Wealth isn’t just for the wealthy.
When we use the term “wealth” many people tune out since they don’t see themselves as wealthy, so we ask, “How much makes you wealthy?”
We don’t know the answer. Do you? The fact is that wealth is a state of mind. Right, tell that to people without money, you’re thinking. Okay, okay. Let’s restate it: Wealth is a state of mind that is relative to how you see your net worth compared to others.
That ain’t working for you either?
So maybe we just agree to this: wealth can mean just about anything you want it to mean, and since I’m the author of this post, here is what I think wealth means: Your wealth is more than your money, regardless of how much money you have.
Your wealth is everything! No, not just your money. Your wealth is your money, of course, but it’s much more than that. Your wealth is your family, your health, your experiences and you. Yes, you are the most important asset in your portfolio. Look hard. You’re in there, each position, each asset, every trade a clue to your methods and madness. Your personality, your fears and expectations, biases and behaviors. All in there!
When viewed through the lens of family, wealth preservation takes on a whole new and important meaning, and being a good wealth steward, preserving your wealth is your highest responsibility to family and fortune.
Wealth preservation means independence. And not just free from needing to rely on others for your family’s welfare, but free from worry, free from indecision and free from the many problems that a lack of proper financial planning will surely visit upon you.
You don’t have to be rich to be wealthy.
And regardless of the size of your wealth you need to plan for events in your life that most of us have in common:
- Protecting your assets from a cruel stock market.
- Creating dependable retirement income for you and your spouse that neither of you can outlive.
- The higher education of your children or grandchildren.
- Securing plans for your own and your spouse’s long term care in the event of physical or mental incapacity.
- Caring for elderly parents.
- Designing an estate plan to leave your assets to your heirs at the least possible tax cost.
These things transcend money.
No, you don’t have to be rich to wealthy, and there is no magic number where these and other financial tactics make sense. Quite the contrary.
The less money you have, the more important it is for you to undertake a rigorous inventory of your life, lifestyle, assets, debts, goals, dreams, and assess your family situation in order to help you fix your future.
Problems rarely solve themselves, so take immediate action to investigate the steps you should be taking to start your own wealth preservation project, and protect your true wealth, your family.