Financial Planning is the Best Way to Keep the Money You Earned
Since the majority of the nation is in the percentage of people who really have to work hard for what they acquire, there has always been much focus on attaining wealth. From strategies for winning the lottery to ways to turn a great idea into a thriving enterprise, there have been countless schemes for going from rags to riches. It is a waking dream of many who spend there days simply trying to make ends meet.
What happens for those who are able to make the dream happen? Does the acquisition of wealth guarantee that you will be able to live like royalty for the rest of your days? Scott Gelbard Denver wealth consultant and money growth expert is one of many who believe that the moment an individual attains wealth is the moment he should begin to adopt a strategy to keep wealth.
Continued wealth is not promised to everyone who is able to accomplish it. The hard luck stories that the world has seen unfolding with the most heartbreak are those of professional athletes and celebrities who have gained overnight fame for a single incident or event. Some of these people have no advisers or financial consultants to guide them at the moment of wealth. They are simply armed with a lot of their own dreams, the hopes of family members and an adrenalin rush for having instant access to everything they desire.
Becoming more growth-minded is a matter of choice. It requires behaviors that will help keep you out of splurge mode and thinking of how you can ensure you are taken care of for the rest of your life.
Stay Money Conscious
It may seem a very odd question for a person with unlimited assets to consider, but a wealthy person should always ask himself if he can afford a new purchase before he makes it. This does not mean determining whether he can buy the new, shiny thing he wants. Usually, he can. It does mean that before every purchase, there is s period of assessment when you tally up the impact of every purchase. What does it do to your net worth? How does it shape your immediate cashflow?
Never Live on Borrowed Cash
The rich receive pre-approved pitches for credit cards daily. It does not mean they should take every offer. You best guard your wealth when you choose to pay cash for everyday necessities. This includes food, rent, new clothes, car or vehicle maintenance, and furniture. If you have to place this on a credit card, it accumulates interest and puts a dent in your cash. If you have to borrow money to make a purchase because your liquid assets are low, it probably is something you can do without.
Get Advice Before You Invest
At least one way that the wealthy stay wealthy is by surrounding themselves with other smart, wealthy people. This is not necessarily a snob choice, it is a conscious effort to surround yourself with like-minded people who have similar resources. If they are in the same financial boat as you are, they are likely to share their own money choices in conversation. They also make good advisers if you are planning to make a huge purchasing decision. Lean on their expertise. They usually know how to avoid being broke.
Category: Financial Planning
