Wealth management isn’t just for the wealthy

With over nineteen years in the wealth management industry, I have noticed that most of the clients I help do not consider themselves wealthy, yet their net worth is above the average in the US. This makes me think that people do not consider using a financial advisor because they do not consider themselves wealthy. The word wealth has many definitions related to abundance and riches, but the origin of the word translates as well-being and prosperity.

We define wealth management as making the most of YOUR income and managing YOUR wealth and is not limited to a certain amount of wealth. Yet, many wealth management firms require a hefty minimum in assets of 1 million or greater. Depending on your stage in life, you may not have enough investable assets, but you still need guidance. Every income level can benefit from some form of financial advice and planning.

At Wiser Wealth Management, we offer hourly financial planning services for clients who need guidance with various aspects of their financial life.  We help people at all wealth levels make sure they are making the best financial decisions to live debt free, build towards a successful retirement and allocate their investments to support their goals.

Here are some simple techniques that people of all income levels can use to manage their money, create a path towards goals and ultimately build wealth.

  1. Track the dollars – Whether you are trying to save or pay off debt, understanding where your money is going is critical to achieving financial success. There is free online technology available to help with this.
  2. Set Goals – What do you want to save for? What do you want to change financially? What are you concerned about? These questions should lead you to setting goals in priority order. A top priority should always be eliminating debt.
  3. Create a plan – Einstein was right when he said that repeating the same thing over and over again and expecting different results is the definition of insanity. Creating a plan to approach things differently is the first step in moving forward financially.
  4. Play the long game – Thinking long-term is encouraged to leverage the full potential of the stock market. We recommend using low cost index funds to do this.

Ultimately, we all share a common goal of making the money we have into something more.  Call us or say hello to Benjamin on the lower right-hand corner of our site to book an appointment.

By Published On: September 18, 2019

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