The Informed Investor
In recent years, the media has been less than optimistic about our financial future. Across all mediums, the reports and statistics point to the difficulties of saving, investing, spending, and planning for you and your family’s future. Even for those who are meticulous investors or those with higher incomes, preparing for the future can often seem like an impossible task.
There are several factors that affect this difficulty in planning. For instance, financial literacy is not a core subject taught in school, unless you pursue a finance degree in college. This disadvantage starts us out on the wrong foot from an early age. Almost every investor doesn’t know how to accurately determine how much to save versus how much to spend in order to adequately grow and sustain their wealth. This challenge often leads to inefficient and/or delayed preparation for your future.
However, it’s never too late to learn how to plan for your financial future. Regardless of your age or stage of financial planning, here are some critical and universal tips for continuing to build your wealth:
Determine and Measure Your Objectives
Start Saving and Investing Today
Planning for the Future Should Involve the Entire Family
Develop an Effective Investment Plan
Decide When to Engage with an Investment Professional
Many in the industry are generalists, while some have more skill and experience. Once your net worth exceeds $3 million, you will have the ability to pass on generational wealth, establish charitable endowments, access more exclusive investment opportunities, and improve your tax strategizing. That’s why it’s important to seek the advice of the best qualified professional to address your specific needs.
If You Have a Good Plan, Adhere to It
Consider which action steps to take and avoid during periods of heightened market volatility. The right plan addresses how to be a beneficiary (not a casualty) of other investors’ emotional responses due to increased market volatility. While difficult, once your plan is in place, work it by remaining rational, unemotional, and unimpulsive. These tips are essential to building your long-term wealth.
Ready to take the next step in learning how to create a financial plan for your future? If you have $1,000,000 or more in investable assets, contact ICC in Las Vegas, NV to learn more about our wealth management services.