Latest news with #financialplanner
Yahoo
2 days ago
- Business
- Yahoo
I've been a financial planner for over 10 years. Here are the 6 most useful lessons I've learned from my wealthiest clients.
The author has over 10 years of experience as a certified public accountant and financial planner. Most of his wealthy clients have common habits, mindsets, and wealth-building strategies. He's learned six useful financial lessons, which include generosity, health, and relying on others. I'm a certified public accountant and certified financial planner with over a decade of experience helping high-income professionals and diverse business owners take control of their finances. My clients range from medical professionals to small businesses, and I help them grow their wealth, reduce tax burdens, and run more profitable businesses. Many of my high-net-worth clients share common habits, mindsets, and strategies that helped them build and maintain their wealth. The good news is that anyone can apply these habits to improve their financial life. Here are six of the most useful lessons I've learned from my wealthiest clients. One of the most profound lessons I've learned is that life becomes richer when you focus on pouring into others, rather than just focusing on yourself. For example, clients who are generous with their employees often see retention rates soar. This principle extends beyond finances into mental well-being, relationships, and overall happiness. Generosity has a way of opening doors that talent or hard work alone sometimes can't. Many of my wealthiest clients often share that they wouldn't be where they are without the generosity of others who helped them along the way. Wealthy individuals often have incredibly demanding schedules, leaving little time for personal tasks or downtime. One key to their success is recognizing the power of outsourcing and delegation. Whether they hire a nanny to help with childcare or work with a financial advisor to manage their finances, they understand that they can't do it all alone. Instead of trying to juggle every responsibility, they build a trusted team around them with professionals who help them stay focused on what matters most. They become comfortable relying on others, knowing it's the only way to accomplish everything on their plate while still maintaining their sanity and quality of life. If you don't take care of your health, it will be harder to reach your goals, no matter how important they are. Many of my wealthiest clients have learned this firsthand. They've realized that when their mental, physical, spiritual, or emotional health is off-balance, their ability to lead, create, and perform suffers. As a result, they intentionally make time and invest in activities that support their overall health, such as exercise, therapy, spiritual practices, or rest. Prioritizing health is not a luxury; it's a necessity. One of the most consistent pieces of wisdom I hear from my wealthy clients is this: never stop learning. No matter their industry or background, they all attribute part of their success to a mindset of continuous growth. They understand that lifelong learning is essential to keep progressing in both life and business. There's no single path to learning. Some lean on books and mentors, while others invest in masterminds, coaching, or formal courses. What matters is the commitment to growth. One of the biggest challenges my wealthy clients face is resisting the urge to significantly increase their lifestyle as their income grows. It's tempting to spend more when you make more, but true wealth often requires discipline and delayed gratification. Becoming wealthy means making intentional trade-offs. That might mean reinvesting in your business, putting a down payment on a rental property, or consistently investing in the stock market. Rather than inflating your lifestyle, put your money to work. There's an important difference between being rich and being truly wealthy, and it often comes down to owning assets. The rich may earn high incomes that support a luxurious lifestyle, but the wealthy prioritize acquiring income-generating assets that work for them while they sleep. Earning a solid income is important, but it's rarely enough on its own to build long-term wealth. To reach and sustain true wealth, you can't rely solely on your labor. You need assets that generate cash flow with minimal day-to-day involvement. These assets might include equity investments, real estate with a trusted property manager, or a business supported by a reliable team. Jovan Johnson, CPA and CFP, is the co-owner of Piece of Wealth Planning and specializes in strategic tax planning, personal financial planning, and small business accounting. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
I've been a financial planner for over 10 years. Here are the 6 most useful lessons I've learned from my wealthiest clients.
