You work hard for your money. So, with respect, we would like to ask: How much do you have saved right now?
More to the point, would you like for that amount to grow?
No, we’re not talking about getting a second job. You can increase your personal wealth by taking your existing income, along with your savings, and strategically putting them to work for you.
You just need a special kind of ally called a financial advisor. What follows are a few of the ways a knowledgeable one can help you improve your financial life.
Financially planning involves some work on your end, like reconsidering how you look at money.
In exchange, wealth accumulation is within your reach. You may only have $100,000 in the bank, but you might be surprised how much wise financial planning can potentially grow that.
This is normally achieved through a combination of goal-setting, keeping your goals, persistence, and solid financial planning. It doesn’t happen overnight.
Nevertheless, it is possible. An excellent financial advisor operates like a personal monetary architect, walking you through your finances searching for design flaws to remedy and growth opportunities to utilize.
Let’s take a look at some core elements of this process:
Granted, this one is a mouthful, but we wanted to describe it precisely. Financial planning, by definition, is comprehensive. The idea is to monitor (and as necessary, adjust) as many aspects of your financial life as possible.
Most people do not have the skills or experience to do this objectively. We like to think that we are competent, logical individuals, but the truth is that many of us are not equipped to consistently step out of our day-to-day experiences and keep on track with financial goals.
Paying bills is easy enough because we get them in the mail, printed up, and ready to be paid. Forging your own path toward personal wealth is a bit more complicated.
In addition to making and keeping your goals, there are things like an investment portfolio review, deciding among investments for rising interest rates, and other tasks that require regular maintenance.
A quality financial advisor can help streamline all of these processes and more. Where you would have to make time to try and keep up with all of this at night or on weekends, an advisor lives and breathes financial planning and investment markets.
In fact, better advisors are experts at weaving multiple compatible goals/plans together. For example, someone who does your retirement planning can also help you establish an estate plan that works in complement.
A superior financial advisor wears multiple hats. One of these is serving as your financial life coach. At the end of the day, your money is still yours to use as you see fit.
Regardless, a good wealth planner gently, continuously works to educate you toward a better understanding of your finances.
They won’t make decisions for you (unless you truly insist), but they make no secret of which choices they believe to be your best independent wealth solutions.
Reputable advisors can also act as a safety net. For most people, money is an inherently emotional subject. Sometimes we rush into self-destructive financial decisions based on feelings rather than facts.
For instance, let’s say the fad commodity stock of the moment is all over broadcast news. Fearing missing out, you hastily rush into buying truckloads of it… only to lose your shirt as an early winter storm—and prolonged arctic temperatures—ruin the crops.
Now, rewind that scenario in your head. This time, you bounce excitedly into your advisor’s office for financial advice, declaring your eagerness to buy that citrus stock.
Your advisor doesn’t refuse to make the purchase, but they ask you to sit down a few minutes with them first. Together, you go over the company’s public history.
Next, because many commodities are farm-grown, you check the weather forecast for their growing region: Noting potential harm to those crops, your advisor suggests that you wait, “just a couple of days,” to see what happens.
Reluctantly, you listen (maybe vowing to yourself that you’ll go through with the purchase after the wait).
The storm comes, wreaking havoc on citrus growers, but your money is safe because you didn’t invest in those assets. This is what we mean by saying that a good advisor also provides emotional guardrails, when necessary.
If you are an entrepreneur, you probably already know: You face many challenges that an employee of a company does not.
You probably did not get where you are without keeping an eye on your finances, either. Nevertheless, professional wealth management can benefit you and improve your quality of life in multiple ways.
For example, let’s say that you plan to transfer your company over to new owners when you retire. You may see that long-term goal of retirement approaching in the distance, but how much time do you have, day-to-day to prepare for that date?
A reputable financial advisor has the time and knowledge to develop a solid plan with you. You still call the shots, but they can handle time-consuming aspects like asset research, leaving you free to run your business and spend your off-hours with loved ones.
Granted, you may already have a years-long plan of your own making. With this in mind, are your funds invested strategically in the meantime?
Be honest with yourself: How many near-future investment opportunities do you regularly miss because you have so many other decisions on your plate?
While you are running and building your business, a financial advisor can help you prepare for growth stages, take advantage of opportunities, and ensure your cash flow is healthy and available when you need it.
While a reputable advisor can plan invaluable goals-based independent wealth solutions for your overall financial life, they have no problem working for you on a smaller scale, either. It only depends upon your asset allocation goals.
Let us show you the difference ViaWealth’s values-based planning can make in your financial life. We believe your first step toward a brighter monetary future is sitting down for a financial portfolio review. Contact us today about our advisory services offered.