BY: Marci Bryant, MBA
Finance
Many of us equate financial success with personal success, yet it almost seems inevitable that we are only one pink slip or lost client away from losing our financial footing. As we grow professionally and our lifestyles evolve, we become more exposed to the devastating consequences of economic downturns. It’s time we realize that making money can only take us so far if we are unequipped to manage it for growth and preservation.
Utilize A Wealth Dream Team
Bianca Pope, CEO of The Greenwood Institute, recommends starting with a team of financial experts to help you manage your funds. According to Pope, your dream team for wealth preservation should include an accountant, an estate planner, a tax attorney, and a wealth advisor.
While an accountant manages and optimizes your finances to ensure compliance with tax laws and maximize deductions, an estate planner helps you structure your estate in a way that minimizes taxes and ensures your final wishes are honored. A tax attorney can provide specialized knowledge on complex tax issues to protect your assets from legal challenges, and a wealth advisor can provide strategic investment advice tailored to your financial goals and risk tolerance. A coordinated effort from these professionals can help you navigate the complexities of money management, ensuring that your financial decisions are well-informed and strategic.
DIVERSIFY
Polished Business Solutions CEO, Lanesha Mohip, says that diversification is the key to building long-term wealth. She recommends that in addition to traditional stocks and bonds, you should explore alternative investments such as real estate (REITs) and private equity, especially if you are an accredited investor. You should also consider geographical diversification, as exploring international markets and currencies can help you hedge against domestic economic fluctuations. Wealth preservation often means protecting against downside risks as much as seeking upside potential.
PLAN FOR RETIREMENT
Mohip also stresses the importance of retirement planning and risk management. Corporate employees can use deferred compensation plans to build their retirement funds, while self-employed professionals may benefit from a Solo 401(k) to plan for retirement. And finally, Mohip recommends that you manage the risk of financial loss with adequate life and disability insurance, including an umbrella policy that can provide an extra layer of protection for your growing assets. Riches are temporary, but true wealth builds legacy and creates lasting impact. Make the decisions today that will preserve your wealth for many years and generations to come.
If you are looking for tools to help you manage your own finances and business affairs, please visit https://polishedbusiness.gumroad.com x
Marci Bryant, MBA is an Amazon best-selling author, professional speaker, facilitator, business strategist, AI trainer, and CEO of SYNC Digital Agency, where she specializes in helping businesses scale utilizing AI and automation combined with her proprietary frameworks. In her personal time, she loves growing vegetables in her garden and making farm-to-table meals for her family.
