Few goals unwritten are actually accomplished. Throughout our lives there are a series of goals that we set and meet. When we are coming of age, perhaps our goals are to get into a good university or win a championship on a sports team we play on. Then, we endeavor to graduate or find gainful employment focusing on promotion and opportunity throughout our professional careers.
However, many of us fail to realize how important it is to have financial goals that we write down, plan to meet, and revisit on a regular basis. There certainly is a difference between financial planning and wealth management, but you can’t begin to work on your investment strategy without clearly defined and written goals for where you want to be and when you want to get there.
Once you’ve figured out your goals you can focus on things like paying down debt and a short term investment strategy to reach your emergency fund or major purchase goals in the short term.
When it comes to long term wealth management the approach is exactly the same. How much money do you want or need when you retire and what will it take to get there? These are all excellent questions you need to be exploring with a professional investment advisor.
Long term investing is something that everyone should be doing no matter what their income currently is. If you are a high income earner like a doctor, dentist, or other professional then you may really want to emphasize that your standard of living and lifestyle can be sustained even after you are no longer working.
Making the wrong investment decisions early on in your long term investment strategy can have really damaging effects on your financial health when you are ready to begin withdrawing returns. That’s why it’s so important to work with an investment advisor with an expert understanding of how long term investing works so you can save on things like the taxes you pay now and the taxes you’ll have to pay on returns as well as minimizing your fees and ensuring substantial gains over the lifetime of your strategy.
There are many types of risk to consider with your long term investment strategy including things like whether your investments will lose money if global markets get into trouble or whether or not your investments can be traded quickly enough to mitigate loss. Other risks to consider are whether your investments will mature enough to overcome the rate of inflation or if there are any regulations associated with any specialized investments.
Michael Martella and his team are proud to assist individuals, professionals, entrepreneurs and medical professionals in achieving financial safety and freedom. Their recommendations, implementations and follow through with immediate and long-term strategies differentiates them from and maximizes their results in a way that is incredibly difficult to accomplish on your own.
Reach out today at MichalMartella.com and start the conversion!