The author has over 10 years of experience as a certified public accountant and financial planner. Most of his wealthy clients have common habits, mindsets, and wealth-building strategies. He's learned six useful financial lessons, which include generosity, health, and relying on others. I'm a certified public accountant and certified financial planner with over a decade of experience helping high-income professionals and diverse business owners take control of their finances. My clients range from medical professionals to small businesses, and I help them grow their wealth, reduce tax burdens, and run more profitable businesses. Many of my high-net-worth clients share common habits, mindsets, and strategies that helped them build and maintain their wealth. The good news is that anyone can apply these habits to improve their financial life. Here are six of the most useful lessons I've learned from my wealthiest clients. One of the most profound lessons I've learned is that life becomes richer when you focus on pouring into others, rather than just focusing on yourself. For example, clients who are generous with their employees often see retention rates soar. This principle extends beyond finances into mental well-being, relationships, and overall happiness. Generosity has a way of opening doors that talent or hard work alone sometimes can't. Many of my wealthiest clients often share that they wouldn't be where they are without the generosity of others who helped them along the way. Wealthy individuals often have incredibly demanding schedules, leaving little time for personal tasks or downtime. One key to their success is recognizing the power of outsourcing and delegation. Whether they hire a nanny to help with childcare or work with a financial advisor to manage their finances, they understand that they can't do it all alone. Instead of trying to juggle every responsibility, they build a trusted team around them with professionals who help them stay focused on what matters most. They become comfortable relying on others, knowing it's the only way to accomplish everything on their plate while still maintaining their sanity and quality of life. If you don't take care of your health, it will be harder to reach your goals, no matter how important they are. Many of my wealthiest clients have learned this firsthand. They've realized that when their mental, physical, spiritual, or emotional health is off-balance, their ability to lead, create, and perform suffers. As a result, they intentionally make time and invest in activities that support their overall health, such as exercise, therapy, spiritual practices, or rest. Prioritizing health is not a luxury; it's a necessity. One of the most consistent pieces of wisdom I hear from my wealthy clients is this: never stop learning. No matter their industry or background, they all attribute part of their success to a mindset of continuous growth. They understand that lifelong learning is essential to keep progressing in both life and business. There's no single path to learning. Some lean on books and mentors, while others invest in masterminds, coaching, or formal courses. What matters is the commitment to growth. One of the biggest challenges my wealthy clients face is resisting the urge to significantly increase their lifestyle as their income grows. It's tempting to spend more when you make more, but true wealth often requires discipline and delayed gratification. Becoming wealthy means making intentional trade-offs. That might mean reinvesting in your business, putting a down payment on a rental property, or consistently investing in the stock market. Rather than inflating your lifestyle, put your money to work. There's an important difference between being rich and being truly wealthy, and it often comes down to owning assets. The rich may earn high incomes that support a luxurious lifestyle, but the wealthy prioritize acquiring income-generating assets that work for them while they sleep. Earning a solid income is important, but it's rarely enough on its own to build long-term wealth. To reach and sustain true wealth, you can't rely solely on your labor. You need assets that generate cash flow with minimal day-to-day involvement. These assets might include equity investments, real estate with a trusted property manager, or a business supported by a reliable team. Jovan Johnson, CPA and CFP, is the co-owner of Piece of Wealth Planning and specializes in strategic tax planning, personal financial planning, and small business accounting. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
5 days ago
- Business
- Forbes
Tips For Remarrying In Retirement: What You Need To Know
Getting remarried in retirement is a happy time, but may come with a set of financial complications. ... More (Photo by Christopher Furlong) Remarrying in retirement can be one of life's most joyful chapters, but it also comes with a few unique financial and lifestyle considerations. Whether you've found love again after loss or divorce, or you're simply entering a new phase of life with your partner, it's important to go in with eyes wide open. Here are some practical tips to help you navigate this exciting transition. Love might be blind, but the IRS sure isn't. When you remarry later in life, your tax situation, Social Security benefits, and retirement income can all change. Filing jointly might offer some tax perks, but it could also bump you into a higher bracket or impact your Medicare premiums. A good first step is to sit down with a financial planner or tax advisor who can walk you through what those changes might look like. One of the biggest mistakes retirees make when entering a second marriage is not updating their estate plan. Wills, powers of attorney, healthcare proxies, these all need to reflect your new relationship. If you have children from a previous marriage, you'll want to make sure their inheritance is still protected. This isn't just about money; it's about making sure your wishes are honored and your family is taken care of. Money can be a sensitive subject, especially if one or both partners have been through a divorce or lost a spouse. But the more transparent you are, the better. Talk about debt, savings, spending habits, and long-term goals. Do you plan to combine finances or keep things separate? Will you share expenses equally? Having these conversations up front helps prevent misunderstandings down the road. Prenuptial agreements aren't just for celebrities or the ultra-wealthy. They're practical tools that can help protect both partners and clarify expectations. Especially in retirement, when most of your wealth has already been built, a prenup can ensure that your assets are distributed according to your wishes. Think of it as part of your overall financial wellness plan. Beyond the numbers, this is about building a shared life. Are you both on the same page about where you want to live, how you'll spend your time, and what kind of lifestyle you envision? Retirement offers a lot of freedom, but it also requires compromise and communication. Whether it's travel, volunteering, or simply enjoying quiet mornings together, talk about what matters most. Remarrying in retirement is a chance to write a new chapter with someone you care about deeply. With a little planning and a lot of honest conversation, you can set yourselves up for a meaningful and secure future together. If you're unsure where to begin, a trusted financial advisor can help you navigate the journey and make confident decisions along the way.
