22/08/2022
Hi Friends ๐
Recently, I've been thinking about how can I give more value to others.
I want to share what I know and what I've personally experienced and learned.
Since I took a Legacy Planning Certification course, I thought and considered compiling a list of the most valuable lessons I took away from it.
โผ๏ธสแดแดกแดสแด! ษชแด ษช๊ฑ แด 2-3 แดษชษด๊ฑ สแดแดแด
.โผ๏ธ
I hope it helps, even though you might find it lengthy.
Here you go! ๐
๐๐ก๐ ๐ฆ๐จ๐ฌ๐ญ ๐๐๐๐๐๐ญ๐ข๐ฏ๐ ๐๐๐๐ฅ๐ญ๐ก ๐๐ง๐ ๐๐๐ ๐๐๐ฒ ๐๐จ๐๐๐ฆ๐๐ฉ
๊ฑแดแดษขแด 1: แดกแดแดสแดส แดสแดแดแดษชแดษด๐ก
(23 yrs old and above)
It should start once you receive your first ever paycheck!
This is the process of saving and investing into different assets, where the investments will help in fulfilling your key needs.
These investments should also be self-contained that can generate a stable source of income and funds.
This will be most effective if started early.
By saving a fixed to small amount of your income and invest during the early stages of life, it will give a head start for achieving your goals.
It also helps in generating higher growth in the long term, due to the "power of compounding".
๊ฑแดแดษขแด 2: แดกแดแดสแดส แดสแดแดแดแดแดษชแดษด ๐ชง
(25 yrs old and above)
For many people, the thought of protecting their wealth is a luxury.
It isnโt easy to think about saving for retirement when youโre barely making it from paycheck to paycheck.
However, this can end up being a costly mistake in your lifetime
Why?
Because there may be an event that could wipe out all your money and leave you empty handed โ like getting sick, getting sued or losing your job.
Wealth protection is a wealth management strategies and tools that help individuals, families, and businesses protect their assets, such as cash.
Everyone needs to have protection in place because life doesnโt always go according to plan.
๊ฑแดแดษขแด 3: แดกแดแดสแดส แดแดแดแดแดแดสแดแดษชแดษด ๐ฑ
(28 yrs old - 60 yrs old)
We all have probably had dreams or even current aspirations to accumulate wealth and live a more luxurious lifestyle, right?
That is why we keep grinding day by day.
Unknowingly, we are already accumulating wealth.
Wealth accumulation means you are increasing your net worth and wealth over time.
You are acquiring more money and investing in assets that compound, which help you live a more comfortable lifestyle and achieve financial independence.
๊ฑแดแดษขแด 4: แดกแดแดสแดส แดแดxษชแดษชแดขแดแดษชแดษด ๐
(35 yrs old and above)
Wealth maximization is the concept of increasing the value of a business or asset in order to increase the value of the shares held by its stockholders.
There are many ways to maximize and increase wealth.
Below are few tactics to increase wealth fast:
1) Pay off high interest debt now
2) Establish an emergency fund for liquidity
3) Mercilessly cut spending on things that don't serve you
4) Seek out higher income streams
5) Invest money as soon as you get it
In no time, you will see the fruits of you consistent discipline and perseverance
๊ฑแดแดษขแด 5: แดกแดแดสแดส แดสแด๊ฑแดสแด แดแดษชแดษด ๐
(50 yrs old and above)
While growth of wealth means making more assets or wealth, Wealth preservation means "to safeguard that wealth so you don't lose that money".
This requires a thorough financial plan.
You have to review it on a regular basis and understand exactly where youโre headed.
This ensures your assets grow, while providing a legacy not just for you, but for your family as well.
๊ฑแดแดษขแด 6: แดกแดแดสแดส แดแดษดแดษชษดแดษชแดส ๐จโ๐ฉโ๐งโ๐ฆ
(60 yrs old and above)
You are already there, at the peak of you journey!
To ensure wealth continuity, many individuals and families put into place various structures, plans, and processes.
These include estate plans (which may include multiple trusts), ownership succession plans, governance structures/strategies, and many others.
This is to perpetuate or sustain family and wealth for many generations to come.
You must be prepared for those phases if you want to build wealth and legacy for your family and yourself.
It could appear difficult and complicated, but all it takes is careful planning and preparation.
โผ๏ธสแดแดแดแดสแดส แดสษช๊ฑ: แดสแด แดแดสสษชแดส แดสแด สแดแดแดแดสโผ๏ธ
As for me, I'm in a stage between 2 and 3 right now. Although difficult but I'm up for the challenge. ๐
๐๐จ๐ฐ ๐๐๐จ๐ฎ๐ญ ๐ฒ๐จ๐ฎ? ๐ฐ๐ก๐ข๐๐ก ๐ฌ๐ญ๐๐ ๐ ๐๐ซ๐ ๐ฒ๐จ๐ฎ ๐ข๐ง?๐ค
Comment down below๐๐๐
