Wealth management is a complex, nuanced, and holistic process, and it means much more than working towards financial goals and managing your income. A large component of wealth management involves planning for potential downfalls.
If you have worked to build a business from the ground up, or if you have obtained a company and are dedicated to making it more successful, you understand the stress associated with the idea of selling. Whether that time is decades or months away, the concept can keep you up at night. How can you keep the value of your business? When will you know it is the right time to sell?
A recent wealth survey showed that only 33% of Americans had created a written financial plan. 54% of these planners reported feeling “very confident” in reaching their financial goals compared with only 18% of non-planners.* Multiple studies have shown that those who create financial plans are both more confident and more capable of achieving their short and long-term financial goals.
Risk tolerance is the degree of risk an investor is willing to endure to receive returns on his/her investments. Your heuristics, lifestyle, timeline, goals, and even your personality play into how much risk you should assume. As you work closely with your trusted TrueNorth Wealth financial planner in Utah, take these four steps to determine your risk tolerance.
More and more people are discovering the benefits of giving inheritance money to their heirs while they are alive, rather than in a will. By doing so, you have the potential to create a more fulfilling retirement while also benefiting the lives of your descendants.
As we look back on the last 12 months, there are some things that we may want to forget. Indeed, it was a year of unexpected challenges for most Americans. Job loss, pay cuts, working from home, canceled vacations, and homeschooling kids may have been just a few of the curveballs that Covid-19 has thrown our way.
But let’s not put it all behind us quite yet — Covid-19 has taught us some valuable financial lessons that we would do well to remember. Now moving forward, we can all be a little wiser with our finances. Here’s how.
In recent years, knowledge about fiduciary advisors has grown tremendously. But did you know that not all fiduciaries are created equal? Before hiring a financial advisor, be sure you understand the roles and regulations associated with different fiduciaries.
Building wealth is a tricky thing. It takes discipline, consistency, a trusted advisor, patience, and sometimes even a little luck. As an investor, you may find yourself wondering:
Warren Buffet is regarded as one of the most successful investors of our time. With more than 2,000 books dedicated to how he built his fortune, there’s no shortage of theories and explanations for his success, but very few understand his true secret.
As a business owner, protecting the value of your company has always been a top priority. When the time comes to sell your business, make sure your decisions are tax-efficient. By minimizing the effect that taxes have on your sale, you will help preserve the value that you have worked long and hard to create.