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Planning for Retirement

Wealth Planning 101

Clock5 min. read
byVexxit Staff onJune 29, 2020

Creating a wealth plan will help you set yourself up for financial freedom. Here's how to get started.

The concept of ‘wealth planning’ might be a bit misleading.

The word wealth often conjures up notions of having an abundance of money. To many, wealth may mean having a healthy looking bank account, coupled with a robust financial investment portfolio and perhaps a little cash tucked between the mattresses, just for safekeeping.

But what is important to note is that it's not how much you wish to have, but rather how much you value what you do have, with a focus on the future growth and sustainability of your wealth. Wealth planning is rarely just about you; it’s also about the legacy you want to leave.

So what exactly does a Wealth Planner help you with?

  • Estate planning

  • Tax planning

  • Portfolio analysis

  • Insurance analysis

  • Succession planning

Here are some things to consider when starting to plan, organize and implement a wealth plan.

Think of your life’s goals and then dream.

Begin by considering what stage of life you are in. Are you just getting married, are you having your first baby, are you starting your own business, or are you ready to retire to the Bahamas? Start where you are in life, and then write out where you hope to go.

Reflect on your relationships.

This may seem a bit odd, but one of the most contentious times in a family’s history is generally when a death occurs and there are things left unclear. Set-up the people you love the most in the world for success and communicate your wealth plan openly, honestly and if possible, involve them in decisions that will affect them.

Be a realist.

We all know life is not always easy, so it’s best to take some time to plan for the unexpected as much as you can. Envision your life and events that may occur, some of these milestones may involve caring for elderly parents, job loss, relationship breakdown. Anticipate change because change is one thing we can count on.

Take action.

Set a timeline or give yourself a deadline to get this done. Let’s face it, most of us don’t look forward to planning out these details – but it’s never too late to start.

Get help.

Enlisting the guidance of an expert in Wealth Planning will give you an accountability structure. Plus, you can rest a bit easier knowing you don’t have to have all the answers. An advisor who is neutral will give you a fresh perspective on how to craft a plan for you and your family.

There is no time like the present to start your wealth plan, find a Wealth Planner that is best suited to meet your needs and start planning.

Find a Wealth Planner Who Can Guide You

If you're considering starting a wealth plan for yourself, get help from a professional Wealth Planner. We can help you find one that meets your needs.