5 Tips From Financial Advisers With Millionaire Clients
Ever wish you could be a fly on the wall as a financial adviser gives advice to a millionaire client on how to invest and make the most out of their money? Now’s your chance. Here are 8 of the best pieces of advice given to millionaire clients by these advisers:
Plan for emergencies.
Even the richest people in the world need to have a safety net for the worst-case scenarios. Many financial advisers stress the importance of saving money to their clients, no matter how wealthy they are. Be sure to stash away an emergency fund in case you lose your job, run into expensive health issues, or face some other sort of unexpected event that is a financial burden.
Review your finances.
Whether you’re meeting with a lawyer and a financial advisor, or just your spouse as you sit together at a coffee table, make time to review your finances periodically. Stay on top of your income and expenses, and understand where your money is going, and where changes can be made.
Say no.
Many financial advisers tell their clients to not lend money to friends or family members. Jimmy Lee, CEO of the Wealth Consulting Group, advises clients to tell family members or friends to ask their adviser, who will be more willing and ready to say no and will keep you out of an awkward situation.
Start early.
Even if you’re just starting off in your career, start saving. Don’t put it off until you have kids or a steady job with a higher income. Any amount, no matter how small, will make a difference, so put anything aside that you can right from the get go.
Understand your motivations.
Do you find yourself hitting the mall or electronics store when you’ve had a bad day or feel stressed out? Understanding the motivation behind your spending habits will help you control them and cut back on expenses. Find other ways to reward yourself or cheer yourself up after a bad day, and watch the savings pile up.
