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What are the Five Major Areas of Concern for High Net Worth Families? – Finger Financial Five #130

Jeremy
Jeremy

“Plan for what is difficult while it is easy, do what is great while it is small.” – Sun Tzu

A friend asked that we ride bikes at 5a Monday at Market Common, in Myrtle Beach. I have not ridden my road bike in quite some time. I had to load my bike and gear and drive there. Of course, I rushed that morning to be on time. 

I tried to remember the big things, the bike, helmet, socks, and proper shoes. Unfortunately, I forgot the safety lights that flash when riding in the dark. 

I took the bike off the bike rack and noticed that the lights were attached to the bike already. I remembered that on a boring Saturday, I charged and attached them. 

My “past self” knew that the lights were something that I would forget. Thank you, Past Jeremy!

What does this have to do with financial planning? 

Preparation.

Preparation reduces the chances of making mistakes, especially when trying to rush or in times of stress.

Know anyone who got unexpectedly laid off from work? Retired suddenly because of a health issue?  Unexpected death? 

Are you the spouse that “takes care” of the finances? What would your spouse do, if something happened to you?

I see these situations all the time. 

For example, we had a new client pass away recently. The surviving spouse had a ton of questions. We went over them all. We also addressed what has yet to be done too.

Most people are surprised that establishing everything properly can take a year or two. 

Concerns of most high net-worth families are:

  • Investments aligned to achieve goals.
  • Tax mitigation.
  • Asset protection.
  • Generational planning.
  • Magnify charitable contributions. 

Please don’t wait to get started. 

Your heirs and “future self” will thank you. 

If you have questions on how to start, email me at [email protected] or call 843-970-1049. 

On the lighter side, the State Playoff in tennis start this week. Elliott’s final year of tennis. I have a lot of different emotions about this. 

I hope all is well with you and your family,

Jeremy 

Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information.  My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions. 

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor.  Stratos Wealth Advisors, LLC and Riverbend Wealth Management are separate entities. 

This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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