Maintaining Wealth in West Palm Beach

Ensuring financial stability can be challenging in a world rife with temptation. We all have a mental picture of how we want to live, and we act it out at times. It's natural, but a deceptively poor lifestyle is still poor. With our financial professionals, you'll learn the best ways of maintaining wealth in West Palm Beach.

What is Wealth Management?

This service concerns itself with your income, lifestyle, financial goals, and philanthropic desires. Once we have the information we need, we can help you formulate a way to safely grow your funds while maintaining your wealth and the lifestyle it grants you.

Budgeting for Your Lifestyle

Simply living within your means is one way of limiting expenses and maximizing your budget. As we've mentioned, deceptively poor lifestyles can easily drain your savings. However, this doesn't mean you shouldn't indulge, but maybe wait 30 days to pull the trigger. If you lived without it just fine for a month, do you still need it?

Why stop saving there? Plan to save a small percentage of each week's income. 5-10% a week for most individuals is a viable option. After all, every little bit of savings will help cement you as financially stable and secure.

Let's say you make $1,000 a week. After factoring in taxes, saving 10% of what's left will be nearly $4,000 at the end of the year! Suddenly saving doesn't seem as challenging or daunting of an endeavor.

Weigh Your Risks

Investing your money is often a better way to build assets than keeping money in a savings account. However, the stock market's volatility is never a surefire way to make money, as many lose daily. Instead, consider utilizing the following methods of investment, as these are much safer.

Certificates of deposit (CD) are loss-proof from banks since they're FDIC-insured up to $250,000 per account. We always suggest shopping around before committing, as you may find a higher yield from a bank you don't belong to already.

Money market funds are another safe option, yet these carry some risk. These have less potential reward than stocks but a lot less risk for those cautious or not comfortable investing yet. Another benefit of these is that they're fluid, allowing you to withdraw your funds without incurring penalties whenever you choose.

Another option to consider is a fixed annuity. These are contracts made with insurance companies that require an up-front payment. Once paid, you'll receive your investment back in time, with the agreed-on interest rate.

These carry risks in the form of complex agreement documents, the possibility of inflation, and heavy penalties for early termination. Despite the risks, these continue to help many individuals plan and save for their retirement.

Looking for More Tips on Maintaining Wealth in West Palm Beach?

Our team of advisors enjoys helping folks reach financial security. We offer several different services to achieve this goal. Contact us today to learn further ways of maintaining your wealth.

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