Wealth management

We often hear about wealth management for high net worth or other word ‘Rich!!’ individuals. The experts suggested that wealth management is not only for the rich, people from middle and lower income should also have their wealth management to achieve the financial goals. I’m not a rich, thus the article below is based on my personal thinking and this how I manage my small peanut.

What is wealth management?

Wealth management is all about managing your wealth or extra funds to achieve a financial goal. Example to ensure capital invested whether in stocks or mutual funds to remain intact with ‘awesome’ returns at the end of the day. Risk management of investment is part of wealth management.

How do I start?

You should think and decide on how your money should be managed. Create a financial situation and goal before go further. You need to consider the following too

-          Understand your personal financial goals and constraints

-          Analyze your financial position using net worth and cash flow

-          Assess your risk (e.g. Do you need insurance to protect your asset in the event of accident / sickness / fire or disaster)

-          Plan your Tax

-          Estate planning

-          Plan your retirement

Once you got all the above answered, then you should think on where and how to invest. Look out for something as below

-          Investment type that familiar with

-          Better overall return

-          Easy to pull out (in case you need money)

Have a good wealth planning you walk you through a better future!! What you think?