat, key body measurements, specific goals, like completing a triathlon in a certain amount of time by a certain age. Now I can create a list that goes on and on but that wasn't' the case when I first started.
When determining where you are with your wealth, there are financial calculations that need to be done, soul searching to be done to determine what you really want and, of course, the time to actually sit down and do it! All of these are not necessarily easy to do. But the good news is that they are not impossible to do, it just requires time (and it doesn't have to be a huge amount of time), effort and focus.
So, Where Is Your Wealth?
By: Tom Wheelwright
ABOUT THE AUTHOR
Tom Wheelwright is not only the founder and CEO of Provision, but he is the creative force behind Provision Wealth Strategists. In addition to his management responsibilities, Tom likes to coach clients on wealth, business, and tax strategies. Along with his frequent seminars on these strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. For more information, visit http://www.provisionwealth.com
Saturday, October 13, 2018
Why Is Wealth Management Important
No matter what age you are, Wealth Management is extremely important. Although most people don’t bother to learn about wealth management until later in their life, it is a vital skill that should be taken into consideration by any individual that has accumulated some form of wealth. This article will describe why wealth management is important, and will offer some ideas on different places that you can invest your money confidently as a part of your own personal wealth management strategy.
Wealth management is the process of investing your wealth and planning out a strategy so that your money “works” for you, ensuring that you will continue to be comfortable financially throughout your lifetime. Wealth management does not only imply that you are focused on saving money in the present; it also means taking that money and investing it into financial vehicles to make even more money (aka having your money “work” for you). People who practice a proper wealth management strategy will fair better financially throughout the course of their lifetime in comparison to individuals who do not follow a strategy.
If you’re entirely new to investing, it is best to consult with a financial advisor that can help you in planning your wealth management strategy. Don’t ever invest your money blindly; it is important that you know how to invest, how much to invest, and when to invest.
If you are ready to start your own wealth management strategy and have money to invest, you are probably wondering where you should invest your money. Here are two good places to invest your money that many smart investors are cashing in on in today’s financial markets:
1. Canadian Stock Market – Investors love to get involved in the stock market because they can use their own personal knowledge to help give them an edge in predicting smart investments. With the stock market, there is a diverse array of stocks that investors are able to choose from. Because Canada has maintained a stable business environment, the Canadian stock market is especially attractive to investors.
2. Mining Stocks – There are all sorts of mining stocks that investors are currently investing in. From gold and silver stocks, to uranium and even coal stocks, investors seeking an attractive return without too much risk are increasingly buying into a variety of mining stocks.
Wealth management is a skill that should be learned and practiced from the moment an individual begins to generate a healthy income. It involves much patience, skill, and financial knowledge, to know how to make your money grow, and it is also important to have an understanding of which investments are wisest for you invest in before entering into your own wealth management strategy.
By: Jennifer Nobles
ABOUT THE AUTHOR
This article was written by Jennifer Nobles. Jen, as she likes to be called, is an advocate for many national & international business ventures. Her investment advice has expanded over several industries in various global markets. Because of her detailed analysis and profound passion for business, she is regarded as one of the top advisors for worldwide investments and enterprise affairs.
Wealth management is the process of investing your wealth and planning out a strategy so that your money “works” for you, ensuring that you will continue to be comfortable financially throughout your lifetime. Wealth management does not only imply that you are focused on saving money in the present; it also means taking that money and investing it into financial vehicles to make even more money (aka having your money “work” for you). People who practice a proper wealth management strategy will fair better financially throughout the course of their lifetime in comparison to individuals who do not follow a strategy.
If you’re entirely new to investing, it is best to consult with a financial advisor that can help you in planning your wealth management strategy. Don’t ever invest your money blindly; it is important that you know how to invest, how much to invest, and when to invest.
If you are ready to start your own wealth management strategy and have money to invest, you are probably wondering where you should invest your money. Here are two good places to invest your money that many smart investors are cashing in on in today’s financial markets:
1. Canadian Stock Market – Investors love to get involved in the stock market because they can use their own personal knowledge to help give them an edge in predicting smart investments. With the stock market, there is a diverse array of stocks that investors are able to choose from. Because Canada has maintained a stable business environment, the Canadian stock market is especially attractive to investors.
2. Mining Stocks – There are all sorts of mining stocks that investors are currently investing in. From gold and silver stocks, to uranium and even coal stocks, investors seeking an attractive return without too much risk are increasingly buying into a variety of mining stocks.
Wealth management is a skill that should be learned and practiced from the moment an individual begins to generate a healthy income. It involves much patience, skill, and financial knowledge, to know how to make your money grow, and it is also important to have an understanding of which investments are wisest for you invest in before entering into your own wealth management strategy.
By: Jennifer Nobles
ABOUT THE AUTHOR
This article was written by Jennifer Nobles. Jen, as she likes to be called, is an advocate for many national & international business ventures. Her investment advice has expanded over several industries in various global markets. Because of her detailed analysis and profound passion for business, she is regarded as one of the top advisors for worldwide investments and enterprise affairs.
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