Amassing wealth is difficult enough. Keeping your wealth is harder yet. If you have managed to reach six or seven figures in assets, congrats! Your next step is learning how to keep it. Here are some signs that you need wealth management expertise.
Your Investments Just Cost You Tens of Thousands
If you are a billionaire, tens of thousands of dollars lost in one day is nothing. If you are barely a millionaire, tens of thousands means the difference between millionaire status and just having a lot of money. If some of your investment choices just cost you tens of thousands of dollars, you need some serious help, or you could lose even more of your money in the upcoming days.
Your Impulse Buys Are More Expensive Than a Stick of Gum
Impulse buys are a major issue for anyone that has amassed a pile of money because you think you can afford it and you are persuaded to buy. That becomes a major problem when your impulse buys cost more than a stick of or a pack of gum. When your impulse buy is a Maserati or a massive yacht that you may use a few times a year, your wealth is going out the window, and you will not have enough to live on when you retire.
You Firmly Believe a Million Dollars Is Enough
This is one of the biggest mistakes people make in regards to retirement and financial planning. You hit that million dollar mark and think that will sustain you until you pass away. You are either unaware of or you forget about inflation. A million today is a drop in the bucket twenty or thirty years from now. Women are especially susceptible to this mistake because women forget that they will outlive males by at least a decade or more. Women should plan to build double the amount they think they need for retirement.
Your Debts Almost Equal Your Assets
Uh-oh. This is a particularly disturbing sign that you need wealth management help. When your current debts almost equal (or exceed!) your assets, you are in deep trouble. When you retire, your assets may be needed to pay off all of your debt and still leave you impoverished. The assumption that Social Security will be there every month is a myth, especially if you apply for retirement with a ton of assets because the SSA takes those assets into consideration when calculating how much in benefits you receive every month. Your wealth management adviser will help you pay down and pay off those debts while keeping your assets so you do not end up penniless.
