Home » Q&A: How to build personal wealth

Q&A: How to build personal wealth

by UNN Feed

Photo courtesy DepositPhotos

The Internet abounds with tips on how to quickly build personal wealth and calculators offering estimates for living comfortably in retirement. But who should invest and how much?

BankPlus First Vice President and Wealth and Fiduciary Adviser Maeve Beard explains what wealth management is and how financial advisers can help those trying to build wealth.

What is wealth management?

Wealth management is the financial process that helps individuals accumulate wealth and preserve hard-earned assets in order to achieve financial security. Building personal wealth isn’t just the accumulation of funds into a specific account. It’s about having the ability to maximize capital to achieve both long- and short-term financial goals, the freedom to make financial choices when opportunities arise, and having the luxury of legacy planning and living comfortably during retirement. And for many people, the ability to properly manage their personal wealth can often feel overwhelming and unfamiliar. The concept is complicated and involves a variety of financial practices, strategies and tactics.

When should you start to invest?

Most people generally begin to think about wealth management either during or after significant milestones in their lives, such as career advancement, opening a business, purchasing a first home, or marriage and the addition of children. However, when it comes to managing personal wealth, it’s important to understand that people don’t have to wait for something big to happen in their lives to start this process. More importantly, an individual does not need to have significant savings or wealth to meet with a financial adviser.

The purpose of this process is to help build and maintain finances throughout a client’s adult life. Starting this process early is proactive and will only better a client’s retirement position later in life.

What is a financial adviser, and what are the benefits of hiring one?

Financial…

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