How Richie Remains Rich, Someone to watch over me, One for the money.
The accumulation of wealth isn't something that (usually) happens overnight. It is also something that has to be managed and maintained successfully. There have been many fortunes lost but this is how quite a few have been retained.
A common discipline that’s continued to sustain a lot of high net-worth individuals to build and retain their wealth has been the appreciation for sound financial advice, money management and legacy planning through their journeys.
For individuals and families who have already made their fortune and are looking to grow and retain it, emphasis is often placed on actively managing and growing their wealth through various wealth creation tools for future generations.
Accumulating wealth often happens over time as part of a varied and long-term strategy to increase net worth. Although there is an influx of strategies to grow wealth through all life stages and seasons, there isn’t a one size fits all approach as every individual or family is unique. However, it is nevertheless important to understand the values that govern wealth generation and apply them to your own unique strategy.”
Wealthy families abide by some common principles to build their wealth. These are some of the guiding principles for growing wealth; which constitute mastering the art of managing your money and assets to increase wealth.
Listen - as a starting point seek advice from your financial advisor who will be able to assess your current financial position and guide you on your wealth creation journey.
Learn - to leverage your assets. This involves strategically using good debt, assets and money at your disposal to reach your wealth aspirations. For example, borrowing against an existing asset could unlock funds that can be used to purchase other assets and broaden income generating opportunities.
Protect - your wealth. As your earnings grow and net worth increases, so should your insurance and legacy planning prospects. Ensure that you consider covering yourself with disability insurance, home, and car insurance, and an umbrella policy for anything else. This also includes having ample emergency savings ...