The 2018 U.S. Trust Insights on Wealth and Worth® survey found that while increased wealth provides greater freedom, only half of high-net-worth individuals have a plan in place to optimize the opportunities their wealth provides. However, creating and continuously evolving a customized plan is the key to putting wealth into action.
Findings from a recent survey of high- and ultra-high-net-worth adults across the United States revealed that while increased wealth brought greater freedom to people, most felt they had still not optimized their opportunities for taking risks, pursuing passions, giving back and making a bigger impact on the world.
Comprehensive wealth planning was found to play a crucial role in why some individuals are further along in achieving their goals than others. Those individuals with a wealth manager reported an average of 65% progress toward achieving their goals, compared to an average of only 51% for those without an advisor.
Indeed, the study found that those who don’t, won’t or don’t know how to plan their wealth goals trail those who do in putting their wealth into action. While 90% of those who’ve accumulated significant wealth say they’ve gained the freedom to do more with it, fewer than half have a clear purpose (47%) or plan (49%) for their wealth. Those findings come even as 72% said they have a financial plan to protect their assets.
But when it comes to putting wealth into action, those in the study believe they aren’t doing as much as they can. For example, on a scale of one to 100, respondents reported the following extent of action or effort put in to achieving these important goals:
These responses indicate that there’s still a gap between intent and action among important goals.
What can you take away from the thoughts of the ultra-wealthy? For one thing, whether you’re saving for retirement, catching up, or just getting started, don’t let competing priorities get in the way of what you want to achieve.
With a little planning and guidance from a trusted advisor, the wealth you accumulate can help you realize those values which are truest to your heart and allow you to express and live the kind of life that’s truly important to you. Don’t let competing priorities or time pressures keep you from doing all you can to reach your objectives!
Our focus is on helping you align and achieve your goals, priorities and values by utilizing the comprehensive planning and wealth-building methods we’ve developed through the years. Call us at 425-610-9226 or schedule your appointment at www.familyretire.com to get started!
I am going to my sister-in-laws wedding in a couple weeks and it’s the peak of wedding season. Just like everything else, high demand means high cost when it comes to weddings. The venue is one of the most expensive aspects of a wedding, especially during peak months, with an average cost of $16,107 in 2016. (For just this reason, another expensive month for weddings is December, when weddings compete with holiday parties for venues.)
In fact, a wedding will likely be the most expensive party you will ever host in your life. After surveying nearly 13,000 real brides and grooms across America, wedding website The Knot, found that the overall cost of a wedding in 2016 was $35,329…not including the honeymoon!
In 2016, the average wedding cost topped $35,000!
Where the money goes.
While things like flowers and invitations can add up, there are a few primary factors that will determine your wedding’s cost more than all the others. Bankrate identified some primary areas to focus on when cost is a major consideration.
Guests: The number of people who attend dramatically affects the cost of everything from the food to alcohol to the venue. The more people you invite the more expensive it will be. According to research weddings are getting smaller. The average number of wedding guests has decreased to 141, down from 149 in 2009, while the average cost per guest has increased to $245, up from $194 in 2009.
Location: The cost of just about everything also varies depending on your location. From the food to the entertainment, if you want to save money, be strategic about where you choose to get married.
Timing: If you want to really save money, stay away from peak season. The least expensive months are January, February and March, at least in the parts of the country which experience cold weather and harsh winters—giving new meaning to the song lyric, “it’s a nice day for a white wedding.”
Plan ahead: The best way to pay for all this is to have a financial plan in place. Contact us if you need help planning to pay for a wedding or any other major life event.
Write something about yourself. No need to be fancy, just an overview.