Wealth Management: 7 Factors That Destroy Wealth
In this episode, John discusses the seven factors that destroy wealth. In wealth management, “destroy” is a strong word. But you’ll come to understand why it’s appropriate after you realize the extent to which these factors erode your wealth over time.
John’s strength is his ability and commitment to improve the level and quality of the financial planning process.
His dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.
Need-to-know-points from this episode:
- When the seven key components of financial planning are out of balance, a you may lose a tremendous amount of wealth. It is transferred out of your portfolio to the government or third-party institutions.
- You can change the focus of your income planning. Most people tend to save only 4 or 5% of their gross income and try to maximize their returns on that. John wants to help you plan better for the other 95% percent!
- One of John’s key goals for your plan is to reduce taxes on both earned income and the income generated from your portfolio or assets.
- The way assets are allocated in your investments can cause “leaks” of cash all over your portfolio. John can help you factor the various risk levels in your plan, and beef up its defenses.
- Also, your savings rate is the fundamental factor of any financial plan. John can show you how to change your savings from the “leftovers” after expenses to a strategic part of your plan.
- Finally, John can help you plan for future outlays such as college, sweet sixteens, weddings, or even kids not launching.
Listen in as John dives deep into the seven key components of wealth management. He begins outlining 24 steps to help you address them. John wants you to change your perspective on savings. He talks about recommended savings rates, the types of vehicles to use for savings, and to focus on strategies that are the most efficient for your life situation. John also recommends taking an honest look at how much your lifestyle is costing you, and be willing to make necessary long-term changes. The goal is to help you develop a plan that allows you and your family to live the life you want now and in the future.
Taking that honest hard look at what you’re doing in these seven areas and where you want to be long term can make a huge difference in your life.
If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here or call 732-542-1565.