wealthplanning&management

Wealth Management

Here are the things that needed management for our wealth:

Balance Sheet
Cash Flow
Debts
Loans
Insurances
Investments

Wealth Planning

Here are a list of things we have to plan for our wealth:

Asset Accumulation
Business Planning
Career Planning
Children Education
Debt Reduction
Emergency Funding
Estate Planning
Insurance Planning
Investment Planning
Retirement Planning
Tax Planning

Wealth Planning & Wealth Management

If you look closely at the diagram on your left, you will find that Wealth Planning & Wealth Management would encompass this theory.

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to understand the 5 driving forces behind the success of handling the 6 wealth issues.

We use the 6 wealth issues from The Wheel Of Wealth in our Wealth Planning & Management exercise. They are:

1. Wealth Healthiness
In every wealth planning and management exercise, it is very important to first check the financial health of yourself first. To do that would be to use what we call, financial ratios. Using financial ratios to help you check your wealth and financial health can help you a long way, especially if you do not know whether should you upgrade the lovely house you saw a week ago or that swanking new sports car you test drove 2 days ago. Wealth Healthiness is to check your wealth and financial situation at any changing moments in your life. It is like going to the doctor for your yearly medical check up. To know more...

2. Wealth Creation
The very next step discusses on what other alternatives to create wealth. Either through passive incomes, business, investments and so on. To know more...

3. Wealth Accumulation
This is for the long-term. Examples of long-term wealth accumulation needs would be buying or upgrading your home; funding your children's tertiery and university education; or funding for your retirement. All these require a proper and coordinated strategy to help you attain your goals and objectives. To know more...

4. Wealth Protection
Protection of wealth means protecting the most important and number one concern and that is "YOU". The rest are secondary protection, really. They may be your car, house, valuables, properties, etc. To know more...

5. Wealth Preservation
As the rich would say, it is easy to create wealth, but a challenge to preserve them. Let's be honest, everyone wants a piece of your fortune, especially the government. So you may want to strategically plan for yourself so that you can preserve most of those wealth you have created. To know more...

6. Wealth Distribution
Call it succession planning, trust accounts, wills and so on. Wealth Distribution is a very important part in this exercise. In the past, wealthy families have gone bust over night after the death of a key member in the family because of improper or no planning on the distribution of their wealth. Lots of it just goes to other people or entities that are not according to their wishes. It is always important to look at this final piece of jigsaw that will see you leave a legacy behind. To know more...

Wealth Planning & Wealth management is an arduous exercise. That is why experts such as Wealth Planners, Financial Planners and Wealth Management experts exists. They are the ones that helps us go through our plans which are very independent because each one of us have different needs and wants. They are also the ones that help us managed our wealth as well.

There are always constant argument that Wealth Planning and Wealth Management are the same thing. We suggest the contrary. Both are different in many ways and thus cannot be confuse to be as one. Here is why?

Wealth Planning is a planning process and can be considered in the same vein as Financial Planning. By definition, Wealth Planning is a road map to direct you where you are now, to where you want to go in future. It is the analysis of using the current situation taking into consideration all future goals. That is Wealth Planning.

Whereas, Wealth Management is an action process. It is tasks that is needed to be followed up on the Wealth Planning that was done before. It is an action process that requires an individual to start acting on the plans he or she made. Simply to put it, The action process just needed to be managed wisely. That is Wealth Management.

Therefore Wealth Planning and Wealth Management are two different exercises which requires probably two different set of experts to manage your wealth.

Go to wealth experts for a wealth query.