Manage Your Wealth With 3 Amazing Tips!

By Daniella Rand

You know that your life has more value than the sum total of your bank and investment account balances. But you’re also painfully aware that life is easier and more enjoyable when you don’t have to worry about the dollars-and-cents impact of every single decision you take.

That’s why it’s so important to understand the basic principles of wealth management. No need to enroll in a four-year finance degree program or sit for your Certified Financial Planner certification, mind you — unless you’d like to make a full-time career out of it. Just a basic overview of the what, where, why, and how of money management. You’ll surely be a better saver for it.

We don’t have space here to go over everything you need to know to manage your wealth better. Instead, we’ll zero in on three things you can begin doing today to improve your financial footing.

Daniella Rand

3 Amazing Tips to Manage Your Wealth Better

Ready? Follow these three amazing tips to manage your wealth better.

1. You Must Spend Less Than You Earn

This is, arguably, the golden rule of personal finance. While there may be short periods of time in which it’s simply not possible to spend less than you earn, your default position should be cash flow positive — in other words, taking in more than you send out. Follow this rule and you’ll be well-positioned for what comes next.

2. You Should Always Take Advantage of Tax-Advantaged Accounts

They exist for a reason: to reduce your net investing costs and help your money grow faster. Pretty much everyone with a steady income should have and contribute to an Individual Retirement Account (IRA). Families with smaller children should have at least one 529 education savings account per beneficiary. And folks who expect to face serious medical expenses in the future should begin contributing to a health savings arrangement as soon as practically possible. If your employer offers a 401(k) and matches contributions, all the better.

3. You Need to Know Where You’re Going, and How You Expect to Get There

You don’t have to be a professional planner to appreciate the importance of long-term goal-setting. Take the time to lay out your life goals and financial priorities, and you’ll find it far easier to make the money moves needed to turn them into reality.

What’s the Secret to Wealth Management Success?

Despite what you might think, this question does not have an easy answer. There’s no single secret to wealth management success, no sound bite that applies across the vast universe of financial situations. 

The secrets to wealth management success, such as they are, are situation-specific. What works for you and your family might not work for your neighbor. That’s what makes life — and the wealth management business — so interesting.

With that said, these three tips to manage your wealth better really do have near-universal appeal. Why not try them out today and discover what so many others already know?

Life Changing Tips For Retirement Planning!

By Daniella Rand

When was the last time your life changed for the better?

Hopefully, this question brings back recent, pleasant memories. Think back: Did you feel as if you were responsible for that positive change, or that it was due to (fortuitous) forces beyond your control?

If the latter, perhaps it’s time you put yourself in the driver’s seat and made yourself the architect of a positive life change. What better way to get started than to implement some life-changing retirement planning tips?

Riveting, no. Essential to your financial future, and your family’s? Yes, absolutely. Consult with a financial advisor as soon as you can — see #1 — and begin implementing these six life-changing tips for retirement planning.

Daniella Rand

1. Connect With a Financial Advisor Who’s Committed to Your Success

First things first: Find a financial advisor whose investing philosophy aligns with your own, and who you can trust not to treat you as just another source of income. It’s important to take your time during this part of the process, as severing ties later on can be costly, time-consuming, and emotionally trying.

2. Learn the Basics of Saving and Investing

You can’t depend on your financial advisor for everything, of course. It pays to know the ropes around saving, investing, and general money management, even if you have no intention of managing your own portfolio anytime soon. Free financial education resources abound; take advantage of them!  However, a good financial advisor should be able to give you some sound advice in this area, too.  

3. Assess Your Risk Tolerance (With Help From Your Financial Advisor)

Work with your financial advisor to assess your personal risk tolerance, which may be higher or lower than others in your cohort. You’ll probably complete this step with your advisor during the onboarding process, but it never hurts to periodically reassess your tolerance after important life changes (such as the birth of a child).

4. Open Tax-Advantaged Retirement Accounts, If You Haven’t Already Done So

Set yourself up for financial success by opening an Individual Retirement Account (IRA) if you haven’t already done so and looking into any employer-sponsored retirement options for which you qualify. The more money you can grow in tax-advantaged fashion, the better positioned you’ll be to make the leap into retirement — or cover other major expenses, such as college tuition — when the time comes.

5. Take Advantage of Your Employer’s Qualified Plan Match, If Available

If you’re eligible for an employer’s 401(k) or other qualified plan and your employer matches contributions up to a certain dollar amount, take full advantage of that deal. Look for ways to maximize your contributions up to the match, even if it’s a stretch to do so.

6. Use Supplemental Tax-Advantaged Accounts to Further Grow Your Wealth

Health savings accounts? 529 education savings plans? Coverdell ESAs? If you’re eligible for these and other plans, and you can use the funds as intended to retain the plans’ tax advantages, talk to your financial advisor and determine how you’d like to proceed.

Give Yourself the Gift of Financial Security, Now and Tomorrow

Taken together, these tips offer something incredibly valuable: the gift of financial security. Even better, they’re well within the capabilities of the average consumer, especially when working closely with a seasoned financial advisor. 

The time is right for you to take control of your financial future, and you have all the tools you need. What are you waiting for?