Philip Harman Your advanced wealth planning strategies should not consist of you going it alone. The key to advancing your wealth is building a quality team of advisor’s. Your advisor’s will make you or break you. Advancing your wealth cannot and should not be done by yourself. Many people make the mistake of doing everything themselves. Doing everything yourself is fine but if you want to increase your wealth you will need advisor’s. Money is an emotional subject for many people. Everyone goes through money problems (even the very wealthy), how you and your team handle your money problems is what counts.
First you should hire a bookkeeper. In order to increase your wealth you must know what direction your money is flowing. Is your spending helping or hurting you? Yes there are many people who balance their own checkbooks but you need an outside opinion. The amount of money you are making is irrelevant when it comes to hiring a bookkeeper. Whether you are making 250,000 dollars a year or 25,000 dollars a year you should still have your own bookkeeper. Once you have your bookkeeper you can now go over your monthly financials. You will see what good and bad spending habits you have. Then you can work to out the bad spending habits and increase the good spending habits.
The next adviser you should have is your financial adviser. Hiring a good financial adviser is one of the best moves you can make. He can help you plan for retirement and other things. Having a 401 K with your company is not enough, be sure to get a financial adviser.
Getting a tax strategist should be your next step. It really does not matter if you are self-employed, own your own business, or have a 9-5 job. Getting a tax strategist is essential because your eyes will be opened when you see the way money is taxed for different people. You will also see how people are penalized with heavier taxes by bringing in a certain type of income.
When choosing your advisor’s choose carefully. Do not just hire an adviser who makes money off of commissions. You want an adviser who practices what they preach and is successful at it. Your advisor’s will be able to help you setup many advanced wealth planning strategies.